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What kind of Heter Iskah do I need

Question:

Shalom,
My brother is taking a loan which he is passing on to me to help us put down a downpayment on a house. He will be paying monthly payments with interest to the bank and I will be paying him back every month for those payments
The bank already has a Heter Iskah (it’s an Israeli bank), my question is do I need to make a Heter Iskah with my brother and how do I do that? Can I download it from somewhere?
Thank you very much,
Shaya

Answer:

You will need a heter iska between your brother and yourself, because you essentially are giving him a loan and he is paying your back more money then what he got from you. Before signing on the heter iska, both of you should understand what it means. It means that the loan is being converted into a business investment, and the extra money being paid is your part of the profits. Additionally, it also means that you are a partial partner in any business investment that he has, so that the extra money that he is paying you is your profit from all the business that he is doing.

You can find a heter iska form at the following link  /https://dinonline.org/2010/02/24/heter-iska/

Best wishes

 

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