How to use the maternity capital in the mortgage?
A certificate for maternity capital can be used when obtaining a mortgage in one of the following options.
- The repayment of principal and interest on the mortgage agreement. When you select this option, note the following features: the parent capital it is impossible to pay off the fines, penalties accrued for late payments on your mortgage; it doesn't matter when you take the mortgage – if it is still pending receipt of the certificate on the parent capital or after the execution of this document.
- Payment of the initial payment on a mortgage. Not all lenders will agree to work under the scheme, in some cases borrowers for a down payment may be offered the option of making short-term loan.
- Increasing the amount of the mortgage on the value of the parent capital. This option is suitable for those families where income does not allow to obtain the desired size of credit.
When you can arrange a mortgage with the parent capital?
To receive credit for housing with a certificate for maternity capital does not need to wait for the onset of the age of the child, who had received the document. You can contact the Bank immediately after receipt of the certificate.
Please note! The acquisition of the apartment (house) mortgage with the parent capital specified housing should be issued in the joint property of all family members, including children. It is also possible the notarized consent for the subsequent allocation of shares in the ownership of a residential property.
What documents are needed for a mortgage with the parent capital?
In each situation the package of documents for registration of the mortgage with the parent capital can vary. Everything will depend on your family situation, selected the Bank, financial position and purchased housing. But in General we can highlight the following list of required documents:
- the identification document (e.g. passport), in some cases, can require another document to confirm your identity such as driving license;
- documents confirming your registration at the place of residence (if there is a mark in the passport, the passport is sufficient);
- documents proving your financial sufficiency and employment (employment history, references from work on your income, etc.);
- documents for housing, which takes out a mortgage with the parent capital (it can be submitted after your application is approved);
- the certificate on the parent capital;
- a certificate from the FIU about the remaining amount of the parent capital.
The latter document is usually valid for no more than 30 days from the date of issuance and can be presented to the Bank after the approval of the loan.