Halal Inc. Difference
lien  [leen, lee-uhn]

–noun Law.
the legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation.

mort·gage  [mawr-gij]

–noun
1.  a conveyance of an interest in property as security for the repayment of money borrowed.
2
.  the deed by which such a transaction is effected.
3.  the rights conferred by it, or the state of the property conveyed.

fore·clo·sure  [fawr-kloh-zher]

–noun
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

am·or·ti·za·tion [am-er-tuh-zey-shuhn]

–noun
The paying off of debt in regular installments over a period of time

Freddie Mac

A congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market

Private Mortgage Insurance

–noun
insurance that a lender may require a borrower to purchase to cover losses in the event of default of a residential loan esp. when the borrower is giving the lender a mortgage on property in which the borrower has less than 20 percent equity

Source: Dictionary.com


Not sure what sets us apart from all the rest?  Below are just a few of the advantages of our 100% debt-free, riba-free program.  Learn more about how the Home Partnership Program works. Click Here to learn how to differentiate between a true Shariah-based program and one that only appears to be so.

  Halal Inc. Bank Loan Other Programs
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No Debt
100% Debt-free Debt is owed. Debt is owed.
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No Lien
No Lien Lien is placed against the property to secure the loan. Lien is placed against the property to secure the loan.
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No
Freddie Mac
No Loan =
No Freddie Mac
Loans are from bank's money, or are coordinated with institutions like Freddie Mac. Loans are coordinated with Freddie Mac.
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No
Mortgage
No Mortgage
Paperwork
Mortgage paperwork is signed. Mortgage paperwork is signed.
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No PMI
No Private Mortgage Insurance PMI is required if less than 20% down payment. Paid for and purchased by homebuyer. PMI is required if less than 20% down payment. Paid for by homebuyer and purchased by program.
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No
Foreclosure
Wholly Owned
Property =
No Foreclosure
Home can be foreclosed if mortgage payments are not met. Home can be foreclosed if mortgage payments are not met.
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No
Obligation
No Obligation
to Buy or Rent
Obligation to repay loan regardless of property value. Obligation to repay loan regardless of property value.
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Shared
Expenses
All Expenses Shared No expenses are shared. No expenses are shared.
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Shared
Profit & Loss
Profit & Loss Shared No profit or loss is shared because it is a loan not a partnership. No profit or loss is shared because it is a loan not a partnership.
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No Credit Check
Credit Score is Unimportant Loan is decided and terms are set based on credit score. Loan is decided and terms are set based on credit score.
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Standard Rental
Standard Rental Contract
(Separate From Ownership Status)
No rental. Loan amortization schedule includes: Principal Repayment & Interest Loan amortization schedule includes: Principal Repayment & Interest (renamed "Rental" but same amount & terms)

     

Learn more about how the Home Partnership Program works.