Moroccan fund provides affordable housing for low income families
2006-11-26
A security fund for low income persons is providing Moroccans with opportunities to buy homes. Traders, street vendors and craft workers stand to benefit the most.
By Sarah Touahri for Magharebia in Rabat – 26/11/06
 [File] Building sites are springing up all over Morocco so that citizens can live in dignified conditions. |
A security fund for people on low and irregular incomes -- FOGARIM -- has enabled 1,000 applicants to take out low-interest loans to buy homes since its inception earlier this year, the director for real estate development at the Ministry of Housing and Urban Development, Moulay Cherif Tahiri, said. A total of $117m has been borrowed so far.
According to Tahiri, FOGARIM enables people with low ability to save to take out bank loans to buy or build social housing. Civil servants and employee of companies affiliated with the National Security Fund (CNSS) will benefit from the fund, as well as persons with some form of paid employment and who are not home-owners.
Loans of up to $23,500 over 25 years will be granted at interest rates of 6.5% to 8.5%.
Tahiri said FOGARIM provides impetus to banks to simplify financing for social housing. "Although they have traditionally been resistant to the idea of dealing with customers with irregular incomes, banks are now moving in a new direction by opening up to a new clientele. The involvement of the banking industry is stimulating the housing sector," he said.
Tahiri added that the fund is a prime example of public-private partnerships. Several banks have already begun advertising and granting real estate loans under FOGARIM.
"Banks are playing an increasingly important role in financing the [real estate] sector and can finance up to the full cost of a home. They are complying with the FOGARIM scheme, the project of the century," Khalid Alioua, chief executive of the Credit Immobilier et Hotelier (CIH), said.
The government has pledged to create over 10,000 new homes during the first year, and their current goal is to build over 50,000 homes in total.
According to figures from the Ministry of Housing, the scheme’s main beneficiaries are traders (41%), followed by street vendors (23%), craft workers (16%), taxi drivers (4.2%), maids (3.7%) and labourers (3.3%).
Amina El Ouardani, a dressmaker currently living in a shantytown in Rabat, said that adverts for the scheme have finally made her think about buying a proper home. The bank which she contacted quoted the following terms: for 140,000 dirhams ($16,500), the price of the home, she would need to pay 1101.28 dirhams ($130) a month for 25 years. "It’s a lot of money for me, but with the help of my husband, we’re going to be able to live in decent conditions," she said.
FOGARIM replaces the salary assessment certificate, which used to be granted by the local authorities after a sworn statement was made by the applicant.
The fund was launched in 2004 but only became operational this year.
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الفشتالي Posted 2006-12-07
I am a freelance tradesman but have no document to prove my occupation. Can I still take a loan from FOGARIM fund?
رشيدة الصكاكري Posted 2007-09-15
I'm a lady living in Emirates, I work in its municipality. My salary is about 10000 Moroccan dirhams, I want to buy a land in Morocco and don't know whether the Moroccan CIH will grant me a loan and what are the guarantees. Thank you.
خالد Posted 2007-12-25
I'm a Moroccan citizen I live in the Netherlands. I want to buy a house in Morocco. Is it possible for me to have a loan from the bank and what are the guarantees, thank you.
سميرة التجاني Posted 2008-04-04
I thank you for this service. I have a question. I heard that Fogarim will be annulled. If this news is true, when will that be? Thank you.
أم عبد الله Posted 2008-07-19
Salam alaikum. I am a Moroccan woman. I want to buy a finished house, a villa style and not a flat. So what is its price, location and phone number of the company marketing the project? Send the information to the email. Thank you.
بشرى Posted 2008-09-22
Can I take a loan for the bank and what are necessary guarantees? I don't have any papers justifying my work.
rachad Posted 2008-10-12
Salam alikum. I am a Moroccan man who lives in Saudi Arabia. I want to buy a house in Morocco. So what are the necessary papers and how can I buy a house under Fogarim programme? Peace, mercy and blessings of God be upon you.
laila Posted 2008-11-03
I want to buy an apartment in the low-priced housing in the town of Salé. My monthly income is about 1850 dirhams. I am a worker on a daily basis; I am not a permanent worker. Can I take a loan? What are the required conditions?
