I have one mortgage for current home and I want to get another mortgage for 2nd home for rental property for income. Is it possible to do 2 mortgages for income and one for personal use?
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah,
You have not mentioned whether the mortgage you have is conventional or one of the halal mortgages.
If it is the former (i.e. conventional), then all conventional mortgages are interest-based transaction and not permissible. Moreover, in presence of halal-acceptable mortgages like Eqraz or Manzil, even though they may be expensive, there remains no reason to resort towards conventional mortgage. (We are hopeful that as time goes on more competitive options will also come to market)
However, if the first mortgage you have is halal acceptable mortgage, then you may take out another one as well.
In case, you currently have conventional mortgage, we urge you to approach Eqraz or Manzil and look into finding ways of coming out of interest based transaction as soon as possible.
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi