As Salaamu Alaykum wa Rahmatullahi Wa Barakaatuh.
I have an access bond into which I regularly transfer any additional funds I have in order to bring down the repayments on my homeloan. However, this money is available for me to access at any time, but will then increase my repayments on my homeloan.Do I pay zakaat on this access amount? How would I calculate my zakaat in this instance?
Eg. My bond is R650,000 over 240 months. My initial installment per month was R6,100. I then deposited a lump sum of R400,000. This brought my installments down to R2,400 per month. I can access the R400,000 rand, but my repayment is recalculated according to the amount I have in the access bond and what I owe.