With the advent of a child and the joy associated with this event, both the expenses and the need to improve living conditions come. The state provides the so-called "maternity capital" after the birth (or adoption) of the second and subsequent children.
The amount of maternity capital is provided only in the form of a non-cash payment. Any attempt to cash it out is illegal. When committing such an unlawful act, the holder of the certificate for a financial subsidy falls under the article on the misuse of public funds. The law provides for only three main areas of use of the money received.
Improving living conditions
The law stipulates that the amount of maternity capital (in whole or in part) can be used no earlier than when the child reaches the age of three (or three years after the date of adoption). The exception to this scheme is the purchase of housing.
In cases where maternity capital funds are used to pay a mortgage loan, purchase or build housing, you can use them without waiting for three years from the date of the child's birth. The concept of "improving housing conditions" also includes overhaul of an existing house. The main condition: the acquired (under construction, renovated) housing must be located in the territory of the Russian Federation.
Child's education
The second direction of using maternity capital is the education of the child. This includes not only education at a university, but also the maintenance of children in a kindergarten or a similar institution that provides preschool education or basic general education programs (primary and complete). The subsidy can be split into parts, covering the child's need for all levels of education.
You can study with the money received exclusively on the territory of the Russian Federation. An organization providing educational services must have state accreditation. The capital can be used for any of the children, if his age at the time of the start of education has not reached 25 years. So far there is no permission for the use of these funds for the purpose of education by the parents of the child, but such proposals have already been expressed by some deputies.
Increasing the pension of the mother of the child
The third legal way to spend maternity capital is to increase the funded part of a woman's pension. This is the least popular option, used by only 2% of families. Often, the amount spent on retirement savings is the remainder of the subsidy being used for other purposes. It is allowed to send funds both to the state and to any non-state pension fund.
