Home Purchase Plan
Pay rent not interest with our Sharia compliant mortgage alternatives.
Al Rayan Bank's Sharia compliant Islamic mortgage alternatives (Home Purchase Plans or HPPs) are based upon the Islamic finance principles of co-ownership (Diminishing Musharaka) and leasing (Ijara).
View our complete range of Home Purchase Plans
Home Purchase Plans
|Expat Discounted Variable||3.39%||3.49%||3.69%||N/A||N/A|
Fees Assisted Home Purchase Plans
|Disocunted Variable (Fees Assisted)||3.29%||3.39%||3.59%||N/A||N/A|
|Expat Discounted Variable (Fees Assisted)||3.54%||3.64%||3.84%||N/A||N/A|
|Fixed (Fees Assisted)||3.59%||3.64%||3.84%||N/A||N/A|
|Expat Fixed (Fees Assisted)||3.74%||3.84%||4.04%||N/A||N/A|
Your monthly payment is made up of two elements, an acquisition payment which increases your share of the property and a rental payment for use of the portion that the Bank still owns. When all acquisition payments have been made and the finance has been settled, ownership of the property transfers to you.
Home Purchase Plan customers in Scotland pay an 'occupancy payment' under a 'co-beneficiaries' agreement.