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.

ASP loan interest subsidy

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).

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

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.

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.

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. 

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 2.448% (valid on 3 January 2025), the annual percentage rate of charge of this home loan will be 3.3%. 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 231,151.05 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 959.31 euros every month. The home loan is granted by an OP cooperative bank.

The estimate calculation is indicative only. The loan term, loan amount and interest rate used in the calculation represent a typical loan issued by an OP cooperative bank.

The insurance is issued by Pohjola Insurance Ltd.