Maternity capital was introduced as a means to stimulate the birth rate, a way to improve housing conditions, increase the funded part of mothers' pension insurance and ensure the future education of children. The document is legally binding, it is issued once for the second or subsequent child. At the birth of twins, a certificate of receipt is also issued once.
To receive maternity capital, you need to contact the branch of the pension fund at your place of residence. You will be provided with complete information on how to obtain the paper. You can do this in absentia by sending the required list of notarized documents by mail, visit the institution in person or send an intermediary with a duly executed power of attorney. You must have a passport, birth certificates of all children and a mandatory pension insurance policy with you. Specialists will make copies free of charge and return the originals back to you.
After 30 days from the moment of contacting the branch of the pension fund, you will be called or sent by mail a notice of the right to receive maternity capital. You just need to come for him, put a signature in the journal and pick up the document.
Maternity capital can be realized in three directions. First, to improve living conditions. You have every right to spend the due amount when the child for whom the document was issued reaches the age of three. You don't have to wait for this date and invest a sum of money if you purchased a home on a mortgage or took out a home loan to improve your living conditions. In this case, the money will be transferred to the bank account within two months from the date of application. In addition, the law provides for the payment of maternity capital for the construction of a house, the acquisition of the necessary materials. This requires written confirmation, in fact, checks, invoices, etc. The payment period remains the same.
Take an interest in banks, some of them allow you to deposit maternity capital funds as payment of the principal debt, but in most cases it is only about paying off interest. You should clarify this issue at the stage of obtaining a mortgage loan. You may not deposit the entire amount at once, the law allows you to sell capital in parts. So if you want, you can direct it to all three possibilities.
When the child turns three years old, you can realize the maternity capital by buying a home directly. In this case, the money will be transferred directly to the seller's personal account. In all cases of acquiring real estate, it will be necessary to register the ownership of the children without fail. You can do it in parts or in half, at your discretion.
It is convenient for some families to transfer money to an individual account to increase the funded part of their pension. This is convenient if you already have your own home that you are not going to change. You have the right to spend an amount of capital on education, and not necessarily the child to whom the certificate is intended. If there is an older child in the family who finishes school and is going to continue his studies, such a right is very useful.
Maternity capital is issued once and only to the mother of the child. It can be issued to other persons if a woman died in childbirth, for example, she was deprived of parental rights, etc. If you have adopted a child, you are also entitled to receive capital. Carefully study the order of paperwork. The certificate is only a guarantee of your ability to transfer funds, you cannot cash it, this is prohibited by law.
