When can I use maternity capital?

Maternity, or family, capital is one of the most significant measures of financial support for families with children in the Russian Federation. Regardless of the region of residence of the spouses, in case of the birth of their second and subsequent baby, since 2007, they are issued a certificate for disposal of a large sum of money. A similar measure of support is given to those parents who adopted their child, having at least one child.

When can I withdraw maternity capital?

The size of the family capital is indexed every year and amounts to 453,026 rubles as of 2016. Possessing the right to dispose of such an impressive amount of money, many parents are interested in when it is possible to cash out and spend maternity capital.

In fact, it is impossible to receive this amount in cash in accordance with the law, except for its small part in the amount of 20,000 rubles. Moreover, any attempt to cash out the rest of the family capital is a gross violation of the law and may become the basis for criminal prosecution.

When and how can I use maternity capital?

The main part of this measure of financial support can be directed solely to certain purposes stipulated by law, and only through the commission of non-cash transactions. In addition, it is possible to use the certificate for maternity capital as a general rule only when the child, due to the birth or adoption of which he was issued, will be 3 years old.

However, there are 2 exceptions that allow you to dispose of this amount of money up to this point. So, the family has the right to send the funds of the parent certificate for the repayment of a loan or a loan received for the purpose of purchasing or building a house, apartment or any other living quarters.

This possibility extends not only to those loans that were taken before the certificate was received, but also to new ones, when registration of which the amount of family capital is accounted for as a down payment. It is worth noting that to pay this amount can only interest on the loan and the most debt, and not fines and penalties.

In addition, if the crumb is officially recognized as disabled, these funds can be equipped with a room or apartment in accordance with his needs until he was 3 years old.

Thus, all maternity capital or part of it can be spent without waiting for the baby to reach the age of 3 years. If the baby has already grown enough, this amount can be used for other purposes, namely:

• increase in future mother's pension;
• purchase of housing for the family in order to improve living conditions without attracting credit;
• payment for the training of your child in various institutions, as well as his residence in the hostel during his studies.