In order to receive credit under the parent capital, it is necessary to contact the Bank that carries out such an operation. You will notice that the conditions of the loan are quite attractive. Typically, the amount of the initial payment may be no more than 10% of the cost of housing, the maximum term of crediting of 30 years. Usually when the loan under the parent capital the guarantors are not required. But if your income is not sufficient to get the required amount, you can take the co-borrower whose income is considered when calculating solvency. As the co-borrower must be a close relative (parent or spouse).
As for interest rates, it will depend on term of crediting, size of down payment, credit history in the Bank. The interest rate may depend on the existence of a contract of personal insurance concluded in favour of the Bank. Be prepared for the fact that in some credit institutions this agreement is a mandatory condition of the loan.
In order to receive credit, you must provide credit to the inspector a certificate giving the right to receive the parent capital. Bank on the basis of documents confirming your income, the amount of the initial contribution, depending on the term of lending will be designed with the maximum amount of the loan. Then it added the value of the parent capital. Thus, it is assumed that you received a housing loan, repay the debt with funds of the parent capital.
The Bank will provide you with the loan amount, which will be divided into two parts. One of them you get at an interest rate established depending on the term of the loan and the down payment. It you will extinguish themselves with their own funds. The second part of the loan will be equal to the amount specified in the certificate. That until the Pension Fund will transfer funds to the parent capitaland the Bank will pay interest for the use of money at a rate equal to the refinancing rate of the Central Bank.