Is there Zakaat on Property Not Fully Purchased?

Is There Zakaat on Property Not Fully Purchased?

Q. I have purchased property and I am still paying for the property. It is not solely mine yet. Do I still pay Zakaat on this?
A. Zakaat is not due on fixed property. The only time when Zakaat is due on fixed property is when it is purchased with the intention of reselling for profit. If it was purchased for residential purposes or to hire out for income, then Zakaat is not payable on the property.