Is it permissible for me to purchase a house through a bank loan under the aforementioned circumstances, knowing that I will lose the amount paid if I cancel the contract?

Usury is legally forbidden (haram), and it is among the seven destructive sins for which Allah has threatened those who deal in usury with war. It is not permissible except in cases of extreme necessity. Therefore, it is not permissible to borrow with usury to build a home as long as there is a means to rent. One can seek lawful (Sharia-compliant) ways to obtain money, such as installment sales or Murabaha (cost-plus financing) for a purchasing agent. "And whoever gives up something for the sake of Allah, Allah will compensate him with something better." This ruling must be explained to the mother, for "there is no obedience to a creature in disobedience to the Creator." Whoever has borrowed with usury must repent and return the principal without any increase, unless compelled to pay it.