The situation on the housing market is such that it is almost impossible for an average income person to become the owner of their own apartment. But families with children can receive state assistance to improve housing conditions.
When a second child appears in the family, the state allocates money that can be spent on children's education, mother's pension or the purchase of housing - the so-called maternal (family) capital. Using these funds, you can use one of the special mortgage programs offered by banks. How can you take a mortgage loan under maternity capital?
Getting a mortgage for maternity capital
The recipient of the maternity capital selects a bank that offers a similar mortgage lending program and applies for a loan by attaching a certificate for receiving the due maternal (family) capital to the application.
Bank employees will determine the maximum loan amount and individually set the interest rate based on verification of the submitted identity documents and the solvency of the borrower and co-borrowers. To the maximum possible loan amount, estimated on the basis of the total family income, the amount of maternity capital, which for 2017-2018 is 480 thousand rubles, is added.
The borrower receives mortgageconsisting of two parts. One - taking into account the accrued interest at the rate set by the bank, it pays off on its own at the expense of its own income, which it earns by building a career in any company, and the second - in the amount of capital funds, the Pension Fund repays, the borrower pays interest on the use of this part of the debt at the refinancing rate of the Central Bank of the Russian Federation, but only until the receipt of maternity capital funds in the bank.
Money relying on payment under the certificate is transferred directly to the bank account in which the loan agreement is concluded, only after the registration of housing purchased on a mortgage in the common shared property of the recipient of capital and his children.
With this scheme, the bank increases the approved loan amount by the amount of capital, which increases the chances of acquiring decent housing, even if the borrower does not earn enough money.
Partial repayment of mortgage by maternity capital
When a mortgage agreement is concluded before the second child appears in the family, immediately after his birth or adoption, the family can use these funds to repay the loan.
Until recently, it was impossible to use maternity capital until the second child reached the age of 3 years, but now if you have obligations on a mortgage loan, you can spend it immediately. It is enough to get a certificate on the agency’s website confirming the right to maternal (family) capital. Then the document should be presented to the creditor bank, at the same time fill out an application for payment of funds to the Pension Fund and provide a valid mortgage agreement there. Within the time limits established by law, the application will be considered and the Pension Fund will transfer the money to the bank to pay off the obligations under the mortgage agreement.
There are some restrictions when paying a debt of a borrower in a bank:
- A residential property acquired in a mortgage is located in the Russian Federation;
- The loan agreement clearly spells out the purpose of the loan - “for the acquisition of residential premises at ...” indicating the area of the apartment or house;
- Housing purchased in a mortgage is registered in the shared ownership of the recipient, children and other family members;
- The borrower or co-borrower under the mortgage agreement is necessarily himself recipient of maternity capital or a person married to him;
- Maternity capital funds can only be used to repay the bulk of the debt and accrued interest. The borrower will have to pay fines, penalties and fees on his own.
The balance of the loan debt, after repayment of part of it by the parent capital, is subject to restructuring - the amount of monthly payments will decrease, and the repayment period will remain unchanged. There will be free funds for the purchase of fashionable clothes or household appliances: dummiestoasters.
Maternity down payment
Without your own savings for the initial payment, you can apply for a mortgage, if you have a certificate. The bank may allow the borrower not to independently pay the down payment before the loan is issued, but simply wait until the Pension Fund transfers the funds to pay it. The contribution is at least 10% of the cost of purchased housing. The size of the loan itself depends on the solvency of the borrower.
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