Morocco's FOGARIM fund benefits aspiring homeowners
2008-09-10
Four years after its inception, the FOGARIM fund has enabled more than 200,000 Moroccans with limited incomes to buy their dream houses.
By Imane Belhaj for Magharebia in Casablanca 09-04-2008
 [File] The FOGARIM programme has helped more than 200,000 low-income Moroccans purchase homes. |
Morocco's housing-assistance fund FOGARIM recorded a 15% increase in the loans given since last year, the Ministry of Housing, Reconstruction and Urban Development said in statement issued last month. In just a few years, the programme has improved living standards for more than 200,000 Moroccans with limited incomes.
"The dynamics and enthusiasm of this fund are the fruit of efforts made by the Government for developing this financing program [along with] unprecedented efforts made by banks, which have taken an active role in that program," the ministry said.
FOGARIM was founded in 2004 as one of the government's efforts to help citizens own better houses. Contractors can also benefit from the fund to build low-cost housing units and sell them for low prices. As of August, FOGARIM has provided more than 40,000 loans and guarantees to beneficiaries.
The loans benefited poor areas such as the shanty towns in the city of Témara. Residents there, usually families of 6 or more, lived in tint huts. Under FOGARIM, many were able to afford low-priced housing units.
"Thanks to this fund, I was able to receive a loan to purchase a house and save face," said Mohammed E., a street merchant. Mohammed said that without the fund he couldn’t afford to buy a house.
"I managed to provide my family with a decent house instead of living in a one-room house made of tin and without any means of convenience," he told Magharebia.
Hannia S., a vegetables seller and a widow, said that the "fund helped me make my dream in owning a comfortable house come true, away from chaos and garbage which we were living next to. I was able to obtain a bank loan with a low interest rate".
Banks like Credit Immobilier et Hotelier (CIH), Crédit Populaire du Maroc, Moroccan External Trade Bank (BMCE) and Wafa Real Estate have provided more than 97% of the loans that were given through the program.
According to statistics, FOGARIM fund beneficiaries include traders (41%), street merchants (23%), traditional manufacturers (16%), taxi drivers (4.2%), housemaids (3.7%), and artisans (3.3%)
Hend J, who works in a bakery, and her fiancé, a driver, applied and got 160,000 dirhams "which is the amount we need to buy my dream house," she said. Now, she says, they don’t have to postpone the wedding anymore.
"FOGARIM provided solutions for many people who were not able to receive loans from banks," said Said E., a university student. "It also provided guarantees for banks that loan to people, which positively affected financing companies that build low-price housing."
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neza Posted 2008-09-27
I only have one question (not a comment): can we take advantage of FOGARIM loans to buy commercial stocks? Thank you for your response.
Abdelaziz Housni Posted 2008-11-24
I need to know the formalities of acquiring property for my sister in Morocco. I was told that 20,000 or 30,000 dirhams were enough to get a loan. Today, however, I learned that the sum has changed to 60,000 dirhams...
Anonymous Posted 2008-11-24
I am shocked by what I have read. I work in real estate and I cannot buy a house: I have not got the means to buy one for myself. I told myself that maybe FOGARIM could be my saviour. At age 43 without any basic titles against which to hold a lien, I need to first of all know how to get a loan in order to negotiate a sales contract. So, how do I go about getting a loan for such a large purchase with such a modest income and such purchasing power?
said Posted 2008-12-05
How to get FOGARIM housing
tahri Posted 2008-12-05
How do I get a FOGARIM loan, because I need a place to live for my family. I am kinda confused. I cannot manage to sleep and neither can my family.
diane Posted 2008-12-21
I would really like to get a loan to buy an apartment. Can I have some clarifications?
arras Posted 2008-12-24
How do I buy an apartment with no money down?
fadwa Posted 2008-12-25
I have already had a 25-year loan for 180 thousand dirhams with a FOGARIM interest rate of 6.32% for almost two years now. I would like to know how to pay it back because this type of loan does not benefit from depreciation. Moreover, I would really like to reduce the repayment period, considering I pay 1200 dirhams a month. How do I do this? A 60- to 80-thousand-dirham loan sounds like an interesting amount. –Thank you for your understanding
ksima Posted 2008-12-30
Since we are in a Muslim state, is there a fund which offers service without interest (interest rate = 0) especially for low income candidates?
ibrahim elalami lahlimi Posted 2009-01-29
How do I get a FOGARIM loan? I need a place to live for my family, but I am so confused. I cannot sleep and neither can my family. *I am a former private sector worker (at a print shop). This was ten years ago, but not now. I have three children. So, what do I do??? Please, help me!
omar Posted 2009-02-21
I want a personal loan to build my house. How do I do this?
