DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - urgent advice needed regarding islamic bank of britain home purchase plan

**ZZtop** · 01-20-2012, 02:56 AM

I am inshallah going to go ahead and purchase a home via the home purchase plan (I.B.B)http://www.islamic-bank.com/personal...-purchase-plan

please can anyone who is experienced in the diminishing musharaka method of financing and/or has knowledge of islamic bank of britain help me with the following questions;

if i would like to make additional acquisition payments to pay of the loan as soon as possible is it better to make additional payments to reduce the length of the term (e.g from 25 years downwards) or am I better of taking a longer term loan (30 years), which will mean lower monthly payments and making additional acquisition payments to reduce the monthly payments?

would you recommend choosing the variable rate of 4.49% where additional payments can be made immediately or should i opt for the fixed rate 4.19% where no additional payments can be made until the fixed period has ended?

01-20-2012, 02:56 AM	#1
ZZtop Join Date Nov 2005 Posts 634 Senior Member	urgent advice needed regarding islamic bank of britain home purchase plan I am inshallah going to go ahead and purchase a home via the home purchase plan (I.B.B)http://www.islamic-bank.com/personal...-purchase-plan please can anyone who is experienced in the diminishing musharaka method of financing and/or has knowledge of islamic bank of britain help me with the following questions; if i would like to make additional acquisition payments to pay of the loan as soon as possible is it better to make additional payments to reduce the length of the term (e.g from 25 years downwards) or am I better of taking a longer term loan (30 years), which will mean lower monthly payments and making additional acquisition payments to reduce the monthly payments? would you recommend choosing the variable rate of 4.49% where additional payments can be made immediately or should i opt for the fixed rate 4.19% where no additional payments can be made until the fixed period has ended?
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