In the current economic situation in Russia, it is very difficult for young married couples to acquire their own real estate. Often, even the most modest one-room apartment for young families becomes an unaffordable luxury.
Affordable Housing for Young Family Program
The state program "Affordable Housing for Young Families" allows couples under 35 to purchase housing. The peculiarity of this program is that borrowers can count on writing off part of the debt at the birth of a child.
This is very important, because young families with children are simply no longer able to fulfill their obligations to banks. The help of the state is simply necessary here.
Feature of the program "Affordable housing for a young family"
When a child appears in a young family, the state writes off part of the mortgage loan by allocating a subsidy. It is also worth noting that the mortgage is written off at the birth of both the first and second child. If it happens that during the period of validity of the mortgage loan, a third baby appears in the family, then the state will fully cover the debt of the young family.
At the birth of a child, the state pays off the loan amount, which is equal to the cost of 18 square meters. It turns out that if two children are born in a young family during the period of the loan, the state will pay off the cost of 36 square meters of housing purchased on credit. In the event of the birth of a third child, the state will fully repay the balance of the loan.
This practice has long been common in Europe. Now this positive experience has been adopted in Russia, which helps to make mortgages more affordable.
How to write off a mortgage at the birth of a child
Since the allocation of subsidies for the repayment of the loan is carried out at the expense of the local budget, then at the birth of a child, it is necessary to send an application to the local government and provide a list of necessary documentation.
Documents to be provided to local authorities:
- documents confirming the identity of each family member and participating in the program;
- Marriage certificate;
- birth certificate of the child;
- an extract from the house book and a financial personal account that a young family can receive at the place of residence.
A prerequisite for submitting documents is the availability of originals and copies certified by a notary.
For more information on writing off a mortgage when a child is born in a young family, contact the local authorities.
