Interest-free, however instead of costs: Islamic mortgage loans strike the Canadian housing industry
Societal Discussing
To possess Abdullah Mohiuddin, getting into the brand new housing industry pertains to more than just locating the right domestic for the ideal rate.
Like other other Muslims, Mohiuddin’s faith were constraints on the spending and having attract. Just like the a consistent Canadian home loan boasts focus charge, it’s extra an additional difficulties to help you their quest to stop renting and you will transfer to property he possess.
“Even if the notice is very lower, even if the interest feels as though 0.step 1 per cent, when it is more zero %, up coming we can’t deal with old-fashioned finance companies,” said Mohiuddin. (more…)