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Guidance Residential offers unique benefits that distinguish it from other home financing providers. These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faith's strict prohibition on riba (usury).
Guidance Residential and home buyers each own a percentage as co-owners. Home buyers increase their share over a period of time through a monthly payment.
Guidance Residential shares the risk with the homebuyer in case of natural disasters, eminent domain or foreclosure.
The Declining Balance Co-ownership program, does not involve payment of riba. It is 100% riba-free.
There is no pre-payment penalty required by Guidance Residential when a homebuyer wants to pay ahead of the agreed schedule.
Guidance Residential will only charge a capped fee of $50 or less for late payments. The fee covers the expenses involved in administering a late payment rather than the standard 5% penalty, and will not be profited by Guidance Residential.
In the event of payment default, Guidance Residential does not pursue any of the homebuyer's other assets.
Guidance Residential has an independent Shariah Board comprised of notable scholarly authority headed by Justice Muhammad Taqi Usmani, who is also the chairman of the Shariah Board for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The Declining Balance Co-Ownership Program of Guidance Residential has been endorsed by the Assembly of Muslim Jurists (AMJA) - an advisory group to the Muslim American public with experts in the Islamic jurisprudence.