Welcome! The topic of our meeting today — maternity capital and mortgage. Read the post to the end, and you will learn: how to apply for a mortgage with maternity capital, the maternity capital mortgage program in the TOP - 5 banks in the country (how mortgage conditions are implemented), maternity capital and military mortgages (features of obtaining and repaying), how to send maternity capital capital for mortgage. Let's get started!
At the birth of a second child, parents do not always know all the conditions and features of obtaining a mortgage with state support and maternity capital . To receive maternity capital (for a mortgage), you must have two children. It is issued to the mother of two (or more) children. It is paid after the birth of the second child, regardless of whether it is twins, triplets or an adopted child (it also does not affect the number of children born after the second, or whether the parents are divorced).
The Russian one-time assistance program is provided only for Russian citizens. Therefore, if the mother and child have Russian citizenship, they are provided with maternity capital, even when they live abroad.
This legislative project started at 00.00 on January 1, 2007. If the birth or adoption of a child occurred before this date, the parents will not be paid family capital. If the 2nd child was born before the start date of the bill, when the third (fourth) child appears, you will still be checkmated. capital.
Often the mother receives the funds, but sometimes complex or even accidents occur. In the event of the death of the mother (2nd child), divorce with the loss of maternity rights, the funds are allocated to the father, but if both parents die, the funds are provided to the child.
The child will be able to use the capital after reaching the age of majority and only for the purposes specified by law:
- Loan repayment (PF pays off debt);
- Mortgage for the amount of maternity capital;
- Getting an education.
- Mom's pension.
- Social adaptation of disabled children.
If a husband and wife divorce, the family capital is not divided. Even if the spouses decide to divorce, the subsidy remains the property of its owner. It often happens that a divorcee thinks that he can sue or divide the family subsidy funds. But when a divorce occurs, housing (purchased with subsidies) can only be considered for an even division.
When the program started in 2007, you could spend it on housing, on a child’s education, and on forming a funded pension. Later they decided to use family subsidies to pay off the mortgage with maternal capital (pay off contributions). And in 2011, it was allowed to use money for transfer to the personal account of the certificate holder.
Thus, the family could build housing on their own. In 2015, restrictions on the use of money were lifted. capital in order to pay off the down payment on the mortgage. Also, since 2016, a certificate can be provided for payment for technical devices and adaptation of disabled children.
We remind you that you no longer have to wait 3 years for your child to get a mortgage!
How to take (technology)
The most popular way to manage maternal capital is to buy an apartment or house. You may not need it now, but you can borrow the property and rent it out until your child grows up. The emergence of maternity capital accelerated the construction market and became an indirect reason for the rise in prices, especially in the economy segment of studios, which essentially became an analogue of an investment contribution.
There are two options to buy a home with a mortgage and capital:
- buying an apartment with a mortgage. You can pay it off in full or partly using capital funds. (Must be your down payment, as a rule).
- Use maternity capital funds to pay for the mortgage loan. (Then in most cases, your own funds for PV are not needed, but there may be exceptions).
Mortgages against maternal capital are now essentially represented by two legal lending formats:
- Mortgage with mat capital as PV. The technology is as follows. The mortgage is issued for the full cost of housing. As soon as a mortgage loan is received, you must urgently contact the Pension Fund to transfer capital to the bank to pay off the mortgage. You wait two months for the transfer and pay the loan in full. Next comes mat capital and reduces the debt to the bank. As a result, your payment or mortgage term is reduced (depending on the bank).
This option for using maternity capital is one of the ways. Other methods can be found in a separate post.
- Mortgage loan for maternity capital. A bank, microfinance organization, developer or real estate agency can issue a loan in the amount of capital for the purchase of real estate. The rest of the amount either you must have on hand, or you receive it as a mortgage. After receiving the loan, you also go to the Pension Fund and wait for two months for the transfer of funds to repay the loan. As a rule, an additional fee is charged for such a service.
