How to use matkapital when buying an apartment or house

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What are the funds used for, what will be the children’s shares and encumbrances during the sale, is it possible to return the money

Most often, maternity capital is used to improve housing conditions. According to the Social Fund of Russia, since 2007, when the program was launched, 14 million families have already received maternity capital, 9.1 million of which used it to purchase or build housing. The size of maternity capital is indexed annually. From February 1, 2024, it is 630.4 thousand rubles for the first child and 833 thousand rubles for the second. The Elite.ru portal tells how to use these funds when buying an apartment or house. The text uses data from the Metrium company.

Purchase, construction or reconstruction

Maternity capital funds can be used to purchase a home with your own money or for a mortgage. Typically, the certificate is used to repay the loan principal, refinance, or make a down payment. In the latter option, it is better to add your own savings. This will increase your chance of getting approved. Starting from 2021, you can apply for the most popular area of ​​the program – the acquisition or construction of residential real estate with a mortgage – directly from the bank, which will also collect the required documents.

In addition, maternity capital can be spent on the construction or reconstruction of a house, including with the use of borrowed funds. Since 2020, subsidy recipients have the right to build a house not only on a plot designated for individual housing construction, but also on a garden plot. However, maternity capital cannot be spent on purchasing a plot and renovating housing, although the authorities have discussed this possibility.

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Amount of children's shares

Shares in the ownership of housing purchased using maternity capital are determined based on the equality of the shares of parents and children using maternity capital funds, and not on all funds from which the apartment or house was purchased. For example, the subsidy paid is 15% of the cost of housing. Then the shares of parents and child must be at least 5%. It is possible to increase the share of children, but to reduce it, permission from the guardianship and trusteeship authority is required.

The shares must be allocated within six months. However, the point at which this time begins to count depends on the payment method. When participating in shared construction – from the date of signing the act of transfer of housing, when purchasing a “resale” – after the maternity capital is transferred to the seller. If the apartment was purchased with a mortgage, then the period is counted from the moment the encumbrance is removed, that is, the loan is repaid. When purchasing an apartment through a housing cooperative – from the moment the last share payment is paid. When building a house – from the moment of its registration in Rosreestr.

Encumbrance upon sale

The use of maternity capital must be specified in the contract under which the housing was purchased. Often sellers of apartments and houses with maternal capital give a discount of 5-10%, because the transaction is complicated by the fact that in order to conclude it the seller must simultaneously purchase a new home approved by the guardianship authorities. And the threat of failure remains until the last moment. It is important to take into account that the living space allocated to the child in a new apartment or house should remain at least the same. Guardianship authorities also check the legal purity of documents for the purchased property. In addition, it is often prohibited to purchase apartments in houses under construction, especially if the child has no other housing.

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Return of maternity capital

A subsidized transaction can only be canceled in a house under construction. The buyer and developer draw up a share participation agreement. While the developer builds the house and puts it into operation, the money for the apartment is kept in an escrow account. The participant in shared construction has the right to refuse the transaction. Then the escrow account is also closed, and within 5 days the funds are automatically returned to the social fund.

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