Our guide to Manzil mortgages
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Discover the methodologyWhen it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at Manzil mortgages and their current rates.
About Manzil
Founded in 2017, Manzil is the only provider of Islamic finance in Canada that follows all guidelines for Shariah governance established by AAOIFI. They offer a variety of products besides their house financing services: Murabaha and Musharaka. These include cards, investing, car and home financing.
Our review of Manzil
Muslim homebuyers will appreciate that mortgages from Manzil are halal, and therefore being completely accessible by the Muslim community. Manziel's Shariah Supervisory Board ensure that Manzil's Portfolios, products and services comply with the Shariah standards set by AAOIFI. AAOIFI includes scholarly opinions from several Muslim schools of thought and is generally considered to be the gold standard for Islamic finance rules. Their housing finance services are clearly explained online, also offering useful tools, such as mortgage calculators.
Manzil mortgage pros and cons
Here are some of the advantages and disadvantages of Manzil mortgages:
Why Manzil might be right for you:
All products and services are 100% halal
Interest free
Contracts are fair, clear and transparent
Why Manzil might not be right for you:
A very recent company without a long-established reputation
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does Manzil offer?
Below is a table showing some details about the different mortgage plans Manzil offers. Most providers will offer a variety of mortgage options.
| Coverage type | Murabaha | Musharaka |
|---|---|---|
| Transaction Type | New Purchases only | New Purchases, Transfers, Refinances |
| Profit Rate | Fixed rates between 3.49% - 5.49% | Variable rate (Bank of Canada rate + our margin) currently at 4.45% |
| Payment | Payment will never increase or decrease | Payment will increase or decrease based on the Bank of Canada rate decision |
| Who holds the legal title to the property? | Title is held in a corporation you own | Title is in your name |
| Terms between 1-25 years | ||
| 20% Minimum Down Payment |
What mortgage rates does Manzil offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates Manzil offers:
Rate Type | Term Length | Rate |
|---|---|---|
Fixed | Between 1-25 years | 3.49% - 5.49% |
Variable | Between 1-25 years | (Bank of Canada rate + Manzil margin) currently at 4.45% |
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact Manzil?
You can contact Manzil through email at:
[email protected]
Or at their main office:
100 King Street West, Suite 6200 Toronto, ON M5X 1A9
Our Manzil mortgage calculator
Want to calculate what your Manzil mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance
