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  #1  
Old 06-12-2008, 06:56 PM
ms.piggy ms.piggy is offline
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Default ??loan without interest??

Can I get a loan without paying interest? Is there a lender that will lend me money for no interest?
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  #2  
Old 06-12-2008, 09:17 PM
Canadian Canadian is offline
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I don't think anybody will lend you money without interest. Well, ok, maybe a relative or a friend , but a banker forget it.
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  #3  
Old 06-13-2008, 01:51 PM
BankAdmin BankAdmin is offline
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In fact many companies offer 0% interest loans even here in Canada, but there is a catch - you have to buy their products. One common example I'm sure you have seen are the TV ads for cars, trucks and SUVs offered with 0% financing. Some computer makers like Dell Canada for example might be willing to offer you 0% financing depending on what you are ordering and your credit standing of course.
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  #4  
Old 06-13-2008, 04:32 PM
dreamy dreamy is offline
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Are you joking, if you find a lender who will give you a personal loan with no interest please, share his details with us
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  #5  
Old 06-16-2008, 08:31 PM
donner donner is offline
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I would like to find a mortgage lender who will give me no-interest mortgage . This would save me a lot of money, but such mortgage doesn't exist yet .
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  #6  
Old 11-13-2008, 04:40 PM
Canadian Canadian is offline
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People should think how to create wealth and save, instead of how to get deeper in debt.
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  #7  
Old 11-18-2008, 03:30 PM
invest invest is offline
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Ha, interesting question. I think that with the credit crunch and all you can answer this yourself. NO, they won't give you a loan even with interest these days
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  #8  
Old 09-13-2009, 10:35 PM
welshboy welshboy is offline
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Default interest free mortgage

I heard that this may be coming to Canada, to me either way you pay the bank for the use of their money. But for some people this may satisfy their religious beliefs

here's the link http://www.mortgageman.co.uk/faqs/hsbc-sharia-criteria/

HSBC Sharia criteria?

Amanah Home Finance is based on the Diminishing Musharaka mode of financing
Process

The Bank's will purchase the property and then the property will be leased to you for the financing term and you will pay rent. You choose the property you want to buy and make an application. If you meet the criteria, financing will be agreed, then the following steps will take place: On completion, the property will be held in trust by HSBC Trust Company for each of the shares in percentage of the contribution to the purchase price, e.g. 10% for you if you have paid a 10% deposit and 90% for us if that is the amount of financing we have provided.

HSBC Trust Company as trustee will lease the property to you for the financing term. HSBC solicitor will register ownership of the property and the Trust Deed. Your solicitor or other legal adviser will register your ownership of tenancy in your name. You’ll need to make a monthly Amanah Home Finance payment to HSBC for the term of your finance. Your payment will comprise: rent, contribution payment and Charges, if applicable (any other sums payable for a leasehold property and buildings insurance if arranged by the bank).

For each monthly payment that you make you will pay the bank rent for the use of HSBC share of the property and acquire an additional share for yourself. At the end of the agreed term, and when all payments have been made, you can exercise the promise to sell and HSBC will transfer the property to you. You can also purchase our interest in the property from HSBC by exercising the promise to sell at anytime during the term of the finance.
Criteria

Minimum deposit requirement, 10%,

Payment terms, Up to 30 years,

Income Multiplier, Applicants can make one application - i.e. potentially 6 incomes can taken into account when assessing an application. Salary multiples are not used but affordability calculated using customers earnings and outgoings.
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  #9  
Old 09-18-2009, 02:30 PM
Canadian Canadian is offline
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Thanks for the link Welshboy, this sounds really interesting.
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  #10  
Old 09-25-2009, 01:24 PM
trent trent is offline
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Interest rates on mortgages are so low now, that they barely cover inflation (if it does at all). So there you have it, loan without interest.
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