The Central Bank decided to amend the rates of financing real estate housing for citizens and expatriates to be 5% less than what has been in place since the year 2013 according to the mortgage system.
According to the central decision he sent to the banks, the banks will be able to provide financing for the first housing of the citizen, which amounts to 5 million dirhams or less, up to 85%, provided that the citizen pays 15% in advance and 75% if it finances if the property value exceeds 5 million dirhams.
With regard to the second and subsequent homes or investment properties, the maximum loan percentage is only 70% of the property value regardless of the value.
As for non-citizens (expatriates), the new decision has set a maximum limit of 80% of the loan-to-value ratio for only one property of the owner or the resident if the property value is less than 5 million dirhams, and if the property value is more than 5 million dirhams, the maximum loan ratio is 70 Only% of the value of the property With regard to the second house and subsequent houses or investment properties, the maximum loan percentage is only 65% of the value of the property regardless of the value
It is noteworthy that the Central Bank’s decision comes within the announcement of the financial stimulus plan that it approved two days ago, at a value of 100 billion dirhams, and is in line with previous claims by real estate and bankers to stimulate the real estate market.