How to repay a mortgage with maternity capital. Is it possible to repay a consumer loan with maternity capital?

Many future mortgage applicants are interested in the question of how they can contribute maternity capital to pay the down payment or to pay off part of the debt.

If the family in which the child was born already has a housing loan, then the certificate can be used to partially repay the debt or even to fully repay it, if there are enough funds.

There are certain conditions for repaying a home loan using a certificate.

The purchased housing must be located on the territory of the Russian Federation.
The borrower can be either the mother or the father.
The person using the certificate must register the residential premises in the common shared ownership of all family members.

The stages of obtaining a mortgage loan using maternity capital are as follows:

Notify the bank of your desire to use children's capital funds to pay off your mortgage. The bank provides a document indicating the remaining amount.
At the Pension Fund of the Russian Federation, the owner of the certificate writes a corresponding application (and you will find a sample for receiving the certificate itself at this link). You need to provide documents such as: loan agreement, original certificate, certificate of debt balance, copy of passport.

If there is no one from the family among the owners, then the borrower also provides an obligation, issued by a notary, to register the purchased housing as common shared ownership within six months after full repayment of the housing loan.

The amount of maternity capital that is requested to repay the mortgage should not exceed the balance. Information on how much maternity capital is in total is presented in this review.
In case of a positive decision from the Pension Fund of the Russian Federation, the funds are transferred to a bank account within two months. Sometimes after this the Pension Fund requests a report from the bank on receipt of funds. Refusal is possible if, with the help of children's capital, the borrower tries to pay off accumulated fines and penalties for late payments.
Maternity capital can be used at any time after concluding a mortgage agreement, even a few days after signing the loan agreement.

When using a certificate for early repayment of part of the mortgage, payments are recalculated:

The loan term is maintained, monthly payments are reduced
The loan term is shortened, but the monthly payment remains the same.

According to experts, the second option is more profitable, but people often try to reduce their monthly loan burden by reducing payments.

Thus, it is quite simple to contribute maternity capital funds to pay for a housing mortgage; the main difficulty is only in collecting documents. You will find a list of documents required to use the certificate to repay a housing loan. If you are interested in banks working with this program, then go to this

A family intending to fully or partially repay a loan to purchase a home needs to prepare two sets of documents for the disposal of maternity capital (mortgage): for the bank and for the Pension Fund.

In order to take advantage of the state subsidy and repay part of the debt or its balance, you need to know what documents are required to pay off the mortgage with maternity capital.

Documents for maternity capital (mortgage)

Every family with 2 or more children has the right to receive a certificate confirming their right to receive a state subsidy at their place of residence at the local branch of the Pension Fund.

You should submit your papers as soon as possible to avoid missing deadlines. The family will be able to manage the money after the second child turns 3 years old, but from the moment of his birth you can receive a certificate within 3 years.

The documentation package for submission to the Pension Fund for obtaining a certificate is as follows:

Passport.
SNILS.
Birth certificates for all children.
Statement.

This is a general list, but other papers may be required.

So, if at the moment the first child is already 18 years old and is studying somewhere full-time, then you will need to attach a certificate from the educational institution. If it is not the applicant himself who applies to the Pension Fund, but his authorized representative, then it is necessary to confirm the authority with a power of attorney.

Advice! To find out exactly how much money is left from the maternity capital in the account, you need to issue a certificate of maternity capital for a mortgage. You can obtain it by submitting an application to the Pension Fund of Russia, the response to which will be sent to the applicant’s address within 3 days.

Necessary documents for repaying a mortgage with maternity capital

In the vast majority of cases, maternity capital is used to repay a mortgage loan from a bank.

The main list of documents for maternity capital for a mortgage, which is necessary in all cases in order to manage the state subsidy, includes:

Certificate for maternal capital.
SNILS.
Passport.
Confirmation of registration at the place of residence in this region.

Attention! This main list is expanded with additional papers that will be needed at the bank and at the Pension Fund. A more accurate list can be found by location, but in most cases it is standard. Download for viewing and printing:

Documents submitted to the Pension Fund of the Russian Federation

By submitting papers to the Pension Fund of the Russian Federation, the borrower pursues the main goal - to prove that the money will be spent specifically on covering the loan debt. This amount is never issued in cash.

After checking the documents submitted by the borrower, the Pension Fund makes a decision whether to grant the application or refuse, and if the decision is positive, the amount is transferred to the bank by bank transfer.

