How To Arrange Mortgage Repayment With The Help Of Maternity Capital

We tell you how to get the right to repay a mortgage loan with the help of maternity capital

Maternity capital can be used to repay both the principal debt on a mortgage loan and interest. The money allocated by the state is allowed to be spent on an initial payment for the purchase of housing on credit, including participation in preferential programs — Far Eastern, family, rural, Arctic, military and IT mortgages.

Together with experts, we are figuring out what steps need to be taken to get the right to mortgage payments with the help of matkapital.

Conditions for registration of maternity capital for mortgage repayment:

the house in which it is planned to purchase residential premises should not be in an emergency or subject to demolition;

The person receiving the maternal certificate and the children for whom it is issued must have Russian citizenship. For example, a certificate can be issued to a Russian citizen if the child born to her also has Russian citizenship, and all other family members may not be Russian citizens.;

A mortgage agreement must be concluded for the purpose of acquiring ownership of housing or housing construction, participation in shared-equity construction;

shares should be allocated to children in the purchased residential premises, while they may not be allocated immediately, but after repayment of the mortgage, but no later than six months after the closure of the mortgage loan;

the property must be located on the territory of Russia.

How to pay off a mortgage with maternity capital

1. Get a certificate

The certificate for maternity capital is issued automatically, all information about its receipt is sent to the personal account of the mother or father on the website of the Social Fund of Russia (SFR, formerly the Pension Fund) or Public Services. You don’t need to go to the SFR specifically, says Timur Fatykhov, a lawyer in the intellectual property and commercial disputes department of the Council legal group.

About the program

Maternity capital is a state program of financial support for families, effective from 2007 until the end of 2026. From February 1, 2024, the amount of maternity capital at the birth of the firstborn will amount to 631 thousand rubles, and at the birth of the second child — 833.8 thousand rubles. If the parents have already received maternity capital for the first child, then the amount of payment for the second will be 202 thousand rubles. If the family has already managed to dispose of part of the maternity capital, the remaining funds will still be indexed by 7.5%.

Who is eligible for maternity capital:

women who gave birth to or adopted a second or subsequent child after January 1, 2007;

women who gave birth or adopted their first child after January 1, 2020;

men who are the sole adoptive parents of a second or subsequent child, if the court decision came into force after January 1, 2007;

men who are the sole adoptive parent of the first child, whose court decision on adoption entered into force on January 1, 2020;

a man has the right to maternity capital if the mother’s right to it ceases — the mother died, was deprived of parental rights to the child, committed an intentional crime against the child, or her adoption of the child was canceled.

a father who brings up a child after the death of a mother who did not have Russian citizenship;

minor children or full-time students under the age of 23. To do this, one of the conditions must be fulfilled: the first is that the mother has ceased to have the right, but the father did not have it; the second is if the mother, father or adoptive parent has ceased to have the right to maternity capital.

2. Get a mortgage certificate

Next, you need to order a certificate from the bank for the Social Fund that issued the loan. This document confirms that a person has a valid mortgage loan, explains Alfiya Mitroshina, head of the Real Estate Transactions Law Bureau.

The document must specify:

the amount of debt;

details of the borrower and co-borrowers;

number of the loan agreement;

bank details.

Documents required for the SFR when paying off a mortgage with maternity capital:

application for the disposal of maternity capital funds;

certificate of maternity capital;

the borrower’s marriage certificate;

information about the applicant’s current account;

a copy of the mortgage agreement;

a certificate from the bank about the remaining debt on the loan;

loan agreement;

identification documents of the owners;

SNILS.

After the consent of the FIU is received, it is necessary to contact the bank and inform about your intention to repay the mortgage with the help of maternity capital (Photo: shutterstock.com )

3. Apply to the Social Fund

Then you should submit an application for the disposal of maternity capital remotely on the official website of the SFR or on the portal of public services. You can also personally visit the department of the multifunctional center. The deadline for reviewing the application after receiving the documents is ten working days.

The following documents must be provided with the application:

passport;

extract from the Unified State Register of Legal Entities;

a copy of the loan agreement;

a certificate from the bank.

When can the use of the mother capital’s money be denied?:

the borrower provided an incomplete set of documents or an error was found in the documents;

the apartment for which the mortgage is issued is recognized as an emergency or unsuitable for living;

the certificate holder was deprived of parental rights;

the selection of a child, in connection with the birth of which the right to additional measures of state support arose.

“In case of refusal, it is necessary to eliminate the violation, only after that the funds will be transferred to the bank,” says Alfiya Mitroshina.

If a house was purchased with a mortgage, then its suitability for year-round living and recognition as residential in a number of regions is established by a visiting commission. In other cases, a request is made to the municipality to which the land belongs. If the municipal body did not give an unambiguous answer that the house is residential, the subsidy will be refused, explains Tatyana Reshetnikova, deputy head of the mortgage department of the federal company “Floors”. According to the expert, for example, the municipality may respond “the house is not listed on the balance sheet” or “the house is in some kind of garden association.” Without full information The SFR cannot establish that the house is residential and refuses. An appeal against the refusal with evidence is possible through the court.

The deadline for consideration of the application by the Pension Fund from the moment of receipt of the documents is ten working days (Photo: shutterstock.com )

4. Send an application to the bank

If the decision is positive, then it is necessary to send an application to the creditor bank and agree with it exactly how the mother capital will be used in repayment of the loan. The amount can be used both to repay the principal debt and mortgage interest. At the same time, a change in the payment schedule will be considered. Due to these funds, the amount of monthly payments can be reduced. Alternatively, you can save the amount of monthly payments by reducing the payment period.

Is it necessary to allocate ownership shares

In Article 10 of the Federal Law “On additional measures of state support for families with children”, the wording was introduced from the very beginning that maternity capital can be spent on repayment of loans and loans, recalls Vadim Tkachenko, lawyer, founder and CEO of the vvCube consulting group. But, the expert notes, since 2015, the mother capital can be made as a down payment on a mortgage or a loan for the construction of an apartment building.

If the mother capital is used, then it is necessary to allocate shares not only to children, but also to all family members of the recipient of the subsidy — these are all the children of the woman and the official spouse, adds Tatyana Reshetnikova. According to the expert, family members are identified at the time of using the mother capital. For example, if after buying a home with the help of the mother capital, another child appeared in the family, he can no longer be allocated a share.

“If maternity capital funds were allocated for the purchase of mortgage housing, then after repayment of the loan and removal of encumbrances from the apartment or house within six months, it is necessary to conclude an agreement on the allocation of shares,” Vadim Tkachenko summarizes.

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How to arrange mortgage repayment with the help of maternity capital

Conditions for registration of maternity capital for mortgage repayment: