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Nevertheless, property is far too costly for many people to purchase outright using money: Islamic home loans solve this issue by having the property change hands twice. In one variation, the bank will purchase the home outright and after that act as a landlord. The property buyer, in addition to paying rent, will pay a contribution towards the purchase of the residential or commercial property.
This is because in some nations (such as the United Kingdom and India) there is a stamp task which is a tax charged by the government on a modification of ownership. Since ownership modifications twice in an Islamic home loan, a stamp tax may be charged two times. Lots of other jurisdictions have similar deal taxes on modification of ownership which may be imposed. https://www.primary-bookmarks.win/jonathan-goodman-attorney-2 |
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