Les différents types de prêts immobiliers au Maroc : Comment choisir le bon financement ?

Introduction

Purchasing real estate in Morocco is a crucial step that requires a thorough study of various financing options. The Moroccan market offers a wide range of real estate loans tailored to the needs of buyers, whether they are first-time buyers, buy-to-let investors, or Moroccans Residing Abroad (MRE).

In this article, we will review the main types of mortgage loans available in Morocco, as well as their advantages and eligibility criteria.

1. Conventional real estate loans

1.1. The fixed-rate amortizable real estate loan

This is the most common and secure solution for financing real estate.

• Principle: The borrower repays each month a monthly payment made up of a portion of the borrowed capital and interest, with a fixed interest rate for the entire duration of the loan.

• Benefits :

• Stability: monthly payments remain constant.

• Predictability: the borrower knows exactly how much he will pay.

• Ideal for those looking for long-term security and visibility.

1.2. The variable rate amortizable real estate loan

Unlike the fixed rate, the interest rate can change according to financial indices, generally linked to the interbank market.

• Benefits :

• Lower initial interest rate than a fixed rate loan.

• Possibility of seeing the monthly payment decrease if rates drop.

• Disadvantages:

• Uncertainty about the evolution of the rate, with a risk of an increase in monthly payments.

• May be more suited to investor profiles with financial adaptability.

1.3. The bridging loan

It is particularly useful for people who want to buy a new property while selling an old one.

• Principle: The bank advances part of the amount from the sale of the current property to finance the purchase of a new property.

• Duration: Generally, 12 to 24 months, the time it takes for the old property to be sold.

• Benefits :

• Allows you to buy a property without waiting for your current home to be sold.

• Avoid the stress of a double monthly payment.

• Disadvantages:

• Can be expensive if selling the old property takes time.

• Potentially higher interest.

1.4. The in fine loan

This type of mortgage is particularly suitable for investors.

• Principle: The borrower only repays the interest during the entire term of the loan. The capital is repaid in one go at the end of the loan.

• Benefits :

• Lower monthly payments over the term of the loan.

• Interesting for rental investors who wish to optimize their taxes.

• Disadvantages:

• Requires substantial savings to repay the capital at maturity.

• Overall more expensive than a amortizing loan.

2. Assisted and specific real estate loans in Morocco

2.1. The FOGARIM loan

The FOGARIM (Guarantee Fund for Irregular and Modest Incomes) is intended for people with modest and irregular incomes, such as self-employed workers or those without traditional pay slips.

• Features :

• Intended for low-income and unstable households.

• State guarantee to facilitate access to credit.

• Loan amount capped depending on the type of property and geographic area.

• Duration of up to 25 years.

• Benefits :

• Allows informal or self-employed workers to access property.

• More flexible granting conditions.

• Disadvantages:

• Limited funding ceilings.

• Requires alternative income proof.

2.2. The FOGALOGE loan

This loan is similar to FOGARIM, but it is reserved for private and public sector employees with modest incomes.

• Features :

• Allows you to finance the purchase of social housing.

• State guarantee to reduce bank requirements.

• Duration of up to 25 years.

• Benefits :

• Better borrowing conditions for low-income earners.

• Easy access to the property.

• Disadvantages:

• Funding ceilings imposed.

• Restrictions on social housing.

2.3. Participatory real estate loan (Mourabaha)

This type of financing, in accordance with Islamic finance, is an alternative to traditional loans.

• Principle:

• The bank buys the property and resells it to the borrower with a profit margin agreed in advance.

• The buyer repays over a defined period without interest (riba).

• Benefits :

• Complies with the principles of Islamic finance.

• No bank interest, but a fixed profit margin.

• Transparency on the total cost of the property.

• Disadvantages:

• May be slightly more expensive than traditional loans.

• Fewer banks offer this type of financing.

3. How to choose the right mortgage loan for your project?

To choose the right mortgage in Morocco, it is important to take several criteria into account:

• Your borrower profile: Employee, entrepreneur, investor? Some loans are more suitable than others.

• Your borrowing capacity: Do not exceed 40% of your monthly income in loan repayments.

• Your real estate project: Main residence, rental investment, purchase of a property under construction?

• Personal contribution: A contribution of 10 to 20% of the price of the property is often requested.

• The duration of the loan: The longer it is, the lower the monthly payments, but the total cost of the credit is higher.

Conclusion Choosing a mortgage loan in Morocco depends on the borrower’s project and profile. Between conventional loans, subsidized loans like FOGARIM, and participatory loans like Mourabaha, each solution has its advantages and limitations. It’s essential to compare bank offers and, if necessary, to use a mortgage broker like Immopret.ma to benefit from the best financing conditions.