Question ID: 29802
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Assalamualaikum
. I have taken a home loan with a non-Islamic bank, but have fixed the following criteria:

1. Repayment Amount (Monthly).

2. Number of Years.

3. Fixed Interest Rate.
I will continue to pay the same amount for the allotted time period as initially signed up.
Is this Permissible or do I need to change to an Islamic Bank that will fix the amounts for me.
Jazakallah

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Asked on January 6, 2014 3:22 pm
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Private answer
Both although Haraam but allowable if in dire need. It is 1/2 a dozen or 6.
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Answered on January 6, 2014 3:22 pm