Taking mortgages to buy a residence in western countries : buying a house through mortgage

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I live in Canada, I bought a house through a mortgage four years ago, in those four years the price of the houses in my area doubled, this year with the renewal of the mortgage, I found it a good opportunity to increase the mortgage amount based on need for renovation, which is far lower in rate and more comfortable in payment than renovation mortgage. I took into consideration that it is as if I sell a share of the house to the bank ? mortgage institute ? I did many renovations but not all, because the other renovations will be postponed for couple of years, is it lawful to use this money left for other purpose, as pay cars, mortgage payments ?etc. ? Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-09-25

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-788895

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