All other ways to cash out maternity capital are illegal. Be careful not to get into trouble with the law. We recommend a free consultation with our lawyer (form below) on ways to use your mother’s capital. This will save you time and money, and also eliminate many problems.
How to get a mortgage using maternity capital - the answer to this question will be given below.
It is necessary to use the program “Mortgage plus maternity capital” ». It is available in almost all large and small banks. In the next part of the post we will talk about the conditions in a number of them.
Depending on the bank, the procedure is as follows:
- We decide on a bank.
- We are preparing a package of documents.
- Let's submit an application.
- The mortgage is reviewed from two to seven business days.
- We get approval.
- We are looking for a real estate option (you can buy an apartment with a mortgage in a new building, a secondary building, buy or build a house, pay for a share in a housing cooperative).
- We provide housing documents to the bank.
- We sign a loan agreement.
- We get a mortgage.
- We register the transaction with justice.
- We pay the seller.
- We urgently run to the Pension Fund and provide Documents for repaying the mortgage to the mother
- We are waiting for a month for consideration of the application and 10 days for the transfer of funds to mat capital
- We contact the bank for a new payment schedule.
You can take out a mortgage with maternity capital:
- New building
- Resale
- Ready house
- Pay for the construction of a house
- Mat capital can be invested in housing cooperative shares.
The minimum mortgage amount for maternity capital is from 100,000 rubles (Rosselkhozbank).
A number of banks under this program require an initial payment of 5 to 10%. What kind of banks these are and under what conditions you will find out further.
Requirements for obtaining a mortgage loan
There are no special conditions that are very different from those required by borrowers in other loans. An application for a mortgage is made at any suitable bank, then it is reviewed by bank employees (1-3 days). Applying for a mortgage is not difficult, provided you have the necessary documents and mortgage conditions:
- Stable average salary;
- Work experience of at least one year;
- Have worked at your last job for at least six months;
- You must have certain documents with you - confirming your identity, solvency and employment;
- You need to have a certificate of family capital and a certificate of its balance;
- Down payment (in some banks).
In general, a normal level of earnings, stable work and rights to use government assistance. By fulfilling the basic conditions listed above, you can apply for a mortgage with maternity capital. Is it possible to calculate what kind of apartment you can buy based on the average amount of money provided to pay the loan per month? Of course it is possible to calculate.
Use our mortgage calculator. It allows you to make calculations, including taking into account mat capital. It is used to calculate the monthly payment. You can understand how much money to invest (invest) for a particular agreement, and whether it is profitable.
Military mortgage
Also, when you receive maternity capital, you can pay off your military mortgage. This became possible in 2012, a family member took out a military mortgage, now it can be paid off with maternity capital. It turns out that a military mortgage for a husband can be paid for by a subsidy from the wife.
Military mortgage and maternity capital can work together, but there are a number of nuances:
- According to the terms of the military mortgage, it is assumed that the housing will be owned only by the military personnel, and the PF will require shared ownership, incl. and for children. Not every bank will agree to these troubles.
- It is profitable to use maternity capital funds for a military mortgage. At the same time, you can save money on NIS and then use it when decorating another apartment.
- You can use mat capital + military mortgage as a down payment, but it will be difficult to negotiate such an agreement through Rosvoenipoteka and the bank.
To resolve these issues, you need to contact the bank or consult our lawyer.
Top 5 bank offers
Sberbank
With the help of this bank, housing under construction or ready-made housing is purchased on credit. It is possible to issue a mortgage loan against capital and for the down payment or part thereof. A mortgage loan secured by maternity capital is obtained under the following conditions:
- Amount from 300 thousand rubles.
- Rate from 8.9%
- Life insurance 1% of the amount (in case of refusal + 1% to the rate)
- Duration up to 30 years.
The advantage of this bank is the ability to take into account additional income without confirmation. Sberbank issues the largest mortgage amount, all other things being equal, among other banks.
