Net worth lending exists because some buyers have plenty of money and not much paycheque. A retiree with a large portfolio, someone who just sold a business, or a dual citizen with income abroad can all fail a normal income test. Ijara Community Development publishes a Total Net Worth Lending program that looks at your assets instead.
It is available nationwide. Only the income test relaxes. You still need strong verifiable liquid assets and strong credit. Start on the Ijara CDC provider page and the home financing hub.
Ready to compare halal options?
Who It Is For
Regular underwriting asks one question: can your income cover the payment? If most of your wealth sits in savings or investments, that question misses the point. This program asks whether your balance sheet can carry the home.
- Retirees with a strong portfolio and pension income that looks small on paper
- Business owners who recently sold and have cash but no salary yet
- Dual citizens whose income is earned outside Canada
- Anyone with strong liquid assets and strong credit but moderate income
Published Terms
| Item | Ijara CDC Total Net Worth Lending |
|---|---|
| Where | Nationwide |
| What relaxes | The income test |
| What does not | Liquid assets and credit must be strong |
| Term | 1 to 5 years, then renew |
| Amortization | Up to 25 years |
| Prepayment | 10% to 20% a year |
| Rates | Not published. Quoted individually |
| Structure | Ijara wa iqtina. A trust buys the home and leases it to you |
How the Contract Works
A single-asset trust buys the home and leases it to you. Each payment has two parts: rent on the trust's share, and a buyout of more equity. When the buyout is complete, title transfers to you.
That is the same Ijara wa iqtina structure Ijara uses on its other Canadian home programs. Total Net Worth Lending only changes how you qualify. Canadian terms reset every 1 to 5 years, so plan for renewal, not a 25-year lock.
Is This the Right Program for You?
| Your situation | Better starting point |
|---|---|
| Big portfolio, small income | Total Net Worth Lending |
| Self-employed with a low NOA | Business for Self programs |
| Weak credit or recent issues | Alternative B lending |
| Salaried with 20% down | Standard Ijara or Manzil |
If you are self-employed, read the halal self-employed mortgage guide. If your credit is the problem, see halal alternative B lending. Manzil offers musharaka mortgages in Ontario, BC, Alberta, and Saskatchewan at 20% down if you qualify on income.
How the Process Usually Runs
From the outside it looks like a normal Canadian purchase. Pre-approval, offer, lawyer, closing. The difference is that the underwriter spends more time on your statements than on your pay stubs.
- Tell Ijara this is Total Net Worth Lending, not a standard salaried file
- Send statements for the assets you want counted
- They confirm which assets qualify and quote rent and buyout
- You make an offer, book a lawyer, and arrange the appraisal
- You close. The trust holds title until the buyout ends
If the asset test fails, do not move the same file into a weaker-credit program unless that is actually your situation. Each Ijara program is priced for a different kind of buyer.
Before You Apply
- Gather statements for every account you want counted
- Know which assets are liquid and which are locked in
- Pull your credit report so there are no surprises
- If income is earned abroad, have documents translated and ready
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If part of your net worth sits in an RRIF or RRSP, think through taxes before you plan to draw on it. See halal RRIF in Canada.
What to Get in Writing
- That this application is Total Net Worth Lending
- Which assets they counted and at what value
- Your rent and buyout schedule
- Term, amortization, and prepayment allowance
- What happens at renewal if your assets drop
Frequently Asked Questions
Can I get a halal mortgage in Canada without much income?
Yes, if you have strong liquid assets and strong credit. Ijara CDC's Total Net Worth Lending relaxes the income test for buyers whose balance sheet is stronger than their paycheque.
Can retirees get a halal mortgage in Canada?
Yes. Retirees are one of the main groups this program was built for. Strong savings can make up for a pension that looks small on paper.
Does foreign income count?
Ijara names dual citizens with offshore income as a fit for this program. Expect to document those assets and that income carefully.
What are the rates on net worth lending?
Ijara does not publish rates. Quotes are individual. Ask for the rent and buyout schedule in dollars.
Is this the same as a B-lender mortgage?
No. A B-lender file usually helps people with weaker credit. This program requires strong credit and relaxes only the income test.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
If your savings are strong and your paycheque is not, ask Ijara CDC about Total Net Worth Lending. Get the asset math in writing. Compare on the home financing hub.
