Morocco Mortgages
It is possible to obtain mortgages on Moroccan properties, typically up to 70% of the value of the property, depending on individual circumstances, and for a period of up to 20 years. The advisors at My Other House can help guide you through the process.
It is essential to inform the notary that you are planning to finance the property through a Moroccan mortgage and request he puts a clause in to the preliminary house purchasing contract stating it to be dependent on the obtaining of the mortgage. The notary will also manage the mortgage paperwork on your behalf, liaising with the bank and surveyors.
The only type of mortgage presently available in Morocco is based on repayment only, with interest rates at around 6.5-7%. It is important to remember that Morocco is an emerging market and as more competition enters the market these rates and conditions should become more flexible.
The bank will take around 1 month to assess the situation and when it is cleared it will provide a letter of pre-approval and the contractual process of purchasing a property can be started.
Click here to consult one of our advisors regarding your mortgage.