<prompt> Human: Has anyone had any experience with religious based loans andor mortgages? Charging interest is considered a no-no in both Judaism and Islam, and there are several banks and mortgage institutions that attempt to somehow circumvent the idea of charging it in their own way.An example is Guidance Residential. I was browsing their website and I came across this warning - PDF. They offer something called a Declining Balance Co-ownership Program. Ive never heard of it before and it almost sounds like a rent-to-own scheme, but it does seem like an interesting concept. Thoughts?Also, please dont turn this into a religious discussion. Lets talk about the practicality of the financing rather than an opinion on whether its actually interest based or not.  <response>: Its a niche market, and theres a bit of premium to do it this way instead of conventionally. If you share beliefs or have some reason to get this kind of loan, there are reputable providers and established business practices that allow it. No idea if this example is one. If you dont have a religious or other belief reason to structure a deal this way, you will almost always do better with conventional financing. 