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Use of maternity capital to pay mortgages must become norm - Medvedev

© RIA NovostiRussian President Dmitry Medvedev
Russian President Dmitry Medvedev - Sputnik International
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Use of maternity capital to pay mortgages must become the norm starting in 2011, Russian President Dmitry Medvedev said on Tuesday.

Use of maternity capital to pay mortgages must become the norm starting in 2011, Russian President Dmitry Medvedev said on Tuesday.

Maternity capital could earlier be used to pay off mortgage loans received before December 31, 2010.

"I believe that this norm must be permanent starting next year," Medvedev said in an annual address to the Federal Assembly.

Maternity capital refers to a federal subsidy that is transferred to the Russian Federation Pension Fund budget in accordance with the Federal Law on Additional Measures of State Support for Families with Children, which came into force on January 1, 2007.

A family is entitled to maternal capital following the birth (or adoption) of a second child (or third or subsequent child, if the family has not previously used its right to receive these funds) on or after January 1, 2007.

MOSCOW, November 30 (RIA Novosti)

 

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