Is there any interest involved?

Am I paying interest on the plan?

Kate avatar
Written by Kate
Updated over a week ago

StrideUp’s Home Purchase Plan does not involve interest as the money is not lent to customers.

Interest is a result of lending and charging a fee for the loan. Since StrideUp

does not loan any money to the customer, there is no interest that is involved. StrideUp’s product is structured differently; we purchase the property in partnership with our customers with each party owning a share. The customer then buys our stake in the property over time, paying rent on the portion that they do not yet own. By gradually buying out StrideUp's share of the property, at the end of the agreement, the customer owns the property outright - without ever paying interest.

StrideUp's home purchase plan product has been certified as Shariah-compliant by Amanah Advisors.

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