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home Purchase Plan

Home Purchase Plan

HOME PURCHASE PLAN (HPP)

An-Nur Co-op offers its share holders flexible financing alternatives to buy/refinance their residential homes. These alternatives include Musharaka (shared equity and declining balance partnership) and Murabaha (cost plus basis) – in exceptional situation only.
HOME OWNERSHIP MADE EASY (HOME) PLAN Important Features:
In general, prospective home buyers are required:

  • to contribute a minimum of 25% of the value of the home they wish to purchase;
  • there is no “Waiting Period”;
  • The plan is structured as a “Purchase & Sale” transaction - no Loan Agreement Or interest-based documents involved;
  • No maximum limit on the Purchase Price (provided you contribute a minimum of 25% down);
  • As a security of your 25% down payment, there will be a charge placed (Lien registered on the title of the house);
  • The Balance of Purchase Price (75% or less) is payable in monthly installments;
  • Titles to all housing units will be held in the name of a Numbered Ontario Corporation for security purposes;
  • No sharing of Price appreciation – you keep 100% of Capital gains;
  • After first year, you can pay as much as you like & reduce the Purchase Price Balance;
  • A monthly “User Fee” is payable to the numbered company as a return for its investment in the house;
  • The User fee is based on the criteria described below;
  • An-Nur Co-op will collect initial 25% down Payment & your monthly Installment payment as well as monthly User Fee payment;

HOME Plan members pay Occupancy Charge to An-Nur Co-op which is determined on the following basis:

  • Current market value rent in metro and surrounding area;
  • Dividend paid by An-Nur to its Investors:
  • Average return on An-Nur’s other investments; and
  • Other factors on management’s direction.

Distinct Advantages of Home Purchase Plan (HPP)

  • Adherence to Sharia'h guidelines;
  • You can rent a portion of your house with prior permission of the corporation;
  • Select the installment payment period to suits your need & your convenience.
  • No long waiting Period, NO Maximum Price Limit;
  • Flexibility to pay the Purchase Price Balance after first year;
  • 100% Capital gain is yours to keep.