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However, real estate is far too pricey for a lot of individuals to purchase outright utilizing cash: Islamic mortgages resolve this issue by having the property change hands two times. In one variation, the bank will buy your house outright and then function as a property owner. The homebuyer, in addition to paying lease, will pay a contribution towards the purchase of the home.
This is since in some countries (such as the United Kingdom and India) there is a stamp duty which is a tax charged by the government on a change of ownership. Because ownership modifications twice in an Islamic mortgage, a stamp tax may be charged twice. Many other jurisdictions have comparable deal taxes on modification of ownership which might be imposed. https://www.easybookmarkings.win/timeshare-advocacy-group |
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