Financing your Moroccan property investment is an important decision and could take the form of your own cash resources or, as most investors prefer, a mortgage or equity release scheme. Morocco offers mortgages for non-residents and all banking products are widely available.
We will point you in the right direction of Moroccan financial institutions that will finance your purchase.
We have access to mortgages from many Moroccan banks, the final choice depends solely on your circumstances.
The most an overseas buyer can currently borrow is normally 70% of the valuation price ,however 60% is more realistic .
The purchase can be paid in either Euros, US Dollars or Sterling, and needs to be transferred from a foreign account into a Moroccan bank where the transaction will be processed into Dirhams. known as a convertible account.
Average Moroccan mortgage rate
Max. 70% of valuation
Capital and interest
For 5 years or full duration of mortgage
Note: 6 months mortgage instalments may be required to be held in the bank account.
Moroccan banks will normally lend you up to 35% to 40% of your net salary without prior credit checks or confirmation of existing financial obligations.
To help the mortgage application system move more swiftly it is advisable to have the following documents to hand.
Employees will need:
Letter to prove employment
Last six months bank statements
Last three months pay slips
Business owners and self employed will need:
Company statutes and bylaws proving who owns the company
Certificate of incorporation
Last two years company tax statements
Last six months company bank statements
The Moroccan legal system is Latin-based and similar to that found in France and Spain. Property purchasers should allow for around 10% of the purchase price extra to cover registration fees, Notary's tax, Notary's fees, land registry and other sundry expenses.
The Association of Commerce Banks is a body which represents all recognised financial institutions in Morocco, and as such acts as a bond of reputability. Many of these banks will offer mortgage facilities to foreigners.
Mortgages In Morocco.
We offer independent mortgage advice, a suitable product recommendation will be based on your own individual circumstances. The interest rate should not be read in isolation, and you should refer to your Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisers before entering into a mortgage contract with the lender.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.
Your home may be repossessed if you do not keep up repayments on your mortgage.