Is it halal to buy first home (in Ottawa) with traditional bank loan? If not, then can you kindly suggest the name of any organization that gives loan to purchase home in Ottawa following Islamic principles?
It is not permissible to mortgage a home via a bank. Usury is a major sin.
1) I'm an advocate against buying/building homes. It is one of the biggest expenses in your life that is very difficult to avoid extravagance.
2) The Prophet said: God blesses the income for mankind except that which is spent on building homes.
He also said: Every home built will be a source of regret to its owner, except for that which is necessarily built to protect from the heat, cold and wild animals.
He also said: a person is rewarded for all the wealth spent on their family except what they put in building homes.
He also said: whoever builds a home bigger that their need, will be required to carry it on their shoulders on the day of judgement.
He also said: All the money that mankind spend can have good come out of it, except for that which is spent on building homes.
3) The scholars have said buying and building are similar in nature, and if one is buying a home they must ensure it's not more than they need.
The prophet said: the bedrooms are three types: one for the person and their family, one for the guest and the rest is for the devil.
4) having said all the above, there's a multitude of halal options in Ottawa. I know of six different companies solutions that are locally available. Just ask around.
1) I'm an advocate against buying/building homes. It is one of the biggest expenses in your life that is very difficult to avoid extravagance.
2) The Prophet said: God blesses the income for mankind except that which is spent on building homes.
He also said: Every home built will be a source of regret to its owner, except for that which is necessarily built to protect from the heat, cold and wild animals.
He also said: a person is rewarded for all the wealth spent on their family except what they put in building homes.
He also said: whoever builds a home bigger that their need, will be required to carry it on their shoulders on the day of judgement.
He also said: All the money that mankind spend can have good come out of it, except for that which is spent on building homes.
3) The scholars have said buying and building are similar in nature, and if one is buying a home they must ensure it's not more than they need.
The prophet said: the bedrooms are three types: one for the person and their family, one for the guest and the rest is for the devil.
4) having said all the above, there's a multitude of halal options in Ottawa. I know of six different companies solutions that are locally available. Just ask around.
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