Abo Zahraa asked 3 days ago
Assalamo Alaikom,
The question concerns the khoms obligation for someone who owns a house in America, let’s say the house is worth one million dollars, but there is a mortgage loan of approximately half a million dollars on it.
The annual profit will certainly not exceed the value of the debt, which is half a million dollars ($500,000).
Does this mean that I am considered indebted and therefore not obligated to pay khoms, even if, for example, my profits this year is about $20,000 but my mortgage loan is $500,000?
Thank you.
wassalam
Abo Zahraa
Fiqh Department Staff answered 3 days ago
بِسْمِ ٱللَّٰهِ ٱلرَّحْمَٰنِ ٱلرَّحِيمِ
السلام عليكم ورحمة الله وبركاته
As Salaamu Alaikum Wa Rahmatullahi Wa Barakatuh,
We hope this answer finds you in high Islamic spirit.
The total mortgage will not be considered a debt. Whatever is paid on a monthly basis is considered an expense, and the remaining income will be subject to Khums.
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