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Nevertheless, realty is far too costly for the majority of people to purchase outright using money: Islamic mortgages solve this issue by having the home modification hands two times. In one variation, the bank will purchase your house outright and after that function as a property owner. The property buyer, 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 federal government on a change of ownership. Since ownership modifications twice in an Islamic mortgage, a stamp tax might be charged two times. Lots of other jurisdictions have similar deal taxes on modification of ownership which may be levied. http://cosmostech.eu/technologyadvances/index.php/?option=com_k2&view=itemlist&task=user&id=108497 |
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