We recommend, as a first step, to submit your pre-application (if you have not already done so). There is no obligation to continue, and we will not pull a credit check without your expressed authorization.
Also, please note that we are currently only available in Ontario, Quebec, Alberta, and BC.
Some high-level information about our home financing program:
- We offer Musharaka transaction models
- Our funds are 100% sourced from investors, and not through loans or lines of credit
- There is a minimum 20% down payment requirement for all financings (new purchase and transfers), with a maximum financing amount of $1,500,000
- Fixed term/amortization of up to 25 years
- And a one-time 2% administrative fee (of the financing amount) due on closing
Murabaha: a profit sale model, where Manzil would purchase the home from a seller at one price, then sell it to the eventual buyer at a price plus profit.
Musharaka: a partnership model, where each of us would come in as partners with respect to the money we put towards the purchase.
With respect to profit rates, please refer to this page for the most up-to-date information. Please note that this isn't interest as we are not lending money, but rather financing the transaction in a partnership model, generating profit on the sale of the shares; we use the posted BoC rates as a means to transparently determine the return we provide to our investors.
Please visit our mortgage calculator to get an estimated price for your mortgage.
