Is it possible to repay a consumer loan with parent capital?

Currently, a huge number of Russian citizens are burdened with credit obligations. Many families prefer not to delay buying expensive equipment, cars and other things, but to use the bank's services and issue a long-term consumer loan.

Meanwhile, in the future, some people may have difficulties associated with the need to monthly repay a portion of the borrowed amount, as well as interest on the contract. If, at the same time, the borrower is a happy owner of a certificate for maternity capital, he may have a question whether it can be used to repay a consumer loan. In this article we will try to understand this.

Is it possible to close a consumer loan with parent capital?

Admissible ways of selling maternity capital are strictly defined by the current legislation. According to the law, it is possible in principle to close or repay a loan with the help of this amount, but only if the loan was issued by the creditor for the purpose of acquiring or constructing a dwelling, and this circumstance must necessarily be spelled out in the text of the loan agreement .

Proceeding from this, it is not possible to direct the maternity capital to repay the consumer loan, since the citizen disposes of this loan at his own discretion, and the text of the contract on his grant does not indicate anywhere for what purpose he is being issued. By the way, this also applies to the situation when the proceeds of such a loan go to purchase a home or to close a mortgage loan, however, initially its intended purpose could be anything.

Meanwhile, if the loan amount is not too large, the parent capital will be able to help repay it in whole or in part. So, until 31.03.2016 every mother who has the right to dispose of this payment has the right to apply to the Pension Fund and receive 20,000 rubles in cash. This amount can be used for any purpose at the request of the family, including the repayment of consumer credit.

Is it possible to take a consumer credit for maternity capital?

Some families that are eligible for maternity capital are also attempting to formalize a consumer loan in order to close it with the financial support provided by them. In the overwhelming majority of cases this is also a violation of the law, however, there is one exception.

Today, some banks allow you to issue a targeted consumer loan using the means of the parent capital. In this situation, when drafting the contract, a specific appointment of a sum of money transferred to the future debtor with a detailed description of the acquired residential property object is prescribed. In particular, if the means of the family certificate are used to pay for the purchase of an apartment, all the characteristics of the apartment must be indicated in the text of the contract, as well as the address of the apartment.

It is worth noting that even in this case the owner of the parent capital will not be able to receive all of its amount in cash. After approval of the future transaction by the Pension Fund of the Russian Federation, the payment will be transferred to the seller's account by bank transfer.