How to use maternity capital for up to 3 years?

Each family in Russia, in which the second and subsequent baby was adopted after 2007, has the right and the opportunity to obtain a certificate for the disposal of maternal or family capital. This measure of encouraging parents with children is very significant, since the amount of financial assistance under this article of the law in 2016 is 453 026 rubles.

The amount of monetary compensation that a family can receive by disposing of maternity capital is the same in all regions of the Russian Federation, so for some mothers and dads it is an excellent way to solve a large number of problems. Nevertheless, this financial assistance can not be obtained in cash, except for a small part, namely 20,000 rubles. All the rest of the maternity capital must be realized by non-cash settlement for certain purposes.

The Government of the Russian Federation envisages not only a targeted but also a temporary restriction on the use of family capital means - you will be able to "use this financial assistance" only after the day when your child, due to the birth of whom the certificate was issued, will be 3 years old . Meanwhile, there are certain exceptions that allow young parents to dispose of this amount before the specified period. In this article, we will tell you where and how you can use your maternity capital before your child is 3 years old.

How correctly to use the parent capital until the moment when the child will be 3 years old?

The main possibility, which provides for the use of family capital prior to the execution of the child for 3 years, is sending the indicated amount to a bank account in order to repay a loan or a loan (including mortgage loans), a crumbs for parents to buy an apartment or a room, and a residential house.

In such circumstances, financial assistance can be used both to repay a previously issued loan, and as a first installment to receive a new loan. The whole amount that is given to the family by the certificate, or a part of it, can be sent to the bank account to pay off the principal obligation and accrued interest on a mortgage or other loan related to the acquisition of housing. It is worth noting that fines and penalties can not be repaid with these funds.

In addition, if your child is officially recognized as an invalid, you can use these funds to equip the living quarters in accordance with their needs. You can also do this without waiting for the child to perform for 3 years.

How to use maternity capital after 3 years?

When your son or daughter turns 3 years old, the list of possible goals for applying the mother certificate will expand. Now you can send these finances to buy or build housing without using loans and credits, increase the amount of your future mother's pension, and also pay for studying and living in a hostel for the offspring who became a student.

In all these cases, these transactions will also have to be realized by non-cash settlement.