Mortgage and Maternal Capital

Maternal capital can be not only an initial contribution of mortgage, but also to fully cover the cost of your housing, if it comes to buying a room in a hostel or communal apartment.

Also, few know that the mother capital can be paid for the rest of the mortgage debt, if it is equal to the size of the MK.

First of all, you need to know that the maternity capital is a certificate, that is, no one gives money to the hands. Today, maternity capital is available not only to families with two or more children, but also with the only child born after January 1, 2020.

The process of maternal capital is not complicated as the first contribution of mortgage.

Next, you need to calculate the mortgage, by contacting the bank or using a credit calculator on the Internet. Then you are defined with the apartment you want to acquire, it can be a new building, and secondary housing, and make out the deal. And at the end, they again appeal to the FIU, only with a certificate from the bank to receive a loan and a statement of transferring funds in the account of the Mortgage Credit.

Since banks require at least twenty percent of the cost of housing as an initial contribution, the amount of maternal capital may be insufficient. And in this case, it is necessary or to look for housing cheaper, or accumulate the remainder of the funds for the initial contribution independently.

Maternal capital can be aimed at paying the remaining amount of debt or part of it. With partial repayment, the amount of the principal debt decreases, and the payment schedule changes in favor of the borrower. It can also be proposed by a variant with a decrease in the term of the contract, but with the preservation of the amount of monthly payments, which will allow you to pay the mortgage faster.

It does not matter when you have taken a mortgage: before receiving a certificate or after.

It is worth noting the mandatory requirement when using maternal capital — a notarial obligation to allocate equal members to members of your family: a spouse and children, in purchased real estate immediately after the expiration of the mortgage agreement.

Since during the payment of the mortgage, the apartment will be pledged by the bank, such a requirement cannot be executed. But immediately after paying the loan, this condition must be performed.

If you do not plan to improve housing conditions through the purchase of housing with a larger area, or, for example, at home, the guardianship and guardianship authority may regard your actions as an intentional attempt to deprive children lived. Square, what they can not allow.

Maternal capital is an excellent assistance tool in the payment of mortgages.

Agreeing with the requirement to allocate shares, and further endowment of the ownership of all family members, you can facilitate the financial burden on the mortgage loan.