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Lahore Real Estate Forum: Property News & Community Talk : ,

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   dr faysal
Tuesday, November 1, 2011 06:39 AM 
Reply: >
AoA, i am making a house of my own and rught now i am a little short of cash, can any one guide me through?
i need loan which should be interst free ( sood / riba free).
I want that some body should invest in my house / property and i will pay the rent for that , something like this.
Islamic banking is an option , but i am not satisfied with there approcah as they come under state bank of pakistan , which is based on sood n riba n all.
please guide me through.
wasalam.

:1)
Pardesi, Jeddah replied on Tuesday, November 1, 2011 08:19 AM 

Dear Faysal

May Allah make your home a Blessing for you & for your family.
Its easy to say but difficult to experience: a simple solution to your problem is to slow-down or stop the construction activity for the time being OR otherwise you may request a person known to you personally for an interest free loan. An other option is to request the construction material suppliers to provide material on credit if you may have any reference person in between or they happen to know you in person directly, but that will be for a shorter period. OR some construction contractors do extend credit if they carry over the remaining work owing to their market contacts or good personal relationships.
I myself is also experiencing the same situation & thus planned to work in phases. Therefore, I slowed down the pace of construction & believe me, beyond my expectations, Allah rewarded me a considerable amount of extra income which I was not at all expecting.
Last, but the foremost, request, or rather beg Allah for help. If all above did not work, this will work definately Insha-Allah.
Khan replied on Tuesday, November 1, 2011 05:14 PM 

That happens with over 90% of the people constructing a house. The reason is usually that the contractors who have built many houses tend to paint a rosy picture to the owner who is constructing first house. The estimates and measurements over shoot.That is why it is said that building a house is very stressful job. Having said that, my advice would be not to borrow money unless you are a shelter-less person and have to build one to live.With whatever experience you have gained, build the rest in stages. First stage should be to complete gray structure ie are walls/roofs etc without plaster. Then should come plaster/floor/wood work etc.

Inshaallah you will be able to complete it. I think Pardesi Jeddah has suggested a very sincere and impractical line of action.

Good luck and Allah bless you.
s.rizvi replied on Tuesday, November 1, 2011 08:23 PM 

Dear Faysal sb,How much mony u rquired for the said project..?
what is the gurentee for the funds borow by you.?Do u have any procedure to satisfy the 2nd party..?
MAS jeddah replied on Wednesday, November 2, 2011 02:35 AM 

I might be interest in this cause however you need to answer following things to my satisfaction
Security for the money
Risk based income/ sharing in property appreciation/depreciation
Rental income on acceptable formula

Loan amount will be in foreign currency or gold denominated

If interest in further discussion please leave you contact details
Chaudhry Mateen replied on Wednesday, November 2, 2011 01:50 PM 

First and foremost, Ask for Allah's help and then start looking for practical things. InshaAllah, you will be fine.
FM Overseas replied on Wednesday, November 2, 2011 04:48 PM 

S.Rizvi SAHAB
It looks u want to help Faysal.Good idea.If u have any source please share with genuine help seekers.MAY ALLAH BLESS YOU.
Lahori replied on Friday, November 4, 2011 09:20 AM 

AOA,

I am in similar situation. I am a salaried person and have bought a 4 marla plot with my all saving. However i have manged another 5 lacs but they are not enough to complete the construction. So i want to do this in phases. I need sincere advise that how and what should i proceed my construction in phases.

Best Regards,
dr faysal replied on Thursday, November 10, 2011 08:31 AM 

Asalamo aleikum.
I dont know how to start, actually i was not expecting such a positive and encouraging response from you all , brothers in islam.
At first accept my thanx and loads of Duas for you all.

Mr. pardesi jeddah ( i dont know the name) . All i can say is that i am following the same , what ever you have mentioned, and its true Allah has helped me a lot. alhamdolillah.

For Mr S.Rizvi, you have asked 3 questions.answers to them are
1- I need almost 7 lacs to ten lacs of rupees .
2- Regarding Guarantee , we can sign an agreement, and also i can arrange a guaranter or witnesses.or what ever suits you.
3- as far as procedure of satisfying is concerned, i think personal meeting can help in this regard.
looking forward to hear from your side. thanx and wasalam.

Also Dear Mr MAS jeddah, rental income and foreign currency options can be discussed further.
For Mr S. rizvi and for Mr.MAS jeddah , my details are as follows.

my cell number is , is my email.
I am a dentist , working for a government health unit.
wasalam.
faysal
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