VTB 24
There is a program “Mortgage plus maternity capital”.
- Amount from 600 thousand to 60 million rubles.
- Rate from 9.7%
- Duration up to 30 years.
- Insurance from 0.5%
It is worth considering that a mortgage using maternity capital is issued with a mandatory PV of 5%. This is a definite disadvantage. But there is also a plus. VTB 24 does not take into account dependents when calculating solvency, and this increases the approved mortgage amount.
Uralsib
A mortgage with maternity capital is provided.
- Amount from 300 thousand.
- Rate from 9.9%
- Term 360 months.
- Insurance is very cheap from 0.2%
Uralsib has good rates. The bank does not look very deeply into your credit history, which will allow you to get a mortgage if there were minor “sins” with earlier payments on other loans. But the bank requires 10% PV to maternity capital if you have a bank form, and not 2 personal income taxes.
Raiffeisenbank
Program “Mortgage + maternity capital”:
- Amount from 600 thousand rubles.
- Gives a mortgage from 9.9% per annum,
- The loan term is 1-25 years.
- Insurance from 0.2%
Raiffeisen has very good rates. They, like VTB 24, do not take into account dependents, but if you have a bank form, then you need to have 10% of your own funds. You can take out a mortgage on the cottage.
Rosselkhoz
Provides a mortgage against maternity capital on the following terms:
- Rate from 9.4% per annum,
- The loan can be issued for a period of up to 25 years
- The bank can borrow from 100 thousand to 20 million rubles.
- Insurance from 0.3%
Mortgage against maternity capital - provided under all bank programs. When applying for a real estate loan, you can buy: a house and land, an apartment, housing with participation in the construction, a plot of land for residential development, an unfinished object with land.
How to pay off a mortgage with maternity capital
The law allows maternity capital to be used for a mortgage. And parents have different ways to pay for it, even for an existing mortgage.
Most families (during divorce, single mother or father) spend their capital on an apartment with a mortgage; an apartment with a mortgage is the only chance for most families. But it is worth knowing that capital only pays the accrued amount due. And penalties imposed during late payment can only be paid in cash. The mortgage issued in the father's name is covered by a certificate issued in the name of the children's mother.
When a mortgage loan is closed with money from maternity capital, the borrower has the right to demand that the financial institution return part of the insurance premium. The terms of the mortgage loan require insurance, and the amount of annual insurance can be significant. Therefore, you should not miss the chance to return some money.
Often there are no issues with refunds, but if suddenly something goes wrong. These issues can be quickly resolved by contacting lawyers (fill out the special form in the right corner on our website).
And you shouldn’t think that the option of attracting maternity capital will have a bad effect on your credit history. The very fact of early repayment of the loan will have a positive effect on your credit history.
News
The head of the Federation Council of the Russian Federation, Valentina Matvienko, proposed extending the Maternity Capital program until 2025, which will help a large number of families receive support.
Also, do not forget about the bill on allocation. We wrote about it earlier.
Bottom line
Maternity capital with a mortgage is a very convenient and profitable way to solve the housing problem and even earn extra money. Capital invested in housing can generate stable rental income. And if all legal conditions are met during all procedures, then there will be no bad consequences and, as a result, the family can greatly reduce the financial burden and improve their standard of living.
Maternity capital for the purchase of an apartment– it’s really beneficial. It is a pity that this program will be suspended in 2019.
What do you think, is this the last year of mat capital? Subscribe in the comments.
The birth of a second child in a family often requires moving to a new house with larger living space. It can be purchased using a mortgage loan and taking advantage of financial assistance from the state.
We'll tell you how you could use maternity capital as a down payment on a mortgage in 2018, and what procedure you need to go through.
You will find out which banks offer loans for residential real estate using maternity capital, and under what conditions you can use maternity capital to pay for a mortgage.
