Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?
Question
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Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?
Answer
To take a loan on interest is strictly prohibited in Shari'ah.
The negative consequences of such a loan could be worse than the present grief and agony. As an alternative, we advise that instead of paying monthly instalments for the loan from the bank, you hire a house and pay a monthly rental.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
- Answered by
- Mufti Ebrahim Desai
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