Add Your Heading Text HerePurchasing a house for you and your family using a Riba-free financing alternative has plenty of advantages. These include the following
- Tax deductions on interest paid on your mortgage, property taxes, and certain other expenses
- Around $50,000 of unrealized gains in your home according to a study from the National Association of Realtors
- The equity that you earn becomes savings
- Single people receive $250,000 in gains when they sell their house without federal income tax while married couples get double of that amount
- Owning the property and decorating it in any way you want
- Living in the same neighborhood for years
Along with these benefits, there are also a few responsibilities that come with homeownership, like maintaining the property. This may be an explanation of why some people would rather rent a place rather than buy a house. If you are feeling overwhelmed with such a big decision, here are excellent reasons to apply for an Islamic loan to buy a new home:
- Real estate is an inexpensive investment because of America’s rebounding economy.
- Interest rates are historically low.