You need to save 10% of your future home's estimated price on your ASP account over a total period of at least eight quarters of a calendar year (about two years). There is no maximum period for saving.
Loan collateral
In many cases, your future home and the State guarantee are often sufficient as collateral for an ASP loan. Normally, you could be granted a loan for 70% of your home's value, but under the ASP scheme, you benefit from the state guarantee as side collateral to allow you to loan up to 90% of your home's sale price. For the amount of interest-subsidised ASP loan, no fees are charged for the State guarantee.
The maximum amount of interest-subsidised ASP loan is 215,000 euros in Helsinki, 160,000 euros in Espoo, Kauniainen and Vantaa, 140,000 euros in Tampere and Turku, and 120,000 euros elsewhere in Finland. The maximum ASP loan amounts by locality were increased on 15 April 2021.
How is interest determined?
Opening an ASP account in an OP cooperative bank pays off and offers you the best benefits. In addition to the 1% deposit rate of your ASP account, we will pay a 4%* bonus interest rate for the first year of saving and thereafter for the five following years at the most – provided that the ASP terms and conditions are fulfilled and that you buy your home using the ASP scheme.
You can open an ASP account already at the age of 15 to 17 if you have income earned from work. You can choose whether to start accruing the bonus interest immediately or once you turn 18. In either case, bonus interest begins accruing for the year you have selected and for the following up to five years. The bonus interest is paid if the terms of the ASP account are met and you purchase a home with an ASP loan.
The principal and the deposit interest of the ASP account fall within the scope of deposit insurance up to the amount prescribed by law. OP Financial Group member banks are considered a single bank from the perspective of deposit guarantee.
*For accounts opened before 1 October 2019, the bonus interest rate is 2 to 4%, depending on the OP cooperative bank.
Taxation
Deposit interest and bonus interest paid for ASP savings are exempt from taxes, provided that the terms of the ASP scheme are met. If the ASP account is suspended or the ASP terms are not met, the deposit interest is subject to tax at source.
