Is Conventional Mortgage Halal

Conventional banks only provide loans no matter whether the loan amount is used for purchasing assets or not. As far as repayment of debt is considered in conventional finance lease or mortgage loans, the interest is due from the very first date of sanction of loan till the very last. If the asset remains unusable during the conventional finance lease, the instalments including interest and principal repayment will continue without any break. If interest amount is not paid on time, then interest has to be paid on accrued interest along with financial penalties. Compounded interest can multiply exponentially.