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However, realty is far too costly for the majority of people to purchase outright utilizing cash: Islamic home loans solve this problem by having the property change hands two times. In one variation, the bank will purchase the home outright and then function as a property owner. The homebuyer, in addition to paying rent, will pay a contribution towards the purchase of the property.
This is due to the fact that in some nations (such as the UK and India) there is a stamp duty which is a tax charged by the government on a change of ownership. Because ownership changes twice in an Islamic mortgage, a stamp tax may be charged twice. Lots of other jurisdictions have similar deal taxes on modification of ownership which might be imposed. https://www.active-bookmarks.win/timeshare-attorney-near-me |
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