Maternity capital is a certificate in the amount of 365 thousand rubles (in 2011), which is given to a woman who has given birth or adopted a second or subsequent child. It can also be obtained by men who are the only adoptive parents of the second and subsequent children.
Instructions
Step 1
Areas of use of maternity capital are not too extensive. It can be used for the funded part of the mother's labor pension, for the child or children to receive education in state and municipal institutions until they reach the age of 25, as well as to improve the living conditions of the family. The last direction in our country is the most demanded.
Step 2
The maternity capital can be used for the purchase and construction of housing, as well as its reconstruction. At the same time, it can be used to pay off mortgage loans available to the family. Maternity capital funds were allowed to be used to pay interest and principal in 2009, without waiting for the second child to be 3 years old. For other purposes, public funds can be spent only after 3 years from the date of the birth of the second baby.
Step 3
To repay a mortgage or home loan with the help of maternity capital, you must contact the credit institution that issued the loan. There you should take a certificate in the prescribed form, which will indicate the size of the balance of the principal debt and interest, the type of lending, the presence of overdue debt, etc.
Step 4
Then this certificate must be submitted to the branch of the Pension Fund at the place of residence. This body considers the application of the owner of the maternity capital usually within 1-2 months, after which the funds are transferred to the client's bank account, where they are debited to pay off the debt.
Step 5
Sometimes, with the help of maternity capital, it is possible to cover 30-40 percent of the debt, which is very beneficial for families with two or more babies. After repaying a part of the loan with the help of maternity capital, the borrower's financial burden is significantly reduced. Usually, the bank reduces the loan payment, leaving the repayment period unchanged, or, at the request of the borrower, the payment remains at the same level, and the loan term is reduced.
