Is zakat obligatory on an amount of three thousand dinars deposited in the bank, which is an interest-free loan for the purpose of paying for a house?

For it to be permissible to borrow from a bank, two conditions must be met: The loan must not be interest-based, meaning it does not yield a benefit [for the lender] such as stipulating that the salary be transferred to the bank for its [the bank's] benefit. Secondly, the bank itself must not be an interest-based bank, so as not to cooperate in sin. As for the zakat on money saved to buy a house, it becomes obligatory if it reaches the nisab (minimum threshold) and a hawl (lunar year) passes over it, after deducting any debt. From this, 2.5% must be given as zakat.