Title: buying residence plot on installments

Question: I want to buy a residence plot from a very famous company, city housing scheme Sialkot on installment. The price of plot on installment is 5% percent more than on full payment. Initially they have sold all of the plots. Now I am left with the only option to buy from investors who are demanding 2 lakhs to 5 lakhs profit to transfer the file to me which they bought from the city housing. My question is: is it halal to buy the residence plot from the investors? I shall be thankful if you help.

Answer ID: 50453Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 354/310/H=03/1435) When the investor occupied the plot which he bought then he became its owner and it shall be lawful for you to buy it on whatsoever price. However, the price should be fixed no matter if the payment is made in instalments. For example, you say that you bought the plot in ten lakh rupees and the owner of the plot accepts it and both of you fix the payment of ten lakh rupees in instalments in a way that you will pay one lakh rupees on the first day of each month and thus pay the whole amount in ten months, it is correct as per the Shariah. However, if you settled the dealing in some other ways then write it clearly and submit the query and know the ruling.