The Moroccan Plan d'Épargne Logement (PEL) is a government-regulated savings plan designed to finance real estate purchases. It offers a guaranteed interest rate plus full tax exemption after just 3 years — making it one of the most attractive fixed-income products for medium-term savers with a property goal.
For investors saving towards a property purchase over 3 to 7 years, the PEL is typically superior to a term deposit: both guarantee the rate, but the PEL eliminates tax after 3 years and grants access to a preferential mortgage. Use our comparator to see both side by side over your target horizon.
The Plan d'Épargne Logement (PEL) primarily targets future property buyers: young workers saving for a deposit, couples preparing to buy a main residence, or investors planning a buy-to-let property. Beyond savings, the PEL entitles the holder to a preferential-rate mortgage at the issuing bank — an advantage that can compound significantly over the life of a loan. The tax exemption after 3 years further strengthens its appeal for short-to-medium investment horizons.
The PEL can be opened at any Moroccan bank (Attijariwafa, Banque Populaire, CIH, BMCE, Société Générale Maroc). At opening, you set the minimum monthly contribution (typically MAD 200–500 per month) and the commitment period. The interest rate is guaranteed at opening for the life of the plan — compare conditions across at least two banks before subscribing. Contributions can be increased voluntarily, but the monthly minimum must always be met to maintain the plan's benefits.
Sources: Bank Al-Maghrib — housing credit statistics; Ministry of Finance Morocco — Finance Act 2026. Results are indicative — consult your bank for exact PEL terms.