Maternity capital is allocated to a Russian family that has a second child, according to the law from December 29, 2006 No. 256-FZ.
Maternity assistance is not issued in cash - from the Pension Fund of the Russian Federation, which acts as the manager of the funds, you can only receive a certificate for maternity capital. State aid was indexed annually and in 2017 reached the amount of 453 thousand rubles.
The above-mentioned law allows this money to be used for one or more of 4 purposes:
- payment of fees for the child’s education;
- social adaptation of disabled children;
- the funded part of the mother's future pension;
- improving the living conditions of children.
Changes made by law dated May 23, 2015 No. 131-FZ, allow families with two or more children to spend maternity capital as a down payment on a mortgage. Previously, only repayment of part of the debt on an already received mortgage loan with maternal capital was allowed.
Important: Cashing out maternity capital is illegal. A person planning to apply to a bank for a loan to purchase a home should notify the Pension Fund six months in advance, since the department plans to make payments only twice a year.
Both for the creditor bank and for the manager of the PF funds, the borrower will have to collect numerous documents to repay the mortgage with maternity capital.
Requirements for using maternity capital
To take out a mortgage with maternity capital payment, the borrower and his family must meet the following requirements:
- a stable income that allows you to make monthly payments, which is easy to document;
- as a rule, work experience of at least 6 months at the current place of work and at least one year of work experience over the past 5 years;
- positive credit history;
- availability of the full amount of maternity capital - if it is partially used, the rest of the money cannot be used for the down payment;
- certificate for maternal capital “in hand”;
- lack of other housing in the family's possession.
Please note: in order to increase the amount of confirmed income, the person taking out a mortgage loan has the right to attract co-borrowers, regardless of the source of funds for the initial payment.
Documents for repaying a mortgage with maternal capital
Let's move on to documenting how you can count maternity capital into a mortgage. The documents that will be required to pay off the mortgage with maternity capital and are used for transfer to the creditor bank and the Pension Fund of the Russian Federation consist of the following standard list:
- 1 or 2 identification documents;
- marriage certificate (in case the spouse of the owner of maternal capital receives a loan);
- documents proving solvency;
- certificate for maternal capital;
- a certificate from the Pension Fund of the Russian Federation about the maternity capital funds in the person’s account;
- documents about the acquired real estate (lists of papers differ depending on the type of acquisition - square meters in a new building, a secondary apartment, a private house, etc.).
Important: If a private house is purchased with a mortgage, a document for the plot is required, indicating that the land is allocated for individual housing construction. Attracting maternal capital when purchasing a summer house or other building that is not recognized as a residential premises is not allowed.
The exact list of documents should be clarified with a bank specialist. Moreover, any credit institution reserves the right to ask the client for additional papers.
You must submit to the RF Pension Fund branch:
- statement;
- passport;
- letter of confirmation of intention to spend maternity capital on the purchase of housing (must be obtained from the bank);
- marriage certificate (in the above case);
- papers on the acquired property.
Pension Fund specialists may also require additional paperwork.
The procedure for taking out a mortgage using capital
- Obtaining a mortgage loan with maternity capital as an initial contribution begins with choosing a banking organization that offers such a loan program.
- Having examined the documents identifying the client (identities of co-borrowers) and the composition of his family and confirming income, the credit institution approves the loan and gives the client a corresponding confirmation letter.
- With this letter, you must immediately come to the Pension Fund office and submit an application.
- Having received the written consent of the Pension Fund to use the capital, you need to go to the bank again. There the client signs a loan agreement and receives borrowed funds.
- The borrower enters into a purchase and sale transaction or an equity participation agreement.
- The borrower again goes to the Pension Fund and submits the documents specified above for maternity capital for a mortgage.
- The fund pays the funds to the bank within three months.
Important: When receiving a mortgage loan, the client faces pitfalls related to the fact that the capital is not transferred to the lender at the time the loan is issued.
