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m0nica3

Mortgage Question

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Asalaam Alykum brothers and sisters,

 

I had a question for you all that i hope someone can answer Insha'Allah

 

I was wondering how people get around getting a mortgage. If someone wanted to buy a house or a condo or whatever, what would they have to do so that they are not paying any interest on it??

 

I would never have a spare $500,000-$1,000,000 lying around, so is my only option to rent for the rest of my life? I have heard of Islamic banks, but have also heard from others that they do not charge interest per se, but the whole system of paying back is like interest, so it defeats the purpose.

 

I live in Vancouver, BC so houses here are not cheap. Just wondering what my options would be....

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