Moroccan Teachers’ Housing Loans Increased to 200,000 Dirhams by Education Foundation

The Mohammed VI Foundation for the Promotion of Social Works in Education-Training is strengthening teachers’ access to home ownership through the revaluation of the amount of subsidized financing under the second financing mechanism. The amount of the real estate loan granted to teachers has increased from 150,000 dirhams to 200,000 dirhams since today. "Eligible members, who are not owners of a main residence and have never benefited from FOGALEF, the former system, or IMTILAK, will now be able to take out a bank loan of up to 200,000 dirhams, at an interest rate of 0%, instead of the 150,000 dirhams previously offered," the foundation said in a press release. The repayment term can be up to 15 years, with the possibility of taking out an additional conventional loan, it adds.

The three other mechanisms of the IMTILAK program are not subject to any modification. The "Mechanism 1" offers a subsidized loan of up to 300,000 dirhams, subsidized by 2 points, repayable over a maximum period of 25 years, with the possibility of taking out an additional conventional loan, while the "Mechanism 3" consists of a conventional loan, repayable over a maximum period of 25 years, with a flat-rate subsidy of 40,000 dirhams offered by the foundation. As for the "Mechanism 4 - Mourabaha", it is based on a conventional participatory financing combined with a flat-rate subsidy of 40,000 dirhams offered by the foundation, also repayable over a maximum period of 25 years.

The Mohammed VI Foundation for the Promotion of Social Works in Education-Training launched the IMTILAK housing assistance program in 2019 as part of the implementation of the 2018-2028 ten-year action plan. Its ambition is to support, through its four financing mechanisms, the access of 100,000 beneficiaries to primary housing by 2028. The program has reached 42% of the expected objective, with a total of 42,089 beneficiaries as of the end of November 2024, for an estimated financing of nearly 2.5 billion dirhams.