What is the ruling on mortgaging a house to a bank in exchange for money? And what are the conditions for mortgaging?

It is permissible to mortgage a house or any other valid item to a creditor, provided that the creditor does not benefit from the house if the mortgage is for a loan. The conditions for a mortgage are:

1. The occurrence of the contractual formula (offer and acceptance).

2. The contracting parties must be legally competent to dispose of property.

3. The mortgaged item must be owned by the mortgagor or its usufruct (right to use) by permission of its owner.

4. The mortgage must be immediate (not contingent).

5. The mortgaged item must be taken possession of simultaneously with the debt or after it.

6. The mortgaged item must be known in terms of its quantity, type, and description.

7. The mortgaged item must be something that can be lawfully sold.

8. The debt must be existing or destined to exist.

Conditions in a mortgage are of two types: valid (such as stipulating its sale upon maturity of the debt) and invalid (such as stipulating that it not be sold upon maturity of the debt).