Taking out loans from a bank

Question ID: 26787

Assalamauikum Mufti Sahab,

q1. Can we buy a home by taking a loan from a bank.

q2. Is buying a motor vehicle on installment basis valid in Islam. now a days things are very expenses and for middle class people it’s very difficult to buy a vehicle by paying cash.

q3.Is paying interest on the above two haram or halal.

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Asked on June 10, 2014 7:10 pm
Private answer

1) Makrooh, it has to be a fixed amount to repay with fixed installments.

2) What is the question?

3) Paying Interest is Haraam.

Marked as spam
Answered on June 10, 2014 7:10 pm