HSBC launches online calculator for Islamic mortgage deals

HSBC has launched an online calculator to help people work out how much its Islamic home finance scheme would cost them.

Available at www.amanahfinance.hsbc.com, the calculator provides a guide on how much finance they could be eligible for and how much they would pay each month. They only need provide simple details such as their income, their proposed deposit and the value of the property.

The bank is also making it easier for people to find their nearest branch selling Islamic home finance. By typing in their postcode or clicking on the online map, they will be provided with the address of the closest branch with trained Amanah finance advisers.

Available to both Muslims and non-Muslims, HSBC says its monthly rental payments for its Islamic home finance scheme compare favourably with monthly repayments for the same size conventional mortgage. For example, monthly rental payments on a typical £100,000 loan would be £580.53. HSBC says that even with additional necessary costs, this is cheaper than monthly repayments of £644.30 with the Halifax or Abbey for the same size mortgage.

HSBC Amanah finance now operates in 84 branches in key Muslim areas including Manchester, Bradford, Birmingham, Cardiff and London, with more areas planned. It has also recently announced that independent financial advisers and brokers will start referring customers for the scheme.