Mortgages in Morocco

There are several large banks in Morocco such as Credit Du Maroc and BMCE who offer good rates on Moroccan mortgages.

Mortgages in Morocco

Current interest rates are at about 7% for a variable rate mortgage. Most banks will normally loan you up to 35% to 40% of your net salary without prior credit checks or confirmation of existing obligations and the mortgages are 70% of the property sale price for non-resident foreign property owners. To help the mortgage application system move more swiftly it is advisable to have the following documents to hand. For employees you will need: attestation of employment, the last six months bank statements and your last three months payslip's. For business owners you will need: company statutes and bylaws showing who owns the company, certificate of incorporation, the last two years company tax statements and the 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 5% of the purchase price extra. This is made up from registration fees, Notary's Tax, Notary's fees, Land registry and Sundry expenses.

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