Basic package of documents

There are a basic (mandatory) and an additional package of documents. Mandatory items include:

Statement of the established form.
Certificate for maternal capital.
The passport of the person in whose name the mortgage is issued, as well as the co-borrower (spouse).
SNILS.

In some regions, in addition to the mandatory list, they require adding a copy of the marriage certificate.

Download for viewing and printing:

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Additional list of documents

In addition to the above list you will need:

A copy of the mortgage agreement with a notarization stamp.
A certificate from the bank about the remaining unpaid debt and interest on it.
An extract from the Unified State Register confirming the registration of ownership of the housing purchased with a mortgage.
An undertaking (in writing) by the main borrower confirming that within a period of up to 6 months all family members will be registered as owners of this property.
An extract confirming the number of persons registered in a given living space (from the house register).
A copy of the borrower's personal account.

Important! The Pension Fund of the Russian Federation is very careful in checking the documents provided by borrowers to repay a mortgage with maternity capital. No corrections, inconsistencies, or inaccuracies are allowed in them.

It is better to double-check each copy and certificate several times so as not to risk getting rejected.

List of documents required by the bank

The application that the borrower submits to the Pension Fund indicates the number of the current account to which the maternity capital funds should be transferred. After approval of the submitted application, the money is transferred, and the borrower must submit an application to the bank to repay part of the debt using maternal capital.

The application is accompanied by a main and additional package of documents. Here are the documents you will need:

Notarized copies of the borrower's and co-borrower's passports (all pages).
Application form according to the bank form.
Copies of work books or employment contracts, or other documents that guarantee the solvency of the borrower.
For official employment - an extract from the accounting department for the last 6 months about the amount of income.
Contract for the purchase of housing.
Extract from the Unified State Register of Real Estate on registration of property rights to housing.

Additional list includes:

A copy of the certificate for maternal capital.
Certificate (extract) from the account to which the maternity capital funds are transferred.
Documents guaranteeing the solvency of the remaining participants in the mortgage agreement.

Attention! In a specific case, the bank has the right to require other documents to repay the loan with maternity capital. Therefore, you need to check the exact list with your credit institution before you start collecting papers.

Nuances of preparation and execution of papers

It is a mistake to think that having all the necessary list of documents for repaying a mortgage with maternity capital is a 100% guarantee of quick write-off of the debt to the bank in the amount of maternity capital.

The entire procedure will take, on average, 3-4 months. During this time, as a rule, the debt to the bank decreases, as the borrower continues to regularly pay the mortgage. In this case, the excess funds must be returned back to the Pension Fund’s account if the total amount of debt at the time of transfer was less than the size of the maternity capital.

Typically, the amount of debt is specified on the date when the bank makes a positive decision on the application submitted by the borrower. Not that often, but it does happen that a borrower has multiple mortgages. In this case, a decision on each of them is made separately, and an application with a package of documents will also have to be submitted for each loan separately.

As soon as the credit institution has agreed to pay for the mortgage with maternal capital, the borrower must write an additional statement:

to pay off the balance of the debt, then the client is issued a certificate of no debt, on the basis of which the arrest is lifted from the property, after which the spouse and children must be registered as co-owners;
or to repay part of the debt, and then the bank will need to correct the schedule for making subsequent payments and amend the mortgage agreement, so making the spouse and children co-owners will only be possible after full settlement with the credit institution.

Many families have already been able to collect documents and pay off the mortgage with maternity capital, despite the rather complicated procedure for crediting funds to the loan.

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Video about how to buy an apartment with a mortgage with maternity capital.

April 20, 2017, 08:42 Feb 11, 2019 23:02

For several years now, Russia has provided such a measure of support for families as maternity capital. These are funds for which women receive a certificate upon the birth of their second or subsequent child. The amount of financial capital in 2016 is 475 thousand rubles. These funds can be used for purposes strictly regulated by law:

children's education;
mother's pension;
acquisition of rehabilitation means for disabled children;
improvement of living conditions.

It is the last point that is most in demand by Russian families. Moreover, statistics show that most often funds are used to pay off mortgage loans.

Is it possible to pay off a mortgage with maternity capital?

Current legislation allows you to use financial capital to pay off your mortgage. Moreover, the family has the opportunity to choose a specific repayment option, depending on the current situation.

Firstly, maternity capital can be used to pay off interest on an existing loan agreement. In this case, maternity capital covers the interest on the loan and the remaining time the borrower repays only the body of the loan itself.

