| Re: Moroccan mortgages
To open a dirham convertable bank account, all you will need to present is your passport and around 10 pounds to deposit into the account. The whole process should take 10 minutes at most.
Financing in principle does work here, it is a totally foreign concept. Obtaining credit is fairly easy as long as you put down a min 30 to 40% and of course the property is worth the price indicted in the selling agreement. You have to remember that most selling agreements (unless you buy a new build from a developer and even then) do not state the actual price paid, but is understated by up to usually 30% (the amount of which you will pay in cash). The loan will be based on the stated price, not on the actual price. The banking system is very similar to the French banking sector.
The actual time you will need from application to actually getting the money into the notary's account is about 4 to 6 weeks. |