Good news for Moroccan teachers

The Mohammed VI Foundation for the promotion of social works in education and training has increased the amount of real estate loans granted to teachers as part of its IMTILAK housing assistance program, launched in 2019.

The Mohammed VI Foundation for the promotion of social works in education and training consolidates teachers’ access to property through the revaluation of the amount of subsidized financing under the second financing mechanism. The amount of real estate credit granted to teachers has increased from 150,000 dirhams to 200,000 dirhams since today. “Eligible members, who do not own a main home and have never benefited from FOGALEF, the old system, nor from IMTILAK, will now be able to take out a bank loan of up to 200,000 dirhams, at a rate of “interest of 0%, instead of the 150,000 dirhams previously offered,” indicates the foundation in a press release. The repayment term can be up to 15 years, with the possibility of taking out additional approved credit, she adds.