Please reach us at invest@ribafreehomes.com if you cannot find an answer to your question.
Are the financing agreements in compliance with Islamic scholars?
Yes, our financing models are certified by Shariah scholars and are regularly audited to ensure compliance with Islamic finance principles.
Does RibaFree Homes cover all types of properties?
Yes, RibaFree Homes can be used for purchasing residential homes, apartments, or plots. Additionally, we provide financing for home construction.
How do I apply for RibaFree Homes financing?
You can apply through our website by filling out an application form, or you can visit our office. After reviewing your application, one of our representatives will contact you for further processing.
Are there any hidden fees or charges?
No, we do not impose any hidden fees or interest charges. All costs are transparently communicated before you sign the contract.
What happens if I miss a payment?
If you miss a payment, we will work with you to create a manageable payment plan. However, no interest or penalty fees are imposed. We emphasize ethical and fair practices to ensure your financial stability.
Can non-Muslims apply for RibaFree Homes?
Yes, our services are open to everyone, regardless of religious background, as long as you agree to the terms of our interest-free financing.
Can I transfer my conventional mortgage to RibaFree Homes?
Yes, we offer a transfer option where we can convert your existing interest-based mortgage into a Shariah-compliant, interest-free financing model.
Is there any down payment required?
Yes, we require a down payment of 10-30% of the property’s value, depending on the financing option you choose.
What is the maximum financing tenure?
Our financing tenure ranges from 5 to 25 years, depending on your repayment capability and chosen financing model.
How does RibaFree Homes make a profit if no interest is charged?
RibaFree Homes operates on a Shariah-compliant profit model. Instead of charging interest, we either charge a fixed profit margin on the home price (Murabaha) or lease the property to you (Ijara) and earn through rental payments over time.
What documentation is required to apply for financing?
You will need to provide:
- Proof of income (salary slips, bank statements, tax returns)
- Identification documents (CNIC, passport)
- Property details or builder information
A creditworthiness assessment, although no interest is charged.
Who is eligible for RibaFree Homes financing?
Any individual who meets our financial requirements, provides a down payment, and follows the necessary documentation process can apply. We specifically cater to those looking for Shariah-compliant, interest-free home financing.
What are the available financing options at RibaFree Homes?
We offer two primary models:
- Murabaha (Cost-Plus Financing): You purchase the home at an agreed-upon profit margin.
Ijara (Lease-to-Own): You pay rent on the property, and ownership is transferred to you over time.
How is RibaFree Homes different from conventional home financing?
Unlike conventional loans that charge interest, RibaFree Homes operates on a profit-sharing or rent-based model where you pay a fixed amount or rent to the financier without any interest involved. This structure follows Islamic finance principles.
What is RibaFree Homes?
RibaFree Homes is a housing initiative that offers home financing without charging any interest (riba), in line with Islamic principles. We provide affordable, Shariah-compliant financing options to help you purchase or build your home.