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Can I Get a Halal Home Loan?

June 2, 2022

If you are interested in a halal home loan, the experts at EQRAZ can help. This is a concept not everyone may be familiar with. Still, halal financing products meet strict Shariah standards, and you can receive fixed or variable financing rates with terms up to 25 years.

Your home loan will not compromise Shariah law or Canadian law, and you can have peace of mind knowing your financing is both Shariah and AAOIFI compliant. The Accounting and Auditing Organizations of Islamic Financial Institutions have strict standards, and a halal home loan will meet each one. A Shariah certificate will be provided for the financing product you select and will also apply to the processes, operations and third-party agreements.

You may be able to qualify for a five-year renewable fixed or variable profit-rate mortgage, which will be in accordance with Canadian industry norms. This can be fully or partially prepaid, and you may choose to have it ported with Canadian industry-standard fees only. No double capital gains or land-transfer taxation is involved, and EQRAZ can offer you second and third mortgages as well, although these will be subject to credit approval.

Halal mortgage products have been developed after years of extensive study and research, which also applies to the processes. Important collaborations were also part of the equation, and many parties, including Canadian and Islamic-specialty law firms and the Shariah Review Bureau, were involved in developing halal home loans.

Halal home loans will not compromise a client’s or investor’s principles and meet all of their requirements. There are few halal mortgage products in Canada, and EQRAZ is the only company that can provide you with this option at scale. This has been specially arranged so that the required halal funding can meet market demand. There are three types of halal mortgages, and a Murabaha-based mortgage product is ideal because it will provide clients with distinct advantages. Canadian homeowners can turn to these products, which work on the principles of purchase and resale between a home financier and the client. This product considers cost plus sales, and the experts at EQRAZ can provide you with more details regarding this option and what you can expect.

Full transparency is essential when it comes to home loans. With EQRAZ, you will never encounter surprises or undeclared side agreements because we will provide you with every piece of information you need. You can place your trust in our company, so contact us today if you require additional information or have any questions regarding a halal home loan!

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