Interest loan from bank
Asalamualeiukum I just want to ask a question if the bank gives us loan and we chose to buy a house and bank give the money for sellers and after we have to pay back the bank let said if the property is like $150 thousand and bank pay those amount after we will pay back to bank 30 years and they are charge us interest also so my question is after purchasing that property and we will pay back bank more than $150 thousand until 30 years with the internet so that property is halal or haram or we can’t do like this please thanks jazakallah khairen
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
To take an interest loan from the bank to purchase a house is Haram. It is a cause of the anger of Allah.
As Muslims, we have complete belief that the success of this world and the Hereafter is in the obedience of Allah. Likewise, in the disobedience of Allah, there is misery and failure in this world and the Hereafter.
Therefore, a Muslim must stay away from taking an interest bearing loan.
A Halal alternative is to purchase a house through a reliable Islamic Bank such as UIF. Please see the following:
And Allah Ta’āla Knows Best
(Mufti) Abdul Azeem bin Abdur Rahman