In order not to give a mortgage without a down payment, banks provide the borrower with two loans:
- mortgage;
- for the amount of the initial payment for a period of 3 months.
And until the mortgage is repaid with maternity capital transferred from the Pension Fund, the client is forced to service the second loan at his own expense.
The terms of this loan, including the main thing - the interest rate - should be found out directly from the banking organization.
Which banks accept mortgage payments with maternity capital?
The undoubted advantage of lending against maternity capital is that the interest on the mortgage is no higher than when paying the down payment with other funds.
The disadvantages include the fact that only a few credit institutions agree to accept maternity capital as a down payment. But among these few are the largest banks in Russia, including those represented in all regions and even regional centers, offering mortgages at low rates.
Sberbank
The country's largest lender allows the payment of the first mortgage installment with maternal capital both when purchasing finished housing and those under construction.
Sberbank offers mortgage loans with the following advantages:
- special conditions for “salary” clients;
- reduced rate for young families (during the promotion period);
- no commissions (for issuing a loan and others).
Please note: the bank recently introduced a new option - electronic transaction registration, which gives a 0.5% discount on the interest rate.
For a young family registering electronically, the mortgage rate for secondary housing will be only 10.25%.
The single base mortgage rate for an apartment in an accredited new building is 10.9%, with electronic registration – 10.4%.
The loan term is up to 30 years.
The minimum initial contribution is 20%.
VTB 24
A mortgage for maternity capital at VTB 24 is available when purchasing a home on the primary market or used housing.
Basic conditions:
- base rate – 10.9-11.25%;
- loan amount – 0.6-60 million rubles;
- term – up to 30 years;
- min. down payment – 10%;
- Comprehensive insurance (property, title, life and health of the borrower) is required.
The rate is reduced by 1% when purchasing an apartment with an area of 65 sq. m. m.
VTB Bank of Moscow
Another large organization from the VTB group provides mortgages with a down payment of 10%.
Please note: VTB Bank of Moscow requires you to contribute at least 5% of the cost of the purchased property with your own money.
Loan rate – from 10.4%. Duration – up to 25 years.
The lender attracts with a whole range of promotions and discounts on apartments in new buildings from partner developers, offering living space in “thousands of accredited new buildings.”
DeltaCredit
DeltaCredit provides loans against maternity capital for the purchase of:
- own separate home;
- apartments;
- rooms;
- shares in the apartment.
When paying with maternity capital, the initial contribution is reduced by 10% compared to the standard rules.
The bank practices a number of special programs that allow you to get a reduced interest rate.
The maximum mortgage term is 25 years.
UniCredit Bank
UniCredit Bank provides mortgages for up to 30 years with a down payment of at least 15% for both secondary housing and housing from a developer, and for individual construction of your own home.
The maximum loan amount depends on the size of the down payment and the region - Moscow and St. Petersburg or another.
The minimum interest rate is 10.9%.
Important nuances
A bank client taking out a mortgage loan against maternity capital has the right to expect an increase in the loan amount. The lender will add the amount of maternity capital to the amount calculated based on the confirmed average income. But if it is not enough for the down payment, you will have to either find additional funds or take an amount less than the maximum.
When comparing the conditions of banks, you should pay attention to promotions and special offers. Thus, the lender and the developer sometimes even offer to “double maternity capital.”
When registering a mortgaged home, the borrower is obliged to register all family members and persons equivalent to such as owners who own the property in equal shares.
When you first contact a bank office, you need to ask again whether the organization will agree to lend against capital for the purchase of exactly the type of real estate that the family plans to buy. For example, if you decide to purchase an apartment in a specific new building, clarify whether only “resales” or only accredited new buildings are financed for capital.
In our next article you will learn about the possibility of a mortgage with the help of the state with the lowest interest rate: the AHML program.
