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Fatwa Answer

Question ID: 1577 Category: Dealings and Transactions
Presale and mortgage

Assalamualaikum,

we are interested in booking a unit in a presale project which is completing after one year . We have to make a payment of certain percentage amount to book it under our name. And before completion we intend to sell it to some other party and gain profit. Sometimes , the builder may not give permission to sell before completion, so you will not have any option but to go for normal mortgage (we do not have islamic mortage in our state) So is it permissible to take mortgage if the builder does not allow to sell again, and as soon as the mortgage is approved we can try to sell it within 2 months?  It's completely his choice to decide whether to give permission or no, most of the builders give but some may not. Please guide. 

بسم اللہ الرحمن الرحیم

الجواب وباللہ التوفیق

1. It is not permissible to take loan with interest for your specific requirement.

2. If the unit in question physically exists, its location is determined, its basic structure is erected and the roof has been laid over, it can then be purchased and sold to someone else.

وشرط المعقود علیہ اشتد کونہ مقدور التسلیم۔ (شامي ۷؍۱۵ زکریا)

منہا أن یکون موجودًا فلا ینعقد بیع المعدوم ومالہ خطر العدم کبیع نتاج النتائج، وکذا بیع الثمر والزرع قبل ظہورہ؛ لأنہما معدوم ۔۔۔ومنہا أن یکون موجودًا۔ (بدائع الصنائع ۴؍۳۲۶ زکریا)

شرط المعقود علیہ کونہ موجودۃ، مالا متقوما، مملوکا في نفسہ۔ (شامي / کتاب البیوع ۷؍۱۵ زکریا)

 شرائط الصحۃ القبض في بیع المشتري۔ (شامي ۷؍۱۶ زکری

وأن یکون مقدور التسلیم فلم ینعقد بیع المعدوم۔ (البحر الرائق / او کتاب البیوع ۵؍۲۵۹)

فقط۔ واللہ اعلم واتم