To get a mortgage, you must have funds to pay the down payment, the amount of which must be at least 15% of the cost of the purchased property. But what about families who do not have enough or do not have enough money for the first installment, but only have a certificate for mat capital?
What can you spend mate capital on?
The maternity capital law strictly limits the purposes for which it can be directed. These include:
- Improving living conditions.
- Payment for education for children, including preschool.
- Formation of the mother's future pension.
- Purchase of goods and services for disabled children.
- Receiving a monthly payment, starting from 01.01.2018, in the event of a second child in the family.
On the first point, the parent capital can:
- repay in full or in part an existing mortgage loan;
- pay the down payment on the mortgage.
For these purposes, maternal capital can be used immediately, even if the child is not yet 3 years old.
How to pay mate with capital first installment
If the family does not have enough money to pay the first installment, then in this case some banks accept maternity capital.
Then the bank acts according to one of the options:
- Increases the loan amount by the amount of the capital mat.
- Issues another loan for the corresponding amount.
As soon as the transaction for the purchase of housing is completed and the transfer of ownership is registered, the borrower must apply to the Pension Fund with an application for the transfer of funds to the bank.
After the money is transferred to the bank, the monthly payment amount will be recalculated. The borrower will only have to pick up a new payment schedule from the bank.
Which banks issue mortgages with capital mat
Every year the number of banks accepting maternity capital is increasing, although not all of them willingly go for it.
The banks are developing special lending programs for such borrowers. Sberbank and VTB offer the most favorable and affordable lending terms. True, Sberbank, unlike VTB, has a special program - “Mortgage plus maternity capital”.
At the moment, the size of the maternity capital is 453 thousand rubles. Taking into account the fact that the bank will not issue a loan more than 85% of the cost of housing, the maximum loan amount in this case will be 2 million 567 thousand rubles. Therefore, the price of the purchased apartment should not be more than 3 million rubles.
How to get a mortgage with mat capital
To get a mortgage from the bank using the capital mat, you must:
- Get approval for a loan from the bank.
- Choose an apartment and coordinate it with the bank.
- Sign a mortgage lending agreement.
- Conclude a sales contract.
- Register a deal with Rosreestr.
- Apply to the Pension Fund with an application for the transfer of funds from the capital mat to the bank.
- Receive an updated payment schedule from the bank.
