CrimeaPRESS reports:
How to spend the money received from the state at the birth of one or more children? What do buyers and sellers of real estate need to remember if the transaction takes place using mother capital?
Maternal capital (matkapital), reminds CYANOGEN, — the amount that the state pays at the birth of one or more children. The funds received can be spent on the education of children, goods and services for disabled children, a future mother’s pension (contributory), as well as on monthly payments for families with an average per capita income below twice the subsistence level. Another way to use state support is to improve housing conditions: paying the principal on a mortgage loan, making a down payment on a mortgage, or building a house. Every year, the maternity capital program is updated, and the amount of payments is growing.
IMPORTANT
Matkapital is issued not in cash, but in the form of a certificate, the face value of which can be spent both in full and in parts. True, for most purposes it is allowed to send it only when the child reaches the age of three. Exceptions to this rule will be discussed later.
Despite the fact that maternity capital is an excellent solution to the housing problem for a family, such transactions also require certain knowledge. Cyan.Journal, together with experts, analyzed the intricacies of using government assistance.
Game conditions
From January 1, 2023, the conditions for receiving maternity capital payments depend on when and how many children were born.
Now the payouts are:
- if the first child appeared in the family (was born or adopted) before 2020, and the second — in 2020 and later, then the payment will be 775.6 thousand rubles and is paid for the second child;
- if both children were born before 2020, then the family will receive 586.9 thousand rubles for the second child;
- if there is only one child in the family, and he was born in the period from January 1, 2020, then the payment will be 586.9 thousand rubles;
- if the first child was born between January 1, 2020, and after that another one was born, then by 586.9 thousand rubles there will be an additional payment for the second child — 188.6 thousand rubles;
- if the first and second child were born before 2007, and the third — in 2020 and later, then the family will receive 775.6 thousand rubles.
In total, having given birth to three children, parents will receive more than 1 million rubles. The program has been extended until 2026.
The authorities of some regions pay additional regional capital at the birth of children. You can find out about it, for example, in the regional ministries of social protection or in the MFC.
The state annually increases maternity capital, and if the family did not use it at all or spent only a part, the subsidy (or its balance) will be indexed. In 2023, the indexation ratio was 11.9%.
IMPORTANT
You can check the balance in the mobile application of the Pension Fund (PFR), on the public services portal or in your personal account on the PFR website.
Recall that no more than five working days are allotted for the issuance of a certificate, and no more than 10 working days for consideration of an application for the disposal of funds.
Rule number 1. Housing — only Russian
With maternity capital, it is permissible to purchase not any real estate, but only housing — and this is the main rule with which to start a conversation. Mother capital relies on improving their living conditions, so you won’t be able to buy, for example, a garage or a land plot.
The subsidy can be spent on an apartment or house, as well as on mortgage payments.
Matkapital can be used to build an individual residential building and even to buy an unfinished house or cottage, if it is suitable for permanent residence.
It is allowed to purchase a share in an apartment for mother capital, but only in two cases:
- The first — the share is a separate room, that is, it is an isolated residential unit. It is clear that the apartment in which the share is acquired must be at least two-room.
- The second option: the family previously had a certain share in the apartment, now the rest is being bought. In this case, the entire apartment becomes the property of the buyer.
We will discuss the features of repaying a mortgage loan with the help of mother capital below, but for now we want to warn you: when buying a home, keep track of some things. Remember that an apartment or house for maternity capital must be of domestic origin (that is, you can only buy Russian real estate).
Always pay attention to the quality of residential premises — the option with dilapidated or emergency is excluded. This matters in mortgage transactions — the bank simply will not issue money for disputed objects.
Rule #2
It is permissible to use a certificate for the payment of a down payment on a mortgage immediately after the birth of a child. As Cian told the magazine at the Bon Ton real estate agency, there are two schemes for buying a home.
First — through a bank. In this case, the loan is issued to the borrower with a margin, increased by the amount of the capital. This is done so that the seller of the apartment does not have to wait for the payment of the subsidy.
IMPORTANT
However, some banks issue mortgages without taking into account the capital. In this case, the seller will still have to wait until the Social Fund transfers the money to him. This may affect his readiness for a deal, so it is better to find out the conditions for the bank to work with mother capital in advance, as well as the willingness of the seller to wait.
Then all the required documents are transferred to the Social Fund of Russia (formerly the Pension Fund), and within a month the Social Fund transfers maternity capital funds to the bank.
After that, part of the loan is repaid, and the payment schedule is recalculated. The disadvantage of this scheme is the overpayment of interest for an increased loan amount (even if only within one or two months).
