Only a few young families manage to independently acquire their own housing, which would be consistent with their desires, with money saved from salaries. Of course, this may be the help of relatives, their accumulated money, but the most common form of funds is mortgage lending. The state is interested in ensuring that young families receive separate housing, therefore, they have developed a whole system of support for young families.
Maternity Home Improvement Certificate
Today, maternity capital is a significant help for families with two or more children. The program has been working since 2007. It can be spent on expanding housing, including paying off part of the debt on mortgage lending, spending it on paying for services of a higher educational institution or on a mother’s pension. The most common way to use such assistance for Russian families is the first option. After signing by the president in May 2015, FZ-131 mat. capital as a down payment on a mortgage can be used regardless of the age of birth or adoption of the second child. From the moment this type of state. Support rules for the use of such assistance are expanding more and more. Previously, without waiting for the child to be 3 years old, it was possible to use only the limited capabilities of such a certificate.
Can I use a mother’s certificate as an initial year today?
The type of state support under consideration involves the receipt of a cashless certificate, which is not exchangeable and can be used by the family only in some cases. Since 2016, the right to contribute maternity capital as a down payment on a mortgage has legal force. The basis is Federal Law No. 131 of May 23, 2015 .
If we talk about general rules, then maternity capital can be used both as an initial contribution and as a repayment of the main loan debt. This is a great opportunity for a young family to reduce the financial burden and pay the mortgage somewhat faster than the payment schedule implies.
Unfortunately, here it is impossible without difficulties. Not every banking organization easily arranges mortgages with parent capital. But there are banks that draw up such transactions, providing profitable programs. As a rule, today in many organizations the maximum mortgage rate is 14%.
How to issue?
In the event that the family plans to use maternity capital as a down payment on a mortgage, borrowers must satisfy all the requirements of a banking organization. In most cases, the requirements for obtaining such a loan are practically no different from a regular consumer loan:
1. Candidates must have a permanent job and at least six months of work experience. Some banks present at least one year in the last 5 years as a mandatory requirement.
2. Previously, to calculate the mortgage offer, banking organizations took into account only the legal, confirmed income of the borrower. The “gray” salary could only act as a secondary income, but most often it was not paid attention to. And until now, large organizations are working according to this scheme. But a lot of competition among financial institutions can play to the benefit of borrowers. Some banks take into account any income of a potential borrower, including unofficial ones. The peculiarities of these conditions must be learned from the organization’s employees in the consultation process. Sometimes it is the indication of this amount that becomes decisive when approving a mortgage.
3. Lack of registered real estate ownership. This condition applies only to those who wish to apply for a mortgage under preferential programs subsidized by the state.
4. When repayment of mortgages by maternal capital is used, allocation of shares to children is mandatory.
5. In order to be able to become the owner of a mortgage under the social program, the borrower must have a positive credit history.
How to get a mortgage with maternity capital?
Before initiating the transfer of a family certificate to repay a housing loan, you must go to the Pension Fund and get this certificate, which will be the official confirmation of this right.
When the certificate is in hand, future borrowers must decide which banking organization they will cooperate with and where to submit the documents. It is best to visit several banking organizations and calculate the mortgage with maternity capital for all available programs. Only after a thorough analysis of the proposed loan conditions (interest rate, pre-approved amount, additional insurance, etc.) can you apply for registration.
Today there is no need to wait until the child, after the appearance of which the family has received the right to a maternal certificate, is 3 years old. If it is necessary to use the means of the certificate, the owner (that is, the mother of the children) must contact the territorial branch of the RF PF with a corresponding application and a package of documents.
Documents for repaying a mortgage by maternity capital
In order to use the means of the certificate to fulfill its debt obligations, a certain set of documents will be required. Depending on the organization chosen, additional requirements may apply. But, as a rule, most banks ask for the following documents to repay the mortgage by parent capital:
- Passports of citizens of the Russian Federation and copies of documents. These are: TIN, SNILS, a certified copy from the place of work of the work book. It will not be superfluous to provide a passport or driver’s license or TCP.
- Certificate confirming the right to receive maternity capital.
- A set of documents that officially confirms the borrower's earnings: a document confirming the absence of debt on obligatory payments, a certificate on the bank's income form, or the standard form 2-NDFL can be used.
- The contract of sale of an apartment or house.
