Moroccan mortgages can be arranged for up to 70% of the purchase price for non-resident foreign property owners.. These can be arranged through Moroccan banks before completion with loan terms of up to 25 years. The current interest rates for mortgages in Morocco are approximately 7% for variable rate mortgages.
The fees associated with buying a property in Morocco are usually between 5-7% of the purchase price and include:-
Legal fees
Land Registry: 1.5-2%
Dispatch Fees: approx 500 DRh
Stamp Duty: 2.5%
Miscellaneous documentation: approx 500 DRh
Useful documentation
In order obtain your Moroccan mortgage you will need to ensure you have the required documents to hand. For employees these will include a contract of employment, your last 6 months bank statements and your last 3 months payslips. Business will need to supply company documents showing who owns the company, 6 months bank statements, the last 2 years of company tax statements and a certificate of incorporation.
Mortgages in Morocco should be easier to arrange over the next few years as more foreign investment arrives due to the increased number of developments and attractive new properties on the market. If you wish to know more about mortgages in Morocco or would like to know more about any of the properties in Morocco please contact us and we will be happy to help. |
