My husband and me recently bought a house and staying there. But since we couldn't manage the full price of that house so we we took bank loan based on our salaries. 50% of the price of that house is coming from bank loan. Now we are paying installments for that loan. I own gold jewelry which counts 180 grams and I am also an earning member of my family.
So my question is that should I minus the yearly installment from my gold price-value and then pay zakat ?
I assume this is an interest free loan, in which case you need to workout the equation:
zakatable assets-debts
And if the value of this equation exceeds the minimum nisaab of zakat only then you need to pay it.
The following tool will help you decide whether you need to pay zakat and how much to pay:
If it is an interest based loan then you should ideally cancel this transaction by paying of the loan, taking interest free loan from Islamic bank\ friends .
You still have to pay on your gold regardless as you are even able to sell some to pay the zakat.
In regards to money that you may have, if its over the threshold and you have had the amount for more than 12 months you will pay zakat on it. As far the the debts concerned, you will need to see if the debt is a short term immediate one or a long term more than 12 months. Im assuming its more than 12 months as most loans/mortgages are. Then in that case you will minus only 1 months payment from the amount of money you have and see if the remainder is over amount of the threshold.
Allah knows best
Taking out a loan for housing is ok in today's world. Zakat is paid from your earnings. So Pay your mortgage monthly from earnings, allow for household expenses and if any money left, pay your share of zakat. Your jewellery has nothing to do with paying zakat. You pa from earnings and not from assets.
