Dr.Monzer Kahf, a prominent economist and counsellor states: “Taking an interest loan for any purpose is Haram Interest, as defined being an increment in a loan, is forbidden in the Qur’an and it is one of the most grave sins that invoke the Wrath of Allah. This applies not only to taking interest but also to its give, writer and contract witnesses as our beloved Prophet said (every authentic Saying reported by both Bukhari and Muslim.
Of course, there may be circumstances of necessity or its like, where taking an interest loan may be justified, such as the residence house that is needed by a Muslim family where there is no Islamic financing available. it is obvious that there is no necessity to expand one’s wealth!
If one inherited a property that is ridden with an interest loan, one would be required to rid it from the Haram as soon as one can, otherwise one would be sharing in the Haram activity.”