Conclusion
Applying for a mortgage loan with a down payment using maternity capital is a long and complex procedure that requires collecting a large number of papers and considerable patience, while at the same time not making the bank’s verification of the borrower more loyal.
But the best use of government assistance in the amount of 453 thousand rubles, obtaining a loan for housing without spending your own money on a down payment at a low interest rate, and most importantly, purchasing your own home justifies all the efforts, moral costs and even waste of time.
Expanding the effect of the law on maternity capital. According to its provisions, certificate funds can now be directed to payment of a down payment on a mortgage. Previously, maternity capital was allowed to be spent only on repaying the principal debt and interest on a mortgage or loan. However, in 2019, borrowers continue to face difficulties in obtaining a mortgage where capital funds are used as a down payment; many banks establish additional fees for processing such a transaction. You also need to keep in mind that it will most likely not be possible to use maternity capital to pay the down payment.
You can get a mortgage or loan immediately after issuing a certificate for maternal (family) capital (MSC), but you can wait three years from the date of birth or adoption of a second or subsequent child not necessary.
Conditions for paying a down payment using maternity capital
Although the law allows the use of MSC funds to pay down payment on mortgage, not all banks are ready to issue a loan or loan on such conditions. The fact is that a certificate for maternal capital is not a reliable guarantee of the applicant’s solvency.
Credit institutions may also encounter other difficulties. In case of failure by the borrower to fulfill loan obligations:
- The bank will have living space with minor owners as collateral. Difficulties will arise when selling such real estate to pay off debts.
- Such a deal will be easy to challenge and invalidate. This can be done by the guardianship and trusteeship authorities, the procurator, or the children of the owners themselves, if they were not allocated shares after the encumbrance was removed from the housing.
Despite the risks, the number of banks providing mortgages with a down payment at the expense of MSC is growing. A prerequisite for many of them is additional contribution by the borrower of his own funds(in addition to the initial contribution from maternity capital), in most cases this 5 or 10 percent from the assessed value of housing. The minimum down payment when applying for a mortgage with such conditions will be 10 percent from the cost of the purchased property.
That is, if a family buys a one-room apartment worth 3 million rubles and takes out a mortgage loan from a bank, which requires an initial payment from maternity capital in the amount of 15 percent of the cost of living space, as well as the provision of 5 percent of their own cash, then the amount of maternity capital 453026 rubles just enough to pay the first installment; an additional 150,000 rubles will need to be provided.
The contribution amount from personal savings often depends on how the borrower verifies his or her income. If provided 2NDFL certificates an out-of-pocket contribution may not be required. If solvency is confirmed bank certificate, most likely the borrower will need to provide 10 percent of the cost of housing.
Mortgage with state support and maternity capital
In 2019, in the regulatory framework still no amendments, which would allow the funds to be used as a down payment on a mortgage with government support. This means that since 2015, the opportunities for young families to improve their living conditions by obtaining a mortgage have not increased significantly. The fact is that most mortgage transactions are executed with state support, that is, the state subsidizes part of the interest rate for the purchase of apartments on the primary real estate market.
Also a good reason to believe that maternity capital cannot, or at least is problematic, be used to pay the first installment on a preferential mortgage, are the words of Elena Sudarikova, an expert at the largest financial portal in the Russian Federation, Banki.ru. In an article about the first annual results, she said that one of the disadvantages of the new program is the inability to use maternity capital as a down payment. As the expert notes, such a decision is not logical, given that the subsidy program is designed for families where a second or third child was born.
The procedure for using capital to pay the down payment on a mortgage
To use MSC funds to pay the first mortgage payment, It is not necessary to wait until the child is 3 years old, this can be done immediately after issuing a personal certificate. Real estate can be purchased both on the primary and secondary markets.
The procedure for using capital to pay the down payment on a mortgage is as follows:
- Appeal to the Pension Fund for a certificate about the balance of unused funds in the certificate for maternity capital (not always necessary in this order, the document can be brought within 3 months after the application is approved by the bank).
