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Rent as % of income

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  • Rent as % of income

    How much rent/mortgage (referring to islamic mortgage) do you spend as a % od disposable income?

    For someone on average income, how much do you think the ideal ratio is?

  • #2
    Re: Rent as % of income

    What does an "Islamic" mortgage look like in Kaafir lands?
    And when it is said to them, "Do not cause corruption on the earth," they say, "We are but reformers." (11) Unquestionably, it is they who are the corrupters, but they perceive [it] not. (12) - Surat al-Baqarah
    http://www.ummzakiyyah.com/polygamy_not_my_problem/

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    • #3
      Re: Rent as % of income

      Originally posted by EenieMeanie View Post
      What does an "Islamic" mortgage look like in Kaafir lands?
      In all honesty? So i was listening to this property show on LBC (I hate that station dont ask) and they had this property guru and a market expert who came in to answer ccallers questions. So, to cut a long story short a muslim caller called in for advise on shariah compliant mortgages and the property expert point blank told him (paraphrasing) stop wasting your time, they take advantage of you as a muslim because they give you a high interest morgage, repackage it as halal and sell it to you, so you're better off getting a a normal morgage.
      Believe none of what you hear, and only half of what you see.

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      • #4
        Re: Rent as % of income

        Originally posted by EenieMeanie View Post
        What does an "Islamic" mortgage look like in Kaafir lands?
        The interest word is basically wrapped up in a new jacket and shoes and given a new name...
        Women lost their modesty when men lost their gheerah..” .

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        • #5
          Re: Rent as % of income

          Originally posted by birdmanrots View Post
          How much rent/mortgage (referring to islamic mortgage) do you spend as a % od disposable income?

          For someone on average income, how much do you think the ideal ratio is?
          I think this is a personal question for me. As for average, people say you should try to keep it under 1/3 of your monthly salary. I have not known any "Islamic" mortgage here in North America.

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          • #6
            Re: Rent as % of income

            You should be putting forth no more than one third of your monthly income towards rent.

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            • #7
              Re: Rent as % of income

              Originally posted by EenieMeanie View Post
              What does an "Islamic" mortgage look like in Kaafir lands?
              go on al rayan website

              Comment


              • #8
                Re: Rent as % of income

                Originally posted by birdmanrots View Post
                go on al rayan website
                Are you planning on going into this? Is that why you're asking?
                And when it is said to them, "Do not cause corruption on the earth," they say, "We are but reformers." (11) Unquestionably, it is they who are the corrupters, but they perceive [it] not. (12) - Surat al-Baqarah
                http://www.ummzakiyyah.com/polygamy_not_my_problem/

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                • #9
                  Re: Rent as % of income

                  Originally posted by EenieMeanie View Post
                  Are you planning on going into this? Is that why you're asking?
                  I am planning but that's not why I'm asking

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                  • #10
                    Re: Rent as % of income

                    Originally posted by InTheBegining View Post
                    In all honesty? So i was listening to this property show on LBC (I hate that station dont ask) and they had this property guru and a market expert who came in to answer ccallers questions. So, to cut a long story short a muslim caller called in for advise on shariah compliant mortgages and the property expert point blank told him (paraphrasing) stop wasting your time, they take advantage of you as a muslim because they give you a high interest morgage, repackage it as halal and sell it to you, so you're better off getting a a normal morgage.
                    that's what I was told that it's all a bit of a :wacko: I hope they come out with something that is halal and isn't just labelled halal
                    'Whatever it be wherein ye differ, the decision thereof is with Allah: such is Allah my Lord: In Him I trust, and to Him I turn.' The Holy Qu'ran Al Shura (Consultation)

                    So, which of the favours of your lord will you deny? ~ Surah Ar Rahman

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                    • #11
                      Re: Rent as % of income

                      :salams
                      That's what my Economics teacher told me. Swap interest with 'fees' or 'charges'.
                      Pray. Fast. Zakat. Pilgrimage. Allah.

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