Secondly, financial capital funds can be used to repay part of the loan, i.e. Partial early repayment of the loan is made.

Thirdly, maternity capital is used as a down payment on a mortgage loan. Not all banks have this opportunity, but leading credit institutions have created special programs that provide for this opportunity.

Advice: practice shows that the most profitable option for using maternity capital funds is to use it to repay part of the loan. In this case, there is no need to wait for the child’s third birthday, and early repayment of part of the loan will allow you to significantly save on interest.

Conditions for repaying a mortgage with maternity capital

In order to use maternity capital to repay a mortgage loan, it is necessary to ensure that certain conditions are met:

acquired or acquired housing improves the living conditions of the family;
all children are assigned a share in this property;
the purchased or purchased object is a residential premises and is located on the territory of the Russian Federation.

In this case, for repayment it does not matter which parent is the borrower of the mortgage loan. Maternity capital can be used for a mortgage loan issued to both spouses or to either of them.

It is worth noting that the legislation does not provide for the possibility of using maternity capital funds for the acquisition of land, including for individual housing construction. But they can be repaid, provided that this loan is of a targeted nature, i.e. The loan agreement states that the borrowed funds are used to carry out work on the construction of a residential building.

How to pay off a mortgage with maternity capital in 2016?

Repayment of a mortgage loan with maternity capital begins with contacting the bank, which must be notified of the desire to make repayment. After which a corresponding application is submitted to the Pension Fund at the place of residence. When applying to both the bank and the pension, you will need to submit a certain package of documents, which depends on the option of using financial capital in mortgage lending.

It is important to remember that you can repay, including partially, a mortgage loan using maternity capital funds at any time from the moment you receive the certificate until the child reaches the age of 23, and the duration of the mortgage loan does not matter. If maternity capital is planned to be used as a down payment, then it is necessary to wait until the child’s third birthday, after whose birth the right to maternal capital arose. Moreover, only the full amount of maternity capital can be used for the down payment, and part of the funds can be used to repay the loan. Sometimes situations arise when the amount of financial capital exceeds the amount of debt; in this case, the mortgage loan is repaid in full, and the remaining funds can be used for other purposes provided for by law.

Documents for repaying a mortgage with maternity capital in 2016

To repay a mortgage loan, you must provide the following documents to the bank:

borrower's passport;
marriage certificate and passport of the second spouse;
maternity capital certificate;
application for early or partially early repayment of the loan.

Upon this request, the bank must provide the borrower with a certificate of the amount of the remaining debt, highlighting the amount of the principal debt and the amount of remaining interest, as well as title documents for the collateral.

After receiving the specified documents, you must also bring a certain list of documentation to the Pension Fund:

passports of spouses;
certificate for material capital;
mortgage agreement;
certificate of credit balance;
title documents for the subject of mortgage;
an obligation to allocate shares to all family members, certified by a notary;
statement of desire to use financial capital to repay a mortgage loan.

This list is in most cases exhaustive; only in exceptional cases additional documents may be required. For example, if the right to maternity capital arose as a result of the adoption of a second child, then a decision on adoption must be added to this list.

The procedure for considering applications for mortgage repayment with financial capital

The legislation does not provide for the possibility of a credit institution to refuse early repayment of a mortgage loan using maternity capital funds. Refusal of such repayment can only come from the Pension Fund as a result of consideration of the submitted documents. The list of grounds for refusal is regulated by law:

submission of an incomplete package of documents or false information in them;
deprivation of the applicant's parental rights;
errors in the application;
the applicant has committed a crime against the child;
The guardianship and trusteeship authorities have imposed restrictions on the use of maternity capital funds.

This list is exhaustive and other reasons cannot lead to a refusal to send funds to repay the loan.

In practice, the most common reason for refusal to send financial capital funds to repay a mortgage loan is the provision of an incomplete package of documents or the indication of false information in them. Moreover, incorrect data is most often entered not intentionally, but due to ignorance of legal requirements. For example, maternity capital cannot be used to repay funds received for purposes not related to the purchase of housing.

The Pension Fund considers the application within 30 days, after which it makes a positive decision or refusal on the grounds stated above.

If the decision is positive, you must contact the bank within a month with an official notification from the Pension Fund and agree on further terms and conditions of the loan agreement. The following options are possible:

reducing the monthly payment amount while maintaining the same loan term;
shortening the loan term, but maintaining the same monthly payment amount;
closing a mortgage loan - if there are enough funds for the entire amount of debt.

