The procedure for using family capital funds for housing improvement has been approved in Belarus. The relevant instruction is contained in the Resolution of the Ministry of Architecture and Construction No. 10 of March 31, 2015, published today on the National Legal Internet Portal, according to BELTA.
The procedure for using family capital funds for housing improvement has been approved in Belarus. The relevant instruction is contained in the Resolution of the Ministry of Architecture and Construction No. 10 of March 31, 2015, published today on the National Legal Internet Portal, according to BELTA.
The department's resolution enters into force after its official publication.
Thus, the document states that citizens who have been granted permission to dispose of family capital funds are entitled to use these funds in full or in part to improve their housing conditions in several ways. These include the construction or renovation of premises within a developers' organisation, under a shared construction agreement, for a self-contained residential building, or an apartment in a semi-detached house by contract. It also covers the purchase of residential premises, including those built under state order, major repairs of housing, repayment of loan debt (including preferential loans), repayment of loans (provided by an organisation for the construction or acquisition of residential premises) and payment of interest on their use.
To use family capital funds for housing improvement, citizens must apply to the branch of OJSC "ASB "Belarusbank" at their place of residence or where the "Family Capital" deposit account was opened, with a corresponding application. In addition, documents identifying the person and confirming the representative's authority must be submitted. More details on other required documents are provided in the approved instructions.
Belarusbank will transfer family capital funds to the accounts of legal entities or individuals, including individual entrepreneurs.
Funds transferred by the bank but not used for housing improvement must be returned no later than three months from the date of termination of the agreement or unilateral refusal to perform the agreement, or from the date of termination of membership in the developers' organisation.
News of Belarus (BELTA)