لطيفة Posted 2008-11-26
I am an independent business woman. I have a steady income. Is it possible for me to take a loan from the bank and what are the necessary guarantees? I have no papers which confirm my work. I want to buy an old house. Is it possible to receive a loan under FOGARIM programme?
ادريس حمداوي Posted 2009-01-01
I want to buy a house on a registered land at the land registry in Oujda. I bought with about 4 millions in Oujda. My monthly wage is 2000 dirhams (revenue from a taxi) and I have guarantees. I also have an additional income of 5470 drihams every three months (income of the national fund of increasing labour accidents). Can I take a building loan? What are necessary conditions? Send the information to the email. Peace and mercy of God be upon you.
abdallah benzina Posted 2009-01-04
Salam alikum. I am a Moroccan citizen. I am a worker. What are the necessary papers and the way to buy a house through Fogarim programme? I have an account in Attijariwafa bank.
نور Posted 2009-01-12
Peace, mercy and blessings of God be upon you. I am a Moroccan young man. I live in Oman. I have a fair sum of money and need more to buy a plot of land in Achmaou street. Can I get a loan for the remaining amount from the Credit Immobilier et Hotelier and what are the necessary guarantees? Thank you very much.
rachida Posted 2009-02-03
I want to buy a FOGARIM apartment, but I do not have any information about it. Please, respond to me at my email address with where I can find one, what the price for these apartments are and if there are FOGARIM apartments in Oujda.
المجاهد Posted 2009-03-18
I am a lady who practises traditional craft. I want to buy an apartment in the city of Rabat. I live now in the city of Meknes. I want to buy it through FOGARIM loan. I want you to help me and guide me with all information. Thank you.
youssoufi hajjaj Posted 2009-03-19
I am a Moroccan entrepreneur in Italy. I would like to know if I can get a FOGARIM loan and what documents are necessary to get it?
مريم Posted 2009-03-21
I am a Moroccan woman. I practise printing, I have a low income. I am married. My husband also has a low income as he works in the gold industry. I want some help or advice to buy a social house. I want please all information and measures to participate in this social housing of FOGARIM. I live in Fes. Thank you.
echgour hamid Posted 2009-03-25
Salam alikum. I want a loan in order to build on a parcel of land which is located in Marjan, Meknes. I am in Spain. What are the necessary papers and guarantees you require? I am married and have two kids. Thank you.
منير Posted 2009-03-25
I am a public servant. My monthly salary is 2700 dirhams. I want to buy an apartment in Meknes or the region of Ouislane. I want a site which presents model flats. Thank you.
fouzia Posted 2009-03-28
I am a citizen living in the Netherlands. I want a bank loan. What are the necessary papers?
laila Posted 2009-04-14
Peace of God be upon you. I have land in the region of Agadir. I want a loan. I work but have no official papers. My monthly salary is 1500 dirhams. My husband also works in the private sector. So what are the steps to get a loan? Thank you.
fatima zahra Posted 2009-04-15
My husband wants to buy a commercial store. Is there any help? Now he is leasing a store at 1500 dirhams. What's your opinion?
loubna Posted 2009-04-30
Can I take a loan from the bank? What are necessary guarantees? I have no papers proving my employment.
abdollah Posted 2009-05-09
Salam alaikum. I am a Moroccan citizen. I am a worker. I want to buy a house? What are the necessary papers and what is the way to buy a house through Fogarim? I have only seven years ahead before retirement. My daughter is 21. She works in furniture sewing without papers.
abdessalam Posted 2009-05-19
I am an independent trader. I don't have any document proving the job I do. How can I get a loan from Fogarim Fund? Thank you.
أشرف Posted 2009-06-07
I want to buy a social house in the city of Salé. My monthly income is about 1850 dirhams. I am a journeyman nor a permanent worker. Can I get a loan to buy a house? What are necessary conditions?
