Answer
Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
In this fatwa:
You are certainly not required to go for it if you are forced to get a bank loan for it. If done with such impure wealth, even though it may be valid, you stand to gain no benefits or rewards form it.
Responding to your question, Sheikh Ahmad Kutty, a senior lecturer and an Islamic scholar at the Islamic Institute of Toronto, Ontario, Canada, states:
Hajj is the fifth pillar of Islam with specific requirements and conditions. Hajj, though an important pillar, is not obligatory on anyone, unless he or she is financially able and free of debts. Therefore, you are certainly not required to go for it if you are forced to get a bank loan for it. If done with such impure wealth, even though it may be valid, you stand to gain no benefits or rewards form it.
Hajj is beneficial and rewarding only once it is virtuous and done with income that is pure. The Prophet (peace be upon him) said, “O People, Allah is Pure, and He accepts only that which is pure. He has ordered the believers as He has ordered His Messengers, “O you who believe, eat of that which is pure and do good works; I am aware of what you do.” And, “O you believe, eat of the pure things I have provided for you.” The Prophet (peace be upon him) then by way of illustration mentioned the case of a man who because of long journey being dishevelled, and with a dusty appearance, appears at the sacred sites and raises his hand supplicating, “My Lord! My Lord! However, since his food is earned through unlawful sources and drink is from unlawful sources, and his body is nourished with haram, how could he expect Allah to answer his prayer?” (Reported by Muslim on the authority of Abu Hurayrah)
Once one of his prominent companions, Sa`d ibn Abi Waqqas, asked the Prophet (peace be upon him), “How could I ensure that Allah answer my prayer?’ The Prophet (peace be upon him) replied, “O Sa`d, make sure that your source of livelihood is pure (i.e. earned in the lawful way), then Allah will answer your prayer!”
In light of the above, I would urge you never to think of embarking on the noble journey of hajj by borrowing money form a bank.
However, this is no reason for you to despair of Allah’s mercy. If you have the sincere intention to perform hajj, and you pray earnestly to Allah to help you gather enough money through halal way, insha Allah, Allah will grant your wish. Allah says, “Whoever remains conscious of Allah, Allah will certainly facilitate his affairs for him.” (At-Talaq 65:4)
I pray to Allah to bless you in your intention to perform a virtuous hajj whereby you will return home as you were born.
For more, see these fatwas:
Can You Perform Hajj While in Debt?
I Have Debts: Can I Still Send Parents to Hajj?
Almighty Allah knows best.
Source: AskTheScholar.com