Penza, 1 December 2011. PenzaNews. Agency for Mortgage Lending (AML) has developed a special program “Maternity capital”. It allows to use the funds of maternity capital as an initial payment to issue a loan until the child reaches the age of 3 years.

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Chief Executive Officer of AML Marina Malajchik said to the news agency PenzaNews: “Special credit scheme was developed jointly with the Pension Fund of Russia. Agency for Mortgage Lending realize such program in the Penza region”.

She noted that besides the standard package of documents it is necessary to show a certificate for maternity capital and information about the balance fund from the Pension Fund to get the credit. After processing the loan people have to give an application to the Pension Fund on the transfer of capital to the mortage.

The interlocutor of the agency said: “There are several advantages of this program for young families. The first is the opportunity to buy an apartment having only 10% of own funds to pay for it. The second is that the amount of the maternity capital is taken into account before the real money receipt from the Pension Fund of Russia. In 2011, the maternity capital was set at the rate of 365 thousand 698 rubles”.

She explained that ready housing and apartment buildings under construction can be bought in the framework of the program.

Marina Malajchik said: “The minimum discount rate for finished housing is 8.65% per annum in rubles. If the loan is issued for an apartment in a new building the rate will be from 7.65% to 10.75% per annum in rubles”.

The representative of AML added that thanks to state support it is possible to lower the bank rate.

She said: “If a family buys a flat in a new building and takes part in the program “Real Estate” or has the housing certificate, the rate on the loan can be reduced by 1.5%”.

Another advantage of “Maternity capital”, according to Marina Malaychik, is the ability to attract up to four borrowers.

Marina Malajchik noted: “As you need an official confirmation of income, then this will increase the maximum loan amount available to the family. Two borrowers participate in the mortgage. This is the couple who buy a housing. Two other borrows whose income will be taken into account to calculate the maximum amount are relatives or friends”.

She noticed that the maximum term of the loan may be up to 30 years. It will reduce the monthly payment for a family to a comfortable amount by extending the loan period.

She summed up: “The average monthly payment today is for about 11 thousand rubles. The early epayment without penalty is also possible”.