محمد Posted 2009-04-27
Since we are in an Islamic country. Is there a fund which offers services to the customers without interests: 0 interest? Especially because the benefactors are with low incomes.
عزيب مصطفى Posted 2009-04-27
Salam alikum. I am a public servant. I am 45. I will soon retire and want to buy a social house with a long-term loan according to my monthly salary even after retirement, there is no problem.
donia mrabti Posted 2009-05-12
I would like to know where their office in Casablanca is for apartment sales without down payments.
mustapha Posted 2009-05-31
I need a loan to buy an apartment.
سناء Posted 2009-06-15
In reality I would like to get a loan of 30000.00 dirhams. I work in the private sector. My salary is 2000.00 dirhams. But I don't know what are necessary procedures to do this. Thank you.
خلود Posted 2009-06-21
Peace, mercy and blessings of God be upon you. I want to set up a project and I need a loan. But I want a loan without interest. Is it possible where to go? Which office or bank specializing in loans without interest? May God reward you with good.
عبد الصمد Posted 2009-07-01
Salam alikum. I am an ambulant merchant. I have a good income and want a loan to buy a house but I don't have any evidence of my work.
boulamsafa mohamed Posted 2009-07-02
I am Moroccan. I have been living in Italy since the age of 15. I am now 35 years old. I have four children. The problem is that I cannot visit my country because I have no residence there. You know, with four children, no one could have a place to stay. Now, I am looking to buy a little house, just like everyone dreams about. I do not have the means, though, to cover a down payment. I am looking for someone who can help me find a solution to this problem and my family's and my life easier. I so want to visit the place of my origins. -Thank you in advance
ilyass belkheiri Posted 2009-07-07
Hello- How do I get a FOGARIM loan? And, if you will allow me, what are the formalities for getting the loan (documentation to provide, contracts, etc.)? -Thank you
jamal Posted 2009-07-16
I want to know please if retired people can benefit from loans to buy a house and what is the amount of the loan?
med Posted 2009-08-09
I want to buy a house.
souha Posted 2009-08-11
I am a pharmacist’s assistant. I want to but an apartment in Casablanca through FOGARIM. I make 1300 dirhams. I would like to know the conditions for a loan. I do not know what the necessary procedure is to do this. -Thank you
Jonathan Belkhalfia Posted 2009-08-21
Who shall I contact to get a Loan for $100.000.00? Is there a phone number or an Email? Hope to hear from you soon>
غزلان Posted 2009-09-02
I am an independent worker. My monthly salary is 1000 dirhams. I want a loan to buy a house please.
كنزة Posted 2009-09-09
I want a loan of 20,000 dirhams. I don't have any guarantees. But I can sign a commitment contract to pay back the money and sign a check. Please help me as soon as possible.
yassin Posted 2009-09-19
I want a loan of 300,000 dirhams to buy a truck. How can I do this?
رضا البردعي Posted 2009-09-23
I am a child who lives on the street. One day I eat, another day I don’t. My future is lost. Now I am asking for help. Have mercy on those on earth and God in Heavens will have mercy on you. Thank you.
حسن التازي Posted 2009-09-25
I want a loan of 300,000 dirhams to buy a house. I want the loan from Banque Populaire. I want to know the repayment period of this amount and the interest rate. I am a public servant. My wage is 3400 dirhams. I am a father of two. Please reply soon. Thank you.
wadi3 bne talbe Posted 18 days ago
I would like a loan for an apartment in Casablanca.
zaineb Posted 12 days ago
I want a loan of 200,000 dirhams. I work in the private sector. My salary is 2,000 dirhams.
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