- Submitting an application to the bank, providing the required documents.
- Selection of a property (if the application is approved).
- Providing documents for the purchased property.
- Signing loan documentation.
- Applying to Rosreestr to register the right to housing.
- Applying for a home loan.
- Submitting an application for an order to the Pension Fund.
- If a positive decision is made, funds will be transferred to MSC bank no later than in a month and 10 workers days after registration of the application.
Banks may require a different list of documents. The standard list looks like this:
- MSK certificate.
- Certificate from the Pension Fund of the Russian Federation regarding the balance of unused capital funds (valid for 30 days after issue).
- If the borrower does not confirm income and employment, you will need to provide:
- Application from the borrower.
- Passport with registration stamp.
- International passport, driver's license or other identity document.
- When confirmation of permanent income and employment:
- Application from the borrower (co-borrower).
- Passport with a registration stamp or confirmation of registration at the place of stay (in case of temporary registration).
- Confirmation of solvency and employment - 2-NDFL certificate or bank certificate(valid for a month from the date of issue).
- When pledging another property - documents on the collateral.
Documents on the purchased property are allowed to be provided within 3 months from the date the bank approves the loan application.
The following documents must be submitted with the application for disposal to the Pension Fund:
- Maternity capital certificate or its duplicate.
- Passport of a citizen of the Russian Federation.
- A copy of the loan agreement for the purchase or construction of housing.
- A copy of the mortgage agreement that has passed state registration.
- An obligation to allocate shares in the purchased housing to all family members.
To use the subsidy as a down payment on a mortgage, you need to get a certificate from the Pension Fund branch about the amount of remaining funds, apply for a loan, and with loan documents and a certificate for maternal capital, go to the Pension Fund branch to transfer the funds to the bank.
On May 23, 2015, Law No. 131-FZ came into force. It makes it possible to use maternity capital funds for a down payment on a mortgage before the child turns 3 years old.
To use family capital for a down payment on a mortgage, you need to go through the following steps:
- obtaining a certificate of funds balance from the Pension Fund;
- mortgage registration;
- applying to the Pension Fund with an application for disposal of family capital funds.
Obtaining a certificate for maternal capital
The package of documents required to obtain a certificate is submitted to the territorial body of the Pension Fund of Russia (hereinafter referred to as UPFR) at the place of residence (stay) or actual residence or at the MFC (). You can enter data on documents and write an application in your personal account on the State Services website. Required documents:
- birth certificate for each child (or adoption certificate);
- a document confirming the child’s Russian citizenship (certificate of registration at the place of residence (Form 8));
- mother's passport (or);
- The official representative must have a passport of a citizen of the Russian Federation and a notarized power of attorney confirming his authority.
Review lasts one month from the date of submission. Then you will receive a notification by mail that the certificate is ready, and you can pick it up.
Indexation of maternity capital has been discontinued until 2020. If it is renewed, the subsidy amount will change automatically; there is no need to change the form.
About the subsidy
Maternity capital is a benefit that cannot be obtained in real money. All payments are made only in cashless form.
Any schemes for cashing out maternity capital are fraudulent and fall under Article 159.2 of the Criminal Code of the Russian Federation, according to which the convicted person faces a fine of 120 thousand rubles or in the amount of that person’s earnings for one year. Either 360 hours of compulsory labor, or 1 year of correctional labor, or a suspended sentence of up to 2 years, or arrest for 4 months.
It was allowed legally from maternity capital. If such a payment has been made, the remaining funds cannot be used as a down payment. Therefore, before submitting documents to the bank, you need to get a certificate from the UPFR stating that no money was issued from maternity capital.
In 2017, cash payments from maternity (family) capital are not made.
Bank selection
Most banks work with maternity capital, but not all accept subsidies as a down payment. Thanks to the fact that large credit organizations issue mortgages against capital, families will not have problems finding a lender.
