Zero Mortgage offers Halal mortgage with the same rates and security as a Canadian mortgage. Join Faisal Kutty Canadian Lawyer in a discussion with our Zero Team.


Join one of Canada's leading Muslim lawyer Faisal Kutty as he joins our Zero Team in a discussion on the Zero Mortgage product option for our growing Muslim community to consider. He will join some of our team members to address the matter from a legal perspective.

We will discuss how there are no extra fees for getting halal financing, partnering with regulated Canadian financial institutions who allow a Musharakah contract, giving the same security as a bank mortgage, and working long term with regulators to bring changes for Halal financing. Also to encourage Muslims currently with banks to switch to Zero at no extra cost or risk.

Date: Sunday, Sep 06, 2020

Time: 2:00 pm (Ontario/Quebec)
 
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Agenda Topics:

  • 2:00 pm - Zero Team VP Momin Saeed and Sh Nabil Khan to introduce and give an overview of Zero.
  • 2:10 pm - Real Estate/Mortgage agents to educate on the process and approval of buying a Home in Canada.
  • 2:15 pm - Join Faisal Kutty Canadian Lawyer in a discussion with our Zero Team.
  • 2:40 pm - Question and Answer session on any Legal, Halal Financing, Product Related Questions
  • 3:15 pm Question and Answer Session with our Mortgage Agent on any related questions followed by Conclusion and Dua.

Join this webinar to learn more about Halal Financing, Co-signer TPP, Pre-Qualification process, Working with a Zero Referred Realtor. Please share with family and friends.

Question and Answer Session (Please your Question to [email protected])

Please separate your Halal related questions and your financial qualification/rates questions which will be answered by our Registered Mortgage agent).


 

- Visit Please visit www.ZeroGlobal.biz about our new Co-Signer Program
- Visit Zero YouTube page
- We ask you to watch this 2 Minute Video
Read this 1-page article before calling: Top 10 Reasons to use Zero by Mufti Ismail Desai [pdf] 
- View our Latest Advertisement

 

Zero Mortgage Launches: Co-Signer Takaful Partnership Program (Co-Signer TPP)

  • Get higher financing approved with Co-signer(s) on your financing application 
  • Takaful is the Islamic alternative for Insurance. We pool funds from each homeowner to protect co-signers in case of default removing significantly risk associated with co-signing
  • A partnership agreement between co-signer and homeowner will be signed. On the standard agreement, the Co-signer becomes 1% owner in exchange for $100 and will also get a 1% increase in the home price. This will give a financial incentive for co-signers. Amounts can be modified between parties. 
Case Example:
  • Client Household income is $100,000 and they pre-qualify for $500,000 financing (usually 5X* income)
  • Client wishes to buy an $800,000 property and has 10% downpayment of $80,000
  • Client needs a co-signer to be approved for an additional $220,000 to buy the $800,000 property
  • Client finds a co-signer or Zero sources a co-signer for them (Minimum Income of $44,000 needed 5X*)
  • Client and co-signer sign Cosigner TPP agreement ( $100 payment, 1% future exit payment, and putting $2000 in a lawyers trust account to be used for a Takaful Pool in case of default by any clients of Co-Signer TPP)
  • Client's Lawyer on the home acquisition date sets the shares for the house based upon payments of both parties (99% for Client and 1% for Co-signer)  
  • After 2 years if the client income increases or the outstanding amount decreases the co-signer can go off the title of the house. If the home price increases to $950,000 then the co-signer will receive $1500 from the Client (1% of the $150,000 increase of the property). The client receives a partial refund for his $2000 he put in the Takaful Pool. 
Advantages
  • Clients whose household incomes are low can now with additional co-signers acquire a property
  • Co-signers who have been reluctant due to risk associated with co-signing can now have a Takaful Pool of funds held in a lawyers trust account in case of default
  • Co-signers have financial incentives to be co-signers. Terms can be modified between parties. Options such as if a co-signer wants to give $30,000 to build the basement and live in the house. Other options can be explored where the terms of the Partnership can be modified with the help of a lawyer.
  • Our Muslim community in Canada is large and we encourage our Ummah to have co-signers across Canada register and help other fellow Muslim Canadians to acquire a home. We recommend clients to invite potential co-signers of family and friends to our webinar.
*Note "5X" is if the client has good credit and no debt. The actual amount of pre-qualification the registered mortgage can provide after you submit documents

 

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Letter from our Canadian financial partner agreeing to Halal terms