Question.
I live in the United States, a man is a student, but he has taken a loan from the bank, the installments of which are to be paid for fifteen or twenty years. Will Zakat come on such a person?
ANSWER
Before answering the original question, see the Shari'a rule of house mortgage:
House mortgage (mortgage) is an usurious loan, which financial institutions give to support the purchase of a house, and receive interest on it, its transaction is not permissible, and buying a personal house is not a reflex and urgent need, but rent. This need can be fulfilled by living on etc., or by taking a loan from someone, on the other hand, the matter of usury is extremely dangerous, for those who deal in usury, war is declared by Allah and His Messenger, countless. In the Quranic verses and hadiths, it is mentioned that it is ugly and to avoid it, so it is not permissible to buy a house through house mortgage in America or any other country. Efforts should be made to end this matter as soon as possible.
The ruling regarding the rest of Zakat is that after deducting the amount of Zakat from the installments that became obligatory in the current year of the house, even if the said person has as much as the nisab (of the value of fifty-two and a half tolas of silver). (equal to or more) if there is any amount, then Zakat must be paid on it.
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