Of course, each family would like to receive such a cash amount in the form of cash, but the legislation provides for the cashing out of only a small part thereof, amounting to 20,000 rubles. All other finances need to be directed to certain purposes, by disposing of them by non-cash settlement with the help of a certificate issued to the family.
Some parents have many questions about how to use maternity capital and, in particular, whether it is possible to repay a loan with it. In this article we will tell you about this.
What kind of a loan can be paid off by parent capital?
Due to the fact that the main purpose for using the means of the maternity certificate is to improve the living conditions of families with children, they can repay the loan, but only on the condition that it was granted to young parents for the purchase or construction of any dwelling. And in the loan agreement, it is necessary to indicate the purpose for which the borrower received credit, and how he plans to use them.
Thus, it is impossible to extinguish the consumer's capital with the mother's capital, or any other credit, and this is a gross violation of the law. The situation in which consumer loan funds were spent on buying an apartment, a room or a house is no exception. In this case, information about the purpose of lending is fundamental, and it must necessarily be traced in documents issued by the credit institution.
How to pay off a housing loan with maternity capital?
In order to send the amount of the parent certificate for repayment of the principal debt or interest accrued on the housing loan, it is necessary to submit to the Pension Fund documents on the acquisition of housing in the property or a copy of the contract for participation in shared construction, if the purchased object is not yet completed.
In addition, you will have to ask the bank or another credit organization information on the amount of the principal debt and accrued interest, as well as any confirmation of the direction of money for the purchase or construction of a dwelling. The documents you submit will be considered within a month,
Since 2015, families that have the right to dispose of this cash payment have also been granted the right to use it as a first payment for a new housing loan.
Unlike all other options for using this incentive, you can pay off your mortgage with your parent's capital without waiting for the moment when your child turns 3 years old. You can manage finances in this way much earlier - immediately after receiving the certificate on your hands.