All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad is His slave and Messenger.
It is not permissible for a Muslim to read the novels containing the stories of illicit relations or obscene matters. Reading such novels may be permissible only for those scholars who intend to refute their contents and want to warn people of their ill-effects. However, reading those stories or novels, which are useful and consist of good matters, is permissible.
Anyway, reading those novels that are not useful and at the same time do not contain any forbidden matters - which is rare - is permissible provided they do not divert one from his obligations or from more important matters than reading such novels.
Finally, we advise our Muslim brothers to engage themselves in achieving good knowledge and spending their time in that which Pleases Allah, avoiding useless activities. One should engross himself in reciting the Qur'an in which there are many good and interesting stories, and also in reading Islamic books and the biographies of Prophets and eminent scholars. These are very useful for every Muslim.
Allah knows best.