Morocco Mortgage Fees Homeowners Overlook

A mortgage allows a creditor, often a bank, to have a guarantee on a property. For the owner, this formality is not only banking. It must also be registered with the land registry, with a specific procedure and rates.

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To register a mortgage, the owner must provide a dated and signed requisition, a mortgage deed drawn up in accordance with current regulations, as well as the duplicate of the land title when necessary. The application is reviewed within the day, according to the timeframes indicated by the National Agency for Land Conservation, Cadastre and Cartography.

The cost then depends on the amount involved. The ad valorem right is set at 0.5% up to 250,000 dirhams. It rises to 1.5% for the bracket from 250,001 to 5,000,000 dirhams, then returns to 0.5% beyond 5,000,000 dirhams. A fixed right of 100 dirhams per property is also provided.

These fees can therefore weigh on the real cost of a loan. A homeowner who mortgages their property must not only consider the bank rate or monthly payments. They must also plan for land registry rights related to mortgage registration.

The procedure does not necessarily stop at loan repayment. Once the debt is settled, the owner must also request mortgage release to remove this registration from the land title. This formality also requires a dated and signed requisition, a deed compliant with current regulations and the duplicate of the land title if applicable.

Mortgage release is subject to a fixed right of 500 dirhams per property. The application is reviewed within the day and the delivery of the duplicate is expected within three days.

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For Moroccan homeowners, especially those living abroad and financing a real estate purchase in Morocco, these fees must therefore be factored in from the start. A mortgage can facilitate obtaining a loan, but it directly commits the property and entails additional procedures, including after repayment.