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:: You are here: > Islamic Mortgages / Halal Mortgages > Home Finance > Who Provides What? > Al Rayan Bank
The IBB Home Purchase Plan is designed to provide 'the mortgage alternative' to conventional mortgages; approved by the Bank's Shariah Supervisory Committee.
| Key Features | |
| Available for new purchases, refinancing and releasing additional capital | Up to 80% maximum finance to value (FTV). Rent Rate = 4.19% fixed until December 2013, reverting to Bank of England Base Rate + a margin of 3.99%. |
| Finance Amount | |
| Minimum Property Value | |
| Term | 7 - 30 years. |
| Maximum number of applicants | Up to 4 applicants who must be owner occupiers of the property being financed. |
| Administration Fee | |
| Valuation and legal fees | Paid by the applicant(s). |
| Minimum age of applicants | 21 years. |
| Rent Reviews | Fixed period ends in December 2013. The new Rent Rate effective from 1st January 2014. Rent will be reviewed quarterly thereafter in line with our Standard product. |
| Margin | The maximum increase in the margin will be 2% above the initial margin that applied at the outset. The bank cannot change its margin whilst a fixed rent rate applies. You will be given at least 30 days advance notice of any changes in the pricing structure. |
| Settlement | Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs). |
Notes:>> click here to submit an enquiry.
| Key Features | |
| Available for new purchases, refinancing and releasing additional capital | Up to 80% maximum finance to value. Rent Rate = 4.49% (Bank of England Base Rate + a margin of 3.99%). |
| Finance Amount | |
| Minimum Property Value | |
| Term | 7 - 30 years. |
| Maximum number of applicants | Up to 4 applicants who must be owner occupiers of the property being financed. |
| Administration Fee | |
| Valuation and legal fees | Paid by the applicant(s). |
| Minimum age of applicants | 21 years. |
| Rent Reviews | Rent reviews 4 times a year in March, June, September and December. New rent rate effective from 1st April, 1st July, 1st October and 1st January. |
| Margin | The maximum increase in the margin will be 2% above the initial margin that applied at the outset. You will be given at least 30 days advance notice of any changes in the pricing structure. |
| Settlement | Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs). |
Notes:
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>> click here to submit an enquiry.
The Qur'an (2:276) says: "Allah has permitted trade and forbidden usury" and in 2:278 reminds the Muslims: "O ye who believe, keep your duty to Allah and relinquish what remains (due) from interest, if you are believers."
As a prospective purchaser of Islamic mortgages, we believe that you need to understand the issues which exist, question the authority of the Fatwa's which have been made and look to see what is right for the eyes of Allah.