- Information about the acquired object: information on the condition of the BTI object, an extract from the house book, a passport with an assessment of the technical condition are required.
- Official confirmation from the Pension Fund that the potential borrower really has funds in the account.
- Application for registration in shared ownership.
What should be attributed to a pension fund?
It is important to understand that a mortgage using maternity capital is not a quick procedure. Especially if the buyer does not use the services of real estate agencies and draws up a deal on their own.
After the bank has been provided with all documents, extracts and other requested documents, it is necessary to go to the Pension Fund and provide them with some papers. Typically, these are:
- An official paper from the bank, indicating that the borrower really intends to conclude a contract for the purchase of a mortgage. As a rule, this document is issued by the bank in the usual form.
- All general information about the housing facility, which will be the subject of mortgage lending.
- All documents, as in the case of the bank, owned by the borrower (passport, SNILS, TIN).
- It is mandatory to write an application for a transfer of funds indicating the bank details.
Mortgage terms from the most popular banks
Any financial institution is interested in drawing up as many large loan agreements as possible. These types of loans include mortgages under maternity capital. Banks, as practice shows, have a different attitude to the design of a loan, which involves accounting for family capital. Therefore, before deciding to use the mat. capital as a down payment on a mortgage, it is worth exploring the conditions of financial institutions. Specialists recommend first contacting large organizations that are very popular among borrowers.
Mortgage with Sberbank
Perhaps this is the very bank that is ready to provide a mortgage for housing, regardless of its category. So, each borrower can draw up a contract for the purchase of secondary housing, a private house or apartment in a new building. Mortgage for maternity capital is also possible here. The main requirement of the bank is the obligatory transfer of funds of the certificate within six months after the conclusion of the transaction.
- The loan is provided only in national currency.
- The mortgage rate is 14.5%.
- The maximum loan term is thirty years.
- The down payment must be at least 20 percent.
- The transaction value is not more than 40,000,000 rubles.
The second most popular bank, with which borrowers collaborate, issuing a mortgage. The contract can be concluded absolutely for any housing, regardless of its category. That is, it can be private ownership, secondary housing, a new building. For the bank, this factor is not determining. Maternity mortgages are also available here. Basic conditions for concluding a contract at VTB 24:
- Mortgage acquisition operations are carried out only in national currency;
- The average interest rate is 15.95%;
- The maximum term for concluding a mortgage is 30 years;
- The minimum transaction fee is 20%;
- The cost of housing should not exceed 30,000,000 rubles.
If you want to apply for a mortgage at Delta Credit Bank, you need to remember that registration is possible only for primary and secondary housing. Money transfer from the moment of conclusion of the contract is possible within a year from the moment of signing.
Conditions on which you can apply for a mortgage using family capital funds:
- All operations and transfers are possible only in national currency - rubles.
- The average lending rate is 15.25%.
- Starting fee 30%.
- The maximum possible loan term should not exceed 25 years.
Down payment calculation
As a rule, not every bank provides information on how much the down payment will be. Each family wants to know what conditions it can meet, and therefore wants to calculate the size of the down payment on its own. In reality, this is not so difficult. To do this, you need to know the exact cost of housing and the part expressed as a percentage that the bank requires as a down payment. So, for example, if an apartment or house costs 3,000,000 rubles, and the bank requires a minimum of 20%, 600,000 rubles are obtained. In the event that the family plans to use the mat. capital as a down payment on a mortgage, it is quite logical that in any case it is necessary to pay an amount in cash to it.
If the family relies solely on the help of a certificate, then you can calculate the cost of housing for which it can apply. The formula is simple: mat size. capital x 100 / down payment indicator.
It is important to understand that maternity capital is a type of state support, therefore, the amount that is given out can be used only for specific needs. It is impossible to go and spend when you want. If you plan to use the mat. capital as an initial contribution on a mortgage or in the form of a payment to pay off the main debt, it is necessary to notify the Pension Fund about this six months before the conclusion of the transaction. The state budget and payments are planned once every six months.
In the event that part of the maternity capital has already been used, then the balance cannot be used as an initial contribution. The only thing that can be done is to reduce debt under an existing mortgage agreement.
Before contacting the bank, it is necessary to decide for yourself which construction program to give preference to. And although taking part in shared construction, the risk is several times greater, the family can win a considerable number of meters, and also arrange a mortgage at a better price in terms of monthly payments.