Dear Sr.

If the flat you contracted (bought) is for your residence, it is not subject to Zakah and all funds that you are saving and putting together to pay the remaining 70% of its price is also not subject to Zakah, because they are prepared to pay the debt that is now on you.

 

But if the flat is for investment, its market value on the day of Zakah is subject to Zakah and you should deduct, from the market value, the amount of debt that is still on it (the 70%), i.e., you take the net equity only and that is subject to Zakah.

 

Of course any funds you have cash and accumulate until September or any other date will also be subject to Zakah as cumulative cash.

 

Notice; we did not do any double Zakah or any double deduction.

 

Allah Almighty knows best.