How to properly pay off a mortgage using maternity capital
Posted: Wed Feb 19, 2025 3:18 am
Maternity capital can be used to:
pay the down payment on a mortgage loan (in full or in part);
pay off the principal debt (in full or in part).
You can use maternity capital funds to pay off your mortgage even if it was issued before the birth of your child. Here's what you need to do to pay off your mortgage loan using your maternity capital certificate:
Get a certificate from the bank. Request a special certificate for the Social Fund - the bank employee should know what form to use to make such a certificate. It will indicate the contract number, account jordan mobile database details, borrower and co-borrower data, and the amount of debt. This data will serve as confirmation for the SRF that the mortgage loan has actually been issued and has not yet been fully repaid.
Prepare a package of documents. It includes a certificate for maternity capital, a birth certificate or adoption certificate of the child, a purchase and sale agreement, documents on the real estate, documents of the parents (passports, SNILS, marriage certificate). The package of documents may change, so it should be found out in advance from the SFR.
Submit an application to the Social Fund of Russia. This can be done at the MFC, on State Services, on the SFR website, or during a personal visit to the SFR office.
Submit an application to the bank to pay off the debt using maternity capital funds (in full or in part).
Only the child's mother can pay off a mortgage loan using maternity capital funds, even if the loan itself is issued to another person. This right is transferred to the father only in exceptional cases, which include deprivation of the mother's parental rights, restriction of rights, or her death.
If maternity capital is used to pay off a mortgage loan, the law obliges parents to allocate a share in the apartment to the child. This must be done after you have fully paid off the bank and the property has become your property.
Why it is worth paying off your mortgage early
For using any loan you pay interest, the amount of which depends on the rate and the amount of the remaining debt. Two simple conclusions follow from this:
The longer you take to pay off your debt to the bank, the more you will end up paying.
The larger the amount of debt, the more you pay in interest.
pay the down payment on a mortgage loan (in full or in part);
pay off the principal debt (in full or in part).
You can use maternity capital funds to pay off your mortgage even if it was issued before the birth of your child. Here's what you need to do to pay off your mortgage loan using your maternity capital certificate:
Get a certificate from the bank. Request a special certificate for the Social Fund - the bank employee should know what form to use to make such a certificate. It will indicate the contract number, account jordan mobile database details, borrower and co-borrower data, and the amount of debt. This data will serve as confirmation for the SRF that the mortgage loan has actually been issued and has not yet been fully repaid.
Prepare a package of documents. It includes a certificate for maternity capital, a birth certificate or adoption certificate of the child, a purchase and sale agreement, documents on the real estate, documents of the parents (passports, SNILS, marriage certificate). The package of documents may change, so it should be found out in advance from the SFR.
Submit an application to the Social Fund of Russia. This can be done at the MFC, on State Services, on the SFR website, or during a personal visit to the SFR office.
Submit an application to the bank to pay off the debt using maternity capital funds (in full or in part).
Only the child's mother can pay off a mortgage loan using maternity capital funds, even if the loan itself is issued to another person. This right is transferred to the father only in exceptional cases, which include deprivation of the mother's parental rights, restriction of rights, or her death.
If maternity capital is used to pay off a mortgage loan, the law obliges parents to allocate a share in the apartment to the child. This must be done after you have fully paid off the bank and the property has become your property.
Why it is worth paying off your mortgage early
For using any loan you pay interest, the amount of which depends on the rate and the amount of the remaining debt. Two simple conclusions follow from this:
The longer you take to pay off your debt to the bank, the more you will end up paying.
The larger the amount of debt, the more you pay in interest.