First of all, it should be clear that Hajj is obligatory once in a lifetime. If a person has the means to offer Hajj, he should carry it out as soon as possible. One is not advised to delay offering Hajj under any pretext, keeping in mind the fact that Hajj is one of the pillars of Islam. The Prophet (peace and blessings be upon him) said, “Islam is built upon five pillars: testifying that there is no true god except Allah and that Muhammad is the Messenger of Allah, performing Prayer, paying the Zakah, making the pilgrimage to the Sacred House (Hajj), and fasting the month of Ramadan.” (Reported by Al-Bukhari)
In his response to your question, the eminent Muslim scholar, Sheikh Yusuf Al-Qaradawi, states:
“Hajj is only prescribed upon those who are able to make it. Financial ability is one of these conditions. If a person has money that is enough to make Hajj and at the same time more than what he needs to support himself and his family, he should perform Hajj.
But, if a person does not have money that exceeds his needs as well as the needs of his family, what should he do? Should he borrow money to make Hajj? No, it is not obligatory to do that. However, if he is sure that he will be able to pay it back without overburdening himself and his family, it will be ok.
It’s noteworthy that the Prophet (peace and blessings be upon him) was asked about a man who would borrow money to make Hajj, and he (peace and blessings be upon him) replied: “No”.
Some Muslim scholars say that the Prophet’s reply is an indication of “prohibiting the act”, while others regard it as an indication of “not recommending it”.“