بوتمزار Posted 2009-06-07
Guarantee fund Fogarim is addressed to people with an irregular income. The Fund to guarantee housing which was integrated in Fogarim fund and Fogalog. The loans of Fogarim are less than 200,000. It can cover at the same time land price and building or buying price for people who live in shantytowns. As to the fund which guarantees housing, the loan can be up to 800000 dirhams. It covers only building operation or buying a house which means that the applicant should already have a registered land to get the loan as a guarantee. We already have these things. So where is the incentive or advantage for which this fund was set up? I also want to ask about the possibility for cooperatives to benefit from this loan? What are necessary measures?
عبدالوهاب شافي Posted 2009-06-19
Salam alikum. I am an artisan and tourist guide. I would like to buy a decent house. I am married and father of three children. I am 48. My monthly salary is 3000.00 dirhams. I want to know necessary guarantees.
admou nadia Posted 2009-06-21
I live in Belgium. I earn 1300€ per month. I want to buy a house in Rabat that costs 50,000€. Please, give me some information concerning mortgage loans.
محمد نابل Posted 2009-06-23
I want to buy an affordable house in Khemisset.
يونس Posted 2009-07-24
I am a young man, 23. I work in the field of fisheries (fisher). I want to buy a house. What are necessary papers. My income is not fixed varies from 1500 dirhams to 7000. Is this possible?
خديجة Posted 2009-07-27
I am a married woman. I am 23. I work in a company without official papers proving work. My monthly income is 2000.00 dirhams. My husband who earns also 2000.00 dirhams also doesn't have official papers proving his work. We both want to buy a flat in Rabat or Salé and I want to know if it is possible to have a loan from Fogarim. We don't have any bank accounts as we get our salaries from the employers. Please reply. Thank you.
حديجة Posted 2009-07-31
I want the address of Fogarim in Casablanca.
حياة Posted 2009-08-02
I am a girl about to get married. My husband is looking for a house for mortgage in the city of Khemisset at about 4 million centimes. But he hasn't found a house at this price. Can you help us by providing addresses if possible? May God reward you with good.
Fouzia Posted 2009-08-07
I am a Moroccan who lives in Sweden. I want to buy a house and want a loan. What are the required guarantees?
rabia boukhris Posted 2009-09-02
Hello- I am a Moroccan woman. I live in Rabat. I would like to buy a house. My salary is 10 thousand dirhams. Please respond to me.
nanaa Posted 2009-09-05
I am a girl from Fez. I have a diploma in cooking. I want to open a small restaurant. I learned recently that the CIH bank offers loans to vocational training graduates up to 20000 dirhams. I have a job now. Can I get this loan? What are necessary conditions and papers? Please inform me. Thank you.
حسناء Posted 2009-09-25
I am a young girl, secretary, 25. My monthly salary is about 2000/2500 dirhams. I want to buy an apartment in the affordable housing. What are necessary measures and what are necessary papers? Thank you.
abdel ali Posted 2009-09-29
I want a house with an area of 100m and four rooms please.
زرواط نورالدين Posted 2009-10-01
Salam alikum. I want to buy a house costing about 30 million. The monthly interest should be low. I am a trader. My income is about 7000 dirhams a month.
ابراهيم Posted 2009-10-19
I am a Moroccan citizen. I live in Marrakesh. Is it possible to find a house at 100,000 or 120,000 dirhams? Please reply via email. Thank you very much.
مارية Posted 26 days ago
My brother is an immigrant. He lives in the Netherlands. He has a stable job. He wants to buy a house in Morocco and get a loan. He doesn't have time to come to Morocco to sign the loan he wants to get. Is it possible to give power of attorney to my mother in order to get a loan from a bank, or what he can do? Please send a reply to the email. Thank you.
عبدالوهاب الوجدي Posted 21 days ago
I am a young man, 28. I am bachelor. I live in Oujda. I work in plaster. I want a house which fits my income which is about 3000 to 5000 a month. I want the house in Oujda. I home anyone concerned from Al Omrane or other to advise us. May God reward them with good. Thank you.
الكناوي ادريس Posted 13 days ago
I am a handicraft worker. I want to buy a house. My wage is not fixed. I am father of five. I have been living for 25 years in a rented house. I want a reply please. Thank you.
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