Are you planning to buy a house?

[Nomen nescio]

Shit i know i am planning to buy one within the next 2 years insha alaah in either Madison WI or Minneapolis MN... So as part of my research of finding an islamicly legit way to buy a house i called this Islamic Financing company in Minneapolis (or so they claimed) the guy who spoke to me was a Jordanian, i asked him about their Islamic financing plans and whatnot the dude took a good 10 minutes babbling about how their loan plans are 100% halaal and how they've been accredited by some Pakistani scholar who teaches Islamic Financing in some Pakistani college.... i asked him to cut the chase and tell me how they are going to make money off the loan they are going to give me..... well he said its not a loan, its a partnership between us. and this is how it goes down.. You choose a house which lets say cost $200K after reviewing your credit and income we will buy it for you but before you close-in the house you pay us 20% of the cost of the house and sign a partnership contract of which you will pay us back our share on a 30 years No Interest lease contract....

 

I was flabbergasted by how ridiculous that shit was, i mean they are basically rewording the whole Interest thing, see instead of paying $200 K + $50 K interest on a 30 year mortgage like normal banks do he's telling me they will "BUY" the house for $200K and resell it to me for $240K in a 30 year "Rental Lease" aka Mortgage until i pay off their share!!!!

 

So what do guys know of any other Halaal ways to finance a house?

[Legend of Zu]

AJ bro..before you call it "shit" & "ridiculous"..why dont you check the difference between Riba and Bayc?.. that would be benefitial to you and would give you the tool to measure whether what he told you is riba or not.

 

Cheers

[Baashi]

AJ, Don't be hasty bro. Look at it this way: the house is $200K and you put 20% upfront. You got $160K left to pay. Now if you are in doubt, a simple check would be to ask if there is a possibility of ever paying more than the remaining 160K. Simple answer yes or no will do. No need of explanation. If the answer is "no" you got a deal.

 

I don't know about the one you talked to but there is this interest-free Islamic banking that will get you the house of your dreams provided that you are employed (making decent salary) and you are credit worthy person. Take it from me bro...it is true.

 

Here is their website so check it out and let me know if the one you were talking about and this one are same.

 

Good for you AJ for thinking big and go for it by any means. Good luck.

[Nomen nescio]

Baashi,, as good as that may sound I still think its pretty fishy, i mean what do they gain from lending me all the money? there must be a catch somewhere...

[Jacaylbaro]

Why don't u forget all that shits and radiculouses and buy a very big Villa in your country ,,,, it is much cheaper and safer with no Riba at all ,,,,,

[Rahima]

AJ,

 

Brother you are renting the portion of the house which does not belong to you. They have a right to receive rent on their portion considering that you are living in it.

 

e.g. Say you bought a house for $100,000, paid 10,000 upfront. Also, the market value of rent in your area is 100 per wk. You would be paying 90 per week considering that you own 10% of the house and hence do not need to pay rent on your portion.

 

If in a years time for example you paid off another 10,000, this would mean that you own 20% of the house and they 80% which you have to pay rent on, and hence your rent drops to $80.

 

If in another 6 months time you came across great fortune and were able to pay another 30,000 towards the house, this would mean that you would have only 50,000 left to pay, hence you own 50% and the bank 50% of the house. Therefore, the rent drops down to only $50 a week.

 

Hope that it makes sense.

 

But I’m with Jacaylbaro on this one, why don’t you consider buying one in Somalia? That is your land after all.

[Abwaan]

Why don't u forget all that shits and radiculouses and buy a very big Villa in your country ,,,, it is much cheaper and safer with no Riba at all ,,,,,

lol@Jacaylbaro...and who is going to live in there then? Will it be a headquarter for warlords or local cheifs? oo mayrkay rabaan madfac halla dheceen amaba halla wareegeen illeen dowlad aamin ah oo ammaanka sugtaa ma jirtee. Waddankaan xabaalaha la qufanayo.

And please don't tell me that there are places like Boosaaso which are safe, Cause Boosaaso ayaaba beri dhoweyd dhulkii dowladda la boobayee.

Xitaa Hargeysa ayaan maqlayey in bishaan horraanteeda arrin dhul la xiriirta laba ruux oo walaalo ah lagu diley.

Kismaayo?...@lol.... haba sheegin haddaaba JVA sii kala jejebeysaa waa hadda iyo dagaal hor leh...EEBBOOW na mooti....Marka Jacaylbaro xaggee baad ku talin lahayd in Villa laga dhisto?