Table 1. Brief comparative information for credit institutions
| Bank's name | Interest rate | Special conditions |
| DeltaCredit | From 11.5% | Owners of matkapital have an initial payment of 5%. Possibility of reducing the interest rate by additionally depositing 1-4% of the loan amount. |
| From 10.75% | With electronic registration as part of the Promotion for young families from 9.75% | |
| From 12% | The subsidy can only be used when the child turns 3 years old. | |
| Rosselkhozbank | From 10.75% | Maternity capital must be at least 10% of the cost when purchasing housing on the secondary market and 20% on the primary market. |
| Bank of Moscow | From 10% | Maternity capital should be no more than 15% of the cost of housing. It is necessary to have own funds in the amount of 5% of the value of the property |
If the bank where one of the borrowers receives a salary accepts maternity capital as a down payment, then it is better to apply there first to obtain a mortgage. In this case, the person is a salary client and can count on preferential lending conditions.
Collection of documents
So, the bank has been selected. Now you need to prepare the necessary papers. You can apply for a loan:
- If the property has not been selected, and the loan amount is planned approximately (or the maximum possible taking into account family income).
- If a property is selected and the loan amount is the cost of a specific home.
Author: . Higher legal education: North-Western branch of the Russian Academy of Justice (St. Petersburg) Work experience since 2010. Contract law, consulting on taxation and accounting, representation of interests in government agencies, banks, and notaries.
July 8, 2017.
The Ministry of Labor proposed extending the maternity capital program for 5 years, until 2023. According to statistics, more than 60% of families invest this money in improving their living conditions. Some use maternity capital to pay off mortgage debt, others spend everything on the down payment for an apartment. Let's consider which of these options is more profitable.
Terms of use
You can spend maternity capital to pay off the debt on a mortgage loan, regardless of which bank you are dealing with. But not all financial institutions agree to accept funds allocated by the state as a down payment, so it may be difficult to find suitable mortgage lending conditions.
If a family decides to buy expensive housing, maternity capital may not be enough even for the down payment, which means they will have to pay extra. Since the beginning of the year, the amount of maternity capital has been 453 thousand rubles, and you should not count on indexation of this amount in the coming years. The down payment on a mortgage is 20-30%, so those who want to live in a new Moscow building will start with an amount exceeding 600 thousand. Prices for two-room apartments in the capital start at 3 million rubles, which means that even if you are lucky enough to find cheap housing somewhere on the outskirts, you will have to pay at least 150 thousand extra.
Immediately after joining the family, it will not be possible to spend maternity capital on a down payment. According to current rules, this money can only be used in this way when the child turns 3 years old. But they are allowed to repay the existing mortgage immediately after receiving the certificate.
Maternity capital will not help undisciplined borrowers get out of. These funds cannot be spent on paying fines, commissions or penalties under loan agreements. If there is a delay, it must be repaid, and only after that it will be possible to use the certificate. The purpose of using the funds will have to not only be indicated in the application for disposal, but also confirmed with relevant documents.
The procedure for making maternity capital as a down payment is associated with certain additional costs. First, the bank must issue a loan to the borrower for a down payment in the amount of maternity capital. The lending rate is equal to the Central Bank refinancing rate (currently 10% per annum). The Pension Fund will repay this loan only a couple of months after the transaction is concluded, and the interest will have to be paid out of its own pocket. If you pay off the debt on an existing mortgage, there will be no additional expenses, so this method of using the certificate is more profitable.
Real life example
The Vasenin family took out a mortgage in the fall of 2016. They received a certificate for maternal capital in 2012, but were in no hurry to use it. Spending this money as a down payment was, at first glance, a tempting idea, but certain difficulties arose. Firstly, in this case, they would have to apply for a mortgage through Sberbank, and the family would overpay, since their developer cooperates with VTB 24. Secondly, why give the bank an extra 8 thousand if this can be avoided?