However, these conditions will come into force no earlier than in two months, since it is during this period that the pension fund transfers funds from maternity capital. This two-month period must be taken into account when repaying the loan, since the bank will receive the funds only after two months, therefore, monthly payments must be made within two months according to the terms of the agreement.

Maternity capital - repaying a mortgage at Sberbank

Some of the most attractive on the market, which is why this credit institution is one of the leaders in the Russian mortgage lending market. This bank most often encounters borrowers who are trying to pay off their mortgage with maternity capital. Today, Sberbank offers various programs using maternity capital funds, which can be used both as a down payment and as a means for partial loan repayment.

Moreover, partial repayment is also possible using special offers from the bank. For example, with the intended use for the purchase of housing, you can repay with maternity capital funds. In addition, some housing may also close with capital. The main condition is that the loan funds were received to improve living conditions. For example, under the “Construction of a Residential Building” program, the borrower receives funds for the construction or reconstruction of an individual residential building, therefore, this loan product can be repaid with maternity capital, since the family uses borrowed funds to improve its living conditions.

Consequences of using maternity capital

After closing a mortgage loan with maternity capital funds, the borrower has the right to demand that the bank return part of the insurance premium. The terms of mortgage lending provide for mandatory insurance, and the amount of annual insurance can be quite significant, so this opportunity allows you to replenish the family budget. In most cases, there are no problems with the return, but if there are difficulties, they can be easily resolved by seeking help from lawyers or going to court.

Also, do not think that using maternity capital to pay off a mortgage has a negative impact on your credit history. The fact of early repayment is, of course, recorded in the credit history bureau, but for no bank this is evidence of the unreliability of the borrower. Enough to verify this.

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The use of maternity capital to repay a mortgage loan is the implementation of one of the measures of state support for the Russian family. And if this procedure is carried out taking into account the requirements of the law, then there will be no negative consequences. In this case, the family significantly reduces the amount of credit burden and thereby improves the quality of life.

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In order to improve the demographic situation in Russia and to provide financial support to citizens with children, a number of social programs are in place in Russia.

Significant support for many families in the Russian Federation has been the opportunity to obtain a certificate granting the right to use maternity capital to reduce the loan burden on a mortgage.

Dear readers! Our articles talk about typical ways to resolve legal issues, but each case is unique.

If you want to know how to solve exactly your problem - contact the online consultant form on the right or call the numbers below. It's fast and free!

How to use maternity capital to pay off a mortgage?

The amount of maternity capital is legally permitted to be transferred to pay off loans involving the purchase or construction of housing.

The legislator proposes to implement this type of state support in the following ways:

Transfer state support funds to pay off the principal amount of the mortgage and (or) pay bank interest;
Transfer capital for the down payment on a mortgage loan.

The advantage of these schemes for the implementation of social support is that it is possible to receive state support immediately after the birth of a second child in the family, without waiting for 3 years to pass, as is required for other options for using maternity capital.

If the existing debt on a targeted loan is being repaid, the date of registration of the mortgage does not matter, the main thing is that the borrower (one of the borrowers) under the loan agreement is the mother and/or father of the child.

Consequently, it is possible to repay the debt under a loan agreement concluded before the birth of the child and, accordingly, before the right to state support arises.

In the interests of holders of a certificate for maternal capital who wish to use preferential funds to pay the initial payment on a mortgage loan, many banking organizations have introduced.

It is important to consider that maternity capital cannot be used to pay amounts accrued by the bank for penalties for failure to fulfill obligations under a loan agreement.

Payment of a previously issued mortgage

Documentation of the procedure for repaying a loan with maternity capital occurs in several stages.

First you need to get a bank certificate about the remaining mortgage debt. This document must contain the amount of outstanding payments on the principal debt and separately the amount of interest to be paid.

In most banks, to obtain such a document the borrower only needs to present a passport and provide the details of the loan agreement.

The form of the application form is established by order of the Ministry of Health dated December 26, 2008 No. 779n.

We invite you to download a sample application for the disposal of maternity capital funds: Download the form.

The possibility of sending an application through the public services portal has also been implemented..

The application can be sent by an authorized representative of a citizen who has the right to register maternity capital, presenting a notarized power of attorney and passport.