[Nomen nescio]

Guess what Jacayl bari,, we 3 own big azz villa's in Xamar that none of my brothers and sister ever set a foot in, my dad built them in 1966 and then migrated to Kwuait, married my mom there and had us all, he renovated the houses around 1988 in hopes that we come back and live there but little did he know... the whole country went in up ruins a year later and our houses were looted...see i love my country and my ppl but i dont think i will buy a house and settle there...

 

 

e.g. Say you bought a house for $100,000, paid 10,000 upfront. Also, the market value of rent in your area is 100 per wk. You would be paying 90 per week considering that you own 10% of the house and hence do not need to pay rent on your portion.

Well the company i talked to is a subsidiary of lariba they told me the same deal except they will resell the house to me for $120K instead of its original cost $100K....

But i will call them today and make sure....

 

 

Baashi..

 

Do u know of any Farax success story with Lariba?

[Lake Da agony]

Originally posted by Hanaan:

AJ,

 

Brother you are renting the portion of the house which does not belong to you. They have a right to receive rent on their portion considering that you are living in it.

 

e.g. Say you bought a house for $100,000, paid 10,000 upfront. Also, the market value of rent in your area is 100 per wk. You would be paying 90 per week considering that you own 10% of the house and hence do not need to pay rent on your portion.

 

If in a years time for example you paid off another 10,000, this would mean that you own 20% of the house and they 80% which you have to pay rent on, and hence your rent drops to $80.

 

If in another 6 months time you came across great fortune and were able to pay another 30,000 towards the house, this would mean that you would have only 50,000 left to pay, hence you own 50% and the bank 50% of the house. Therefore, the rent drops down to only $50 a week.

 

Hope that it makes sense.

 

But I’m with Jacaylbaro on this one, why don’t you consider buying one in Somalia? That is your land after all.

Yeah..that makes some sense

[Wiilo]

Are you planning to buy a house? Yeah Im planning to buy a Villa in my OWN country where Im free, free from everything, with no Canshuur and no RIBA at all. Tell me why would I want to buy a house here, they cant stand me living here in their country let alone wanting me to buy a house. But most importantly I cant stand staying here anymore, I came here on one reason alone and that was to get education, and now that Im three semisters to go Im planning leave as soon as i can period.

 

Wabillaah:.......

[NinBrown]

ASA

 

These Islamic banking companies sound very realistic and good. However, if you look into their practices you will find many mistakes...this is a Fatwa on the Impermissibility of the HSBC and other "Halal" Mortgages.....from the UK please read it.

 

http://www.islaam.net/main/display.php?id=1232&category=7

 

wassalam

[Baashi]

Yes three of them and I can get you in touch with them if you want. PM me and I will find their digits right away. *EDITED* I know someone in Minneapolis who bought a house through this program. I know two other fellaz at San Joze, CA who live in a house bought by lariba.

 

Why don't you read the FAQ and ask me what is it that you don't understand, may be I can help you there.

 

Now Abwaan and others,

Look at it as investment that yields profit as time goes by. How about $200K increase of the property value in just 4 years sound (CA @ Bay area). Tempting! right on then.

[Legend of Zu]

I dont get it...Do we know the difference between Riba and Bayc..before we start trashing Islamic Finance Companies?

 

AJ if you sincere about ur q's in regards to Riba..why dont you ask the local shiekh or do some research... and then compare it to what the Jordanian said to you. or why dont you just ask str8 away info about Islamic financing??

 

And For those who wants to buy houses in Somalia go ahead...but buyin a house in the USA or any other Overseas country doesn't make you less patriot..niether is buyin a house in Somalia makes you a partiot.... ppl got all their issues messed up...

 

Cheers

[LayZie G.]

^^^Zu, you tell them brah.

 

PS: Go on ahead folks, go buy yourselves several houses, lets see if that would make you more of a somali than the LayZie one.

[Sky]

whatever zu, i'ma buy myself a BIG A.SS VILLA in my country somalia. we atlking about dreamparadise here. i allready know how it's gonna look like. all my neighbours will be jealousss!!! and in the mean time i'ma just rent a humble apartment, even if i will have a family with 100 children.

shit or no shit aj, get yo act str8 bruv. castle in your own country or a shithole in a faraway country and paying the house for 3 decades.