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 Moroccans overseas to benefit from Gov. Mortgage loan guarantees

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PostSubject: Moroccans overseas to benefit from Gov. Mortgage loan guarantees   Thu Jul 02, 2009 5:05 am



Loan guarantee for up to $100,000 & up to 25 years.
The Moroccan government recently decided to give Moroccans Living Overseas the opportunity to benefit from the guarantee Fogarim" for their home loans. They will in fact be part of the population that is eligible for the guarantee “Damane Sakane” (former Fogarim) after the latter has been extended to middle income families. The fund, provided and managed by the “Caisse Centrale de Garantie” (CCG), will allow loans up to $100,000 to acquire property. According to the agreement signed by the Moroccan Ministry of Finance and the “Groupement
Professionnel des Banques du Maroc” (GPBM), bank financing may be up to 100% of the total cost of the acquisition. The borrower must also be of Moroccan nationality, be under the age of 65 years and not have previously received a loan guaranteed by the State. “The repayment period has also been revised and adapted to middle income families because it can reach up to 25 years, "says a spokesperson from the GCC.

"In its first version, the agreement included a condition that precluded Moroccan expats from the guarantee. Indeed, it provided that this guarantee would work only for the acquisition of the main residence. However, when Moroccan expats decide to acquire a house in Morocco, it is considered a second residence, which automatically deprived them of this advantage, "says Mr.Mansour, Chairman of the “National Federation of property developers” (FNPI ). To remedy this, "The condition of the main residence is not applicable to Moroccans living abroad who provide proof of their residence in a country other than Morocco.

The procedure is very easy and the future buyer needs to provide documentation that establish residency abroad, "said Mr. Serghini, Secretary General of the GCC.

A rush of MRE on real estate? Not sure of a Moroccan-expats-craze for real estate this summer? Nothing is less certain. Real estate developers are very careful when analysing the market. "It is difficult to predict how the market will behave with the arrival of Moroccans living abroad, "But we can already say that summer 2009 will not match our expectations for several reasons" predicts Mr. Mansour.

The economic crisis in the world and in Europe in particular. "We know the economic situation in France, Spain and Belgium (the countries with the largest number of Moroccan expats). These countries are strongly affected by the economic crisis. The arrival of Moroccan expats could provide a small boost to the market in June and July, "but it will not be of the same magnitude as that of recent years," said Mr. Mansour.

The second reason relates to the month of Ramadan which falls this year in the last part of August. "We believe that the advent of the holy month during the holidays will limit activity on the property market. In addition, the budgets of Moroccans living abroad are increasingly oriented towards tourism and helping their extended families. The investment component has shrunk lately "said Mr. Mansour.

The fact remains that the extension of the government guarantee for Moroccan expats should boost the number of Fogarim applications that were experiencing a slight decline recently. Since its inception in 2004 until the end of March 2009, the fund has recorded 48,263 loans worth a total of about $1.2 billion of which about $1 billion is covered by the warranty.

Article by N.B, first published in French by La vie economique

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