2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Today, many parents are puzzled by the question: "What is the obligation of the borrower to maternity capital?" You can find this and other useful information in this article.
Capital Loan
It is possible to borrow from a bank under maternity capital, but only for the purchase, construction or reconstruction of housing. According to 256-FZ, it is impossible to use state material support in order to obtain a consumer loan. A consumer loan is considered to be a loan for the purchase of furniture, household appliances, travel and car loans.
What is the maternity capital obligation?
If you want to get a long-term loan with the help of state financing, you need to give the bank a certificate and a certificate (issued by the Pension Fund) on the availability or balance of maternity capital. A financial institution considers an application for a mortgage/loan from 2 to 7 business days. Housing should be registered in the ownership of both parents and children. If this condition is not met (there is no registration of the apartment / house for the entirefamily, only for one person), then liability arises in accordance with the legislation of the Russian Federation. You will need to visit a notary and draw up a written obligation for maternity capital.
On what conditions is a mortgage with maternity capital issued?
- The initial contribution can be up to 10% of the total cost of housing.
- The maximum loan period can be up to 30 years.
- No guarantors needed.
- Interest rate if you fulfill the conditions of insurance, from 9.5% to 12% per annum. If you decide to do without insurance, then from 10% to 12%. But the final percentage will depend on individual circumstances.
- The main thing is to write and certify the maternity capital obligation with a notary.
Procedure for calculating the amount
Based on the client's solvency, employees of a financial institution calculate how much mortgage lending the bank can provide. In order for maternity capital funds to be used for a down payment or repayment of part of the mortgage, a certificate must be submitted to Sberbank along with the application.
Maternity capital loan from Sberbank aimed at housing construction
The Bank provides an opportunity to start building new housing or buying an apartment in a building already under construction, using government support. Moreover, maternity capital can be used both as a down payment and go towards the gradual repayment of the entire amount.
Transfer funds
Throughsix months from the date of registration and approval of the request for a mortgage, you must write an application to the Pension Fund to transfer maternity capital money to a bank account. I note that these conditions apply throughout Russia.
Mortgage for maternity capital - profitable?
Compared to a conventional mortgage, a government-supported loan is more profitable. It doesn't matter if you build or buy a home. A loan for maternity capital in Sberbank is convenient in that you do not need to look for money for a down payment - you have a certificate. The following option is also possible: to direct the first part of the maternity capital to the first large installment, and the second to pay off interest. But this option is not always approved, it all depends on solvency.
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