ASP loan

Interest subsidy loan and state guarantee for first-time homebuyers

You are entitled to a government interest subsidy on your ASP loan

You are entitled to a government interest subsidy for up to ten years on your ASP loan or part of it. The interest subsidy helps pay off your loan instalments if interest rates rise.

You can get a state guarantee for your ASP loan

You can get a free state guarantee for your ASP loan. With the state guarantee, your ASP loan may be up to 90% of your home’s purchase price.

You get many benefits as an OP cooperative bank owner-customer

When you are an OP cooperative bank owner-customer, you also earn OP bonuses on your ASP loan. OP bonuses are used to pay insurance premiums and bank service fees, for example. You also get valuable discounts on banking and insurance services.

Apply for an ASP loan or consent to joint application

Start applying for an ASP loan, continue with the application you started or add the required attachments.

Apply for an ASP loan

Confirm a joint ASP loan application initiated by another applicant.

Go to consent

Start applying for an ASP loan, continue with the application you started or add the required attachments.

Apply for an ASP loan

Confirm a joint ASP loan application initiated by another applicant.

Go to consent

What is an ASP loan?

The ASP system is based on the Act on Bonus for Home Savers. In the system, the state assists first-time homebuyers. ASP loans have a more affordable interest rate than ordinary home loans.

You are entitled to a government interest subsidy and a free state guarantee on your ASP loan or a part of it. The interest subsidy is valid for 10 years: if the interest on your ASP loan exceeds 3.8% during the interest subsidy period, the state pays 70% of the interest exceeding that rate. You can get a state guarantee of up to 60,000 euros per home (as of 1 January 2023).

In ASP loans with an interest subsidy, the maximum loan amount depends on where the home is located and the number of ASP loan applicants.

Maximum amount of ASP interest subsidy loan as of 1 April 2024

Municipality	One ASP loan applicant	Two ASP loan applicants
Helsinki	230,000 euros	345,000 euros
Espoo, Vantaa and Kauniainen	185,000 euros	277,500 euros
Tampere, Turku	160,000 euros	240,000 euros
Other municipalities	140,000 euros	210,000 euros

If the price of the home is higher than the maximum amount of your ASP interest-subsidy loan, you can apply for an additional ASP loan to cover the difference.

To receive an ASP loan, you need an ASP account

The journey towards buying a first-time home begins with opening an ASP Account. You can open an ASP Account and conveniently start saving with the ASP Account at op.fi. You can get started with saving just 50 euros a month.

When you save at least 10% of the home purchase price into the ASP Account and meet other terms and conditions under the ASP scheme, we will lend you the rest. In order to get an ASP loan, you must save into the ASP Account for at least eight quarters.

Learn more about and open an ASP Account

What collateral is required for an ASP loan?

As with all home loans, sufficient collateral accepted by the bank is required for an ASP loan. Generally, 70% of the value of the home being purchased is accepted as collateral. In addition to the home, you can receive a free state guarantee of up to 60,000 euros for an ASP interest subsidised loan. In many cases, the state guarantee and the home being purchased are sufficient collateral for an ASP loan.

If you need a larger loan than the collateral value of your home and the state guarantee, you may need additional collateral. When you apply for an ASP loan from us, we will get in touch with you as soon as possible. Our expert will let us know if you require additional collateral.

ASP temporary financing

You can buy your first home or start building it, even if you don’t yet have enough savings in your ASP Account or haven’t saved for the required number of quarters. In such a case, you can apply for ASP temporary financing as a normal home loan, to be agreed separately with your bank.

You can apply for ASP temporary financing when you have saved the required amount in your ASP Account for at least four quarters.

During the temporary financing period, you will continue ASP saving until you have 10% of the home’s price. When you’ve fulfilled the ASP loan’s terms and conditions, the temporary financing can be converted into ASP loan financing. If you apply for ASP temporary financing jointly with another applicant, both applicants must fulfil the terms and conditions. 

ASP loan terms and conditions

Loan Terms and Conditions (pdf)
Terms and Conditions of Pledge as of 14 Dec 2017 (pdf)
Guarantee Terms and Conditions as of 14 Dec 2017 (pdf)

Example calculation: Home loan is a one-off loan. Let's look at a home loan where the loan amount is 170,000 euros. The loan term is 20 years. The loan margin is 0.7%. Calculating with the 12-month Euribor of 3.390% (valid on 31 July 2024), the effective interest rate of this home loan will be 4.3%. In addition, a loan servicing fee of 2.50 euros will be charged each month. When the loan is drawn down, a one-off origination fee of 680 euros will be charged. The estimated total cost of the loan is 251,741.78 euros.

In this calculation, we assumed that the entire loan was drawn down at once, that the loan interest rate, fees and charges stay the same throughout the loan term and that the loan is repaid in equal payments of 1043.59 euros every month. The home loan is granted by an OP cooperative bank.

The loan is granted by an OP cooperative bank.

How do I start ASP saving?

The first step is to open an ASP account. You can open an ASP account if:

you are aged between 15–44
you do not currently own and have not in the past owned at least one half of a home. You can open an ASP account if you have received a part of a home (less than 100%) without consideration, such as a gift or inheritance.
you do not yet have an ASP account. If you have already opened an ASP account with another bank, you can transfer the account to an OP cooperative bank with no interruption in saving for your first home.

Persons aged 15–17 can open an ASP account at a bank branch accompanied by a guardian. Money saved on the account must be income earned by the underage person.

What is the deposit interest rate on an ASP account?

In an ASP account, your savings earn a better interest than normal. In addition to the 1% deposit rate, we pay a 4%* bonus interest rate for the first year of saving and for the five following calendar years at most. The additional interest is paid when you have reached your saving target and you withdraw the ASP loan.

*For accounts opened before 1 October 2019, the bonus interest rate is 2% to 4%, depending on the OP cooperative bank.

When can I apply for an ASP loan?

You can apply for an ASP loan when you have saved at least 10% of the home’s purchase price. At least a part of the savings must be in the ASP account and you must have made deposits to the account for at least eight quarters.

You can apply for an ASP loan online by submitting the home loan application. In the application, specify that you are applying for an ASP loan.

How is the ASP loan repaid?

When you take out an ASP loan, you and the bank agree on the repayment method, loan term and monthly instalment. The most common loan repayment methods are variable annuity and equal amortisation.

With a variable annuity, the loan term always stays the same. The loan repayment amount is reviewed on the interest adjustment date and if the reference interest rate has increased, the loan instalment also increases.

With an equal amortisation, the repayment of the loan principal stays the same and the amount of interest varies depending on the remaining principal and the interest rate. Because the principal is divided into instalments, the loan is repaid according to the agreed loan term.

If necessary, you can also apply for a repayment holiday during which you only pay the interest.

How can I ensure that I am able to repay the loan?

All kinds of unexpected things can happen during a long loan term. You can get additional security for your finances by insuring your loan. For example, loan protection insurance helps with monthly instalments if you become ill or lose your job.

Learn more about securing your finances