How to find the best Banks for getting Mortgages in Morocco

It is quite simple to buy a property in Morocco, no matter whether you want it for vacationing or for investment. The Moroccan banks are willing to provide mortgage finance. All you need to do is to find the best bank, in order to get a better deal.

Things to look for in a bank
• Some banks in Morocco lend only 50% of the valuation price of the property to overseas buyers. It is worth to find the bank offering mortgage loan around 70% of the value of the property.
• Most of the banks provide mortgage loans that carry interest rates ranging from 5.5% to 7%. You can seek the help of a local real estate agent, who has great experience in mortgage sphere to get the best deal.
• You need to open a bank account in Morocco and transfer the initial deposit. It is important to compare the commission rates for money transfer, as they vary from bank to bank.
• Most of the banks communicate in French, Spanish and Arabic languages. Still, you can find a few banks that appoint a small number of English speaking employees.
• You can locate the best bank for getting mortgages in Morocco, by viewing the names of recognized banks listed by the Association of Commerce banks.
• You can consider the bank that has cash point machines that allow you to draw foreign currency, during your stay in Morocco.

If you are a salaried person
• The Moroccan banks will lend you loan that do not exceed 35 to 40% of your net income. You can pick the bank that offers maximum percentage on net income.
• It is crucial to consider the Moroccan mortgage terms, before choosing a bank. Most of the banks offer loans for terms ranging from 12 to 25 years. You can opt for the bank that provide maximum term period.
• Most of the banks in Morocco require the mortgage to be paid off by the time you reach the age of 70. Some banks allow repaying the amount by 73 years.

Bank charges
• Moroccan banks charge 1% or more of the purchase price as arrangement fee for lending you the money. You can contact an honest and experienced real estate agent, who can help to find the bank that charges lesser arrangement fee.

Property valuation
• You can choose the bank that undertakes a valuation of your property, before lending the loan. This assures your safety. Valuation of property is especially important, if you want to purchase the property to sell in the future.

Key benefits
You can enjoy an array of benefits by investing in a property in Morocco. The key to get success in this process is to find the best bank for getting mortgages in Morocco. A reliable bank can help you in paying for your property without any hassles and issues.

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