BY THE WAY
The law provides for another option when mother capital can be spent immediately after registration — repayment of the principal debt on an already taken mortgage.
Second scheme — direct purchase. If you purchase an apartment with a mortgage in a new building, you have the right to transfer family capital funds directly to the developer. At the same time, a condition is introduced into the contract that part of the payment to the developer will be transferred at the expense of maternity capital after the transaction is registered.
Rule #3
Maternity capital as a down payment on a mortgage is a good help for improving living conditions. But often this does not eliminate the need to have your own savings: many banks require that, in addition to the mother’s capital, the buyer also has his own money for a down payment — about 10% of its size.
What to do if there are no personal savings? Miel real estate agency experts recommend contacting those banks that not only allow you to use your certificate as part of the down payment, but also allow it to consist entirely of maternity capital.
Typically, such programs are called «Mortgage with maternity capital.» Today they are offered by about ten banks, the most important of which are VTB, Rosselkhozbank, Rosbank, MTS Bank, Bank St. Petersburg, Metallinvestbank.
When you submit documents, indicate in the questionnaire that you intend to use maternity capital as a down payment.
However, it should be borne in mind that the initial payment for such programs varies from 10 to 15%. Therefore, if you use 587 or even 775 thousand rubles (depending on the number and year of birth of children) as a down payment, you will be able to buy an apartment worth no more than 7.7 million rubles. In the capital, it will be at best a small one-room apartment.
Rule number 4. Each family member — his share of the property
Registration of rights to apartments and houses purchased using mother capital has its own characteristics. The law requires that all family members named in the maternity capital certificate receive a share in the ownership of real estate.
Allotment of shares must be executed within six months from the date of transfer of housing into family ownership. Shares must be registered with Rosreestr.
According to the Housing Code of the Russian Federation, the norm of living space per person is 18 square meters. m (if the family consists of three or more people), but depending on the region and circumstances, it may vary.
IMPORTANT
Children’s shares are usually calculated in proportion to their «investments». For example, a family with two children bought an apartment of 50 sq. m for 10 million rubles. At the same time, 775,628 rubles were paid by mother capital.
We consider: 775,628 / 10,000,000 = 0.07. It turns out that the certificate paid for: 50 sq. m × 0.07 = 3.8 sq. m.
Given that the capital is issued to all family members, we divide this area into four: 3.8 sq. m / 4 u003d 0.9 sq. m. That is the share of each child. However, no one forbids simply dividing the entire area of u200bu200bthe apartment into equal shares.
The obligation to endow everyone with property is certified by a notary, where buyers write a corresponding statement. Then it is submitted to both the Social Fund and the bank.
If you bought an apartment on a mortgage, it will be pledged to the bank until the debt is fully repaid. After paying off the loan, all family members will receive their share of the apartment.
If for some reason the borrower stops making mortgage payments, then the collateral cannot simply go to the bank. In the case of maternity capital, guardianship and guardianship authorities should be included in the process so that the rights of the children-owners are not violated.
A special case is if the parents of the children did not register the marriage. Then the certificate is issued only for mother and children. It will not work to give the father a share, even if the parents subsequently formalize the relationship: it is the situation at the time of the birth of the second child and the emergence of the right to mother capital that is important.
If the parents decide to sell the housing acquired with the help of maternity capital, they are obliged to give the children property in another apartment.
ADVICE
When buying an apartment on the secondary market, check whether mother capital was involved in the past to buy it. Such data is provided by the Social Fund. If the maternity capital was used, make sure that the shares were allocated for the family members indicated in the certificate. If the sellers did not allocate shares to the children, they violated their rights, so the transaction may subsequently be challenged by the guardianship authorities.
Rule number 5. No cash!
Maternity capital funds cannot be received in cash — all payments are made in a non-cash form. Naturally, this is not always convenient for sellers. If the transaction goes through without using a loan, the money from the Social Fund is transferred to the seller within one month from the date of confirmation that the buyer has become the owner of the object and the right is registered with Rosreestr. Sellers do not always agree to wait — many are afraid of delays on the part of the buyer and the Social Fund, experts from the Azbuka Zhilya real estate agency say.
If the transaction goes through without a mortgage, the seller of the apartment is in a vulnerable position, because he will have to wait for the receipt of money from the Social Fund.
Therefore, if you are selling housing to a buyer with mother capital who does not have a mortgage, then it makes sense to prescribe in the sale and purchase agreement the condition that you transfer the premises under the acceptance certificate only after receiving all the money and paying the entire cost of your property. And it is better with the transfer of the right to new owners to issue a deposit from the seller until the full payment of the apartment by the buyers.
source: CYANOGEN
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