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Mortgage House vs. Condo comparator

The debate regarding whether to buy a small or large property has long been a topic of discussion. Various circumstances in life can greatly influence this decision, and sometimes our choices yield positive outcomes, while other times, they may lead to unexpected consequences. Undoubtedly, purchasing property becomes attractive when one has sufficient funds and the market offers lower prices. However, when individuals lack the necessary funds and heavily rely on mortgages, this choice may not align with the principles of Islamic rulings due to the involvement of interest, also known as riba, which is discouraged for Muslims. At the same time, there are no truly Halal mortgages available. Beloved Prophet Muhammad (Peace be upon him) repeatedly cautioned against incurring debt through usury in several Hadiths (i.e., Prophet's sayings). Despite these teachings, many Muslims find themselves compelled to pursue the mortgage route, assuming it to be the only viable option for property owners. However, it is crucial to dispel this misconception and clearly understand the alternatives available to Muslims. This reflection serves as a tool for the author to share their personal journey of owning a mortgaged property and his subsequent decision to minimize the mortgage burden and acquire a property that aligns with Islamic principles without resorting to interest-based financing. The author's experience is a testament to the fact that it is indeed possible to navigate the realm of property ownership while adhering to Islamic teachings. By examining their circumstances and seeking viable alternatives, the author discovered a path that allowed him to reduce their reliance on interest-bearing loans. This process involved careful consideration and research to find a property that fit their financial capabilities without compromising their religious beliefs. Ultimately, this reflection serves as a valuable tool to illuminate the misconceptions surrounding property ownership and mortgages within the Islamic context. It emphasizes the importance of seeking alternative options and making informed decisions to ensure that one's financial choices align with their religious convictions. By sharing his journey as a tool, the author offers guidance and inspiration for those facing similar dilemmas, paving the way for a more conscientious approach to property ownership within the Muslim community.

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