Attached to the application are documents for repaying the mortgage debt:

Certificate granting the right to use maternal (family) capital (MSC);
A document allowing identification of the identity, place of residence and citizenship of the certificate holder;
SNILS;
Certificate of marriage between the child's parents(if the spouse participated in the acquisition of rights to collateral housing);
Loan agreement;
Notarized obligation of the MSC recipient to register the received housing for all family members;
Information about the bank details of the credit institution where funds are expected to be transferred;
Certificate of state registration of housing rights;
Payment document confirming the transfer of borrowed funds;
Document confirming membership in a housing cooperative(if the loan was provided to pay contributions to such a cooperative).

The specified document package can also be sent by mail. In this case, copies of documents must be certified by a notary.

If the submitted documents comply with the requirements of the law, the Pension Fund of the Russian Federation is obliged to notify the applicant of a positive decision within a month and, no later than two months from the date of submission of the application, transfer the funds to the account of the credit institution.

In order to complete the procedure for repaying the loan or part of it with maternity capital, you should submit an application to the bank for full or partial repayment of the mortgage.

If the MSC amount is sufficient for full payment, then the best way to confirm the termination of loan obligations would be to provide the bank with a certificate confirming full repayment of the debt and the absence of any claims. This document will also be useful for the procedure for removing encumbrances from real estate.

If only part of the debt is repaid, it is necessary to settle the further procedure for repaying the mortgage with the credit institution. There are options:

Reducing the loan repayment period(monthly payment remains the same);
Reducing the monthly payment amount(the duration of the contract does not change).

This agreement with the bank must be confirmed by drawing up a new payment schedule.

How to make an initial payment?

The procedure for paying the down payment on a mortgage using MSK funds:

First, you need to select a mortgage product and provide the required package of documents to the selected bank and present a certificate for maternal capital.
After the bank approves the loan application, the borrower is issued a document containing preliminary information about the agreed loan amount and the established deadline for crediting maternity capital funds.
Further, You should request a certificate from the local Pension Fund about the balance of maternity capital finances.
Conclude a loan agreement and issue a bank statement indicating the amount of mortgage debt.
Fill out an application to the Pension Fund for the disposal of MSK funds(the list of attached documents is similar to the above).

What to do if the Pension Fund refuses to pay?

The law establishes a closed list of grounds on which the authorized body has the opportunity to deny the right to dispose of MSK funds:

As a result of the audit, it was revealed that the applicant no longer has the right to receive maternal capital. This is possible in cases of committing a deliberate crime against a child, deprivation of parental rights, cancellation of adoption;
Violation of the established procedure for submitting an application to the Pension Fund(inaccurate information, incomplete set of documents);
The amount declared for transfer exceeds the amount of family capital available for disposal;
The executive authority of the subject adopted an act on the removal of a child;
The legal requirements for a credit institution are not met.

The decision to refuse is sent to the applicant in writing, indicating the reasons preventing the implementation of the right to state support.

If you want to find out whether it is possible to sell an apartment purchased with maternity capital, we advise you to read.

If the reason for refusal was errors in documents or the absence of any information, the application can be resubmitted, making the necessary changes.

An incomplete set of documents must be recorded by the territorial agency and returned to the applicant with a formalized refusal within five days from the date of receipt.

In the case of an unmotivated, in the opinion of the applicant, refusal to dispose of MSC funds, this decision can be appealed to a higher authority or in court.

Family certificate funds are used to repay both existing loans and make a down payment. We invite you to watch the video.

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Do you think we should expect this or not?

Payment of the down payment with matkapital
Payment of interest on the loan
Payment of part of the principal debt on an existing mortgage

The first option could be considered the most profitable, since due to maternity capital, the loan amount is reduced immediately upon registration. That is, not a single day will interest be charged on the loan amount not reduced by the amount of the state subsidy. But credit institutions initially offer less favorable conditions for mortgages, the down payment of which includes maternity capital.

The option of paying interest on a loan is most beneficial to the bank, since the credit institution receives a guarantee of its profit.

In practice, the most common use is to repay the principal debt using maternity capital funds when a mortgage is issued.

Documents for repaying a mortgage with capital provided to the bank

The credit institution, if it was initially stated that maternity capital would be involved in the transaction, will ask you to provide a Certificate at the stage of applying for a mortgage. A copy of the Certificate will complement the set of documents for consideration and will act as a positive factor in assessing the borrower’s solvency.

The bank considers the client using a methodology developed in each specific credit institution separately, but these methods still have something in common. The greater the client’s income, which remains after deducting all mandatory payments, including for servicing a potential mortgage, the greater the amount of equity in the transaction, the greater the likelihood of approval.

If the client is on the border of solvency, the fact that after 1-3 months the loan amount will decrease due to government subsidies will play a significant role. Even if the client’s capabilities are not limited by solvency, but there are “sins” in the form of small delays on old loans or frequent changes of job, a potential reduction in the mortgage amount will have a positive impact on the possibility of approval.

The bank will also need to write an application for partial early repayment of the mortgage using maternal capital funds. It happens that such an application is not mandatory, since the bank does not have the right to keep the amount of government subsidies in the account and not write off the amount, but in order to avoid misunderstandings, it is better to provide the application.

For provision to the Pension Fund, the credit institution will also be required to:

Certificate of loan balance, which contains all information about the loan being serviced
Loan agreement with payment details and stated purpose of the loan

Documents for the apartment already available in the bank (purchase agreement, copy of the Certificate of Ownership) will also need to be submitted to the Pension Fund for verification.

Documents for mortgage repayment with maternity capital provided to the Pension Fund of the Russian Federation

The purpose of the visit to the Pension Fund is to obtain approval for the transfer of maternal capital funds to repay the mortgage loan.

Documents for a pension fund...in fact, everything is simpler

In addition to the above documents, you will need an application in the form of the fund about the intention to transfer maternal capital to pay off the mortgage and a notarized obligation to allocate a share in the apartment to children. If the housing was purchased through a mortgage loan before marriage by the spouse, then the owner's obligation will include the allocation of shares to the spouse and children.

Drawing up an obligation with a notary certificate will cost about 1,500 rubles. It is mandatory according to Federal Law No. 256.

The shares will need to be allocated no more than six months after the mortgage is repaid and the encumbrance is removed. The important point is that shares will need to be allocated to all children born at the end of the mortgage, that is, if a third and fourth child appears in the family, shares will be allocated to everyone. At the same time, the size of the shares is not defined by law, but if we consider the norms of the Housing Code, then there should be 12 sq.m. per person.

Failure to fulfill the obligation to allocate shares may result in a judicial procedure for the allocation of shares or even recognition of a transaction using maternal capital as invalid. The guardianship authorities, the Pension Fund and the prosecutor's office are responsible for verifying compliance with all conditions.

After providing all the documents necessary for the transfer of capital to repay the mortgage, the client receives a receipt for their receipt. The Pension Fund's response will be sent in writing to the client's address within one month.

There are two types of fund solutions:

Positive decision on payment of funds
Refusal to pay

In the second case, the fund will indicate the reasons for the refusal; if the client does not agree with them, he can appeal the decision through the superiors of the reviewing employee or through the court.

The simplest solution would be to eliminate the reasons for the refusal, such as: errors in the information provided and an insufficient set of documents. In case of deprivation of parental rights or restrictions on the rights of a guardian, or the commission of crimes against children, it will not be possible to do without judicial intervention.

Another month is given to review the application with the addition of data or documents. The positive decision of the Pension Fund must be submitted to the bank.

What should you pay attention to when paying off your mortgage with maternity capital?

When government subsidy funds arrive in a bank account, there are three scenarios:

Reducing loan payment
Reducing the loan term
Full loan repayment

Many banks use the option to reduce the loan payment as the default option.

This is not always the most profitable option, for example, if after partial early repayment there remains a very small loan amount, then making a very small payment for the entire 20 years of the mortgage is not entirely advisable.

You can, of course, pay off with convenient payments, but if it is possible to shorten the loan term, then this option will be more convenient and more profitable in terms of overpayment (see: analysis of all situations). In addition, it is difficult to independently calculate the schedule and the final overpayment for payments “to the best of your ability”; a visual document provided by the bank with clear numbers and deadlines will help you not to overpay.

Even early repayment of a mortgage using matkapital needs to be carefully calculated

In the case of full repayment of the mortgage, you will have to “pay off” a small balance, since interest on the principal debt is accrued every day, and it is not possible to predict the moment of transfer of the subsidy with an accuracy of the day at the stage of submitting an application for its use.

For example, if the package of documents provided is incomplete, it will take an additional month to reconsider the application. At this time, the mortgage will still have to be paid off, the principal debt will decrease. In order not to reduce the size of the payment (calculated based on a current certificate from the bank), it is necessary to ensure that the principal debt is available at the time the maternity capital is received for its repayment, no less than the maternity capital itself. This issue is resolved with a reserve of 2-3 months and, accordingly, 2-3 mortgage payments.