The ASP system, or home saving path (asuntosäästöpolku), is a system intended for first-time home buyers and its purpose is to make the first-time purchase of a home easier and to encourage goal-oriented saving. Provisions on the home savers bonus system are laid down in the Act on house saving system.
The home saving path starts with an ASP agreement, which the saver concludes with their bank. With the ASP agreement, the bank opens an ASP account in which the home saver makes deposits. When the saver has deposited the required sum in their ASP account and has made the required amount of deposits, the saver can agree on taking out an ASP loan with a bank.
The ASP has the following advantages:
- tax-free annual interest and additional interest on the ASP savings, which is paid when the ASP loan is withdrawn;
- a lower interest rate compared to other similar first-home loans granted by banks;
- government interest subsidy for the first ten years of the loan period;
- free government guarantee for the housing loan.
The State Treasury advises banks and home buyers on applying the ASP regulations.
The State Treasury advises banks and home buyers on applying the ASP regulations. More detailed instructions on ASP system can be found in the Stipulations and instructions section (in Finnish or Swedish).
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ASP saver
A first-time home buyer aged 18 or over can become an ASP saver.
A person who has previously purchased 50 per cent or more of a home is not considered a first-time home buyer. The status of a first-time home buyer is not affected by a home in which a person has obtained ownership free of charge, for example in the form of a gift or inheritance. Therefore, a person who has previously owned a home can also become an ASP saver if they have acquired less than 50 per cent of the previous home or gained ownership of it free of charge.
ASP savers under the age of 18
A minor aged between 15 and 17 may also become an ASP saver, but the deposits they have made to the ASP account must consist of the funds referred to in section 25 of the Guardianship Services Act earned by the depositor through their own work or funds that they otherwise have a right to control.
A minor ASP saver may agree with the bank on whether the bonus interest to be paid when the apartment is purchased is calculated from the start of the deposits (maximum of five years) or the date when the saver turns 18. If the calculation of the bonus interest does not start until when the saver turns 18, only a one per cent annual interest is paid on any deposits made when the saver is 15–17 years old.
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Starting ASP saving and the ASP Agreement
ASP saving begins by entering into an ASP agreement with a bank and opening an ASP account. The ASP agreement includes the terms and conditions for ASP saving, such as the 1% annual interest rate paid by the bank and a bonus interest rate of 2-4% to be paid once the ASP saver has fulfilled the terms of the ASP agreement and purchased their first home.
A first approved deposit of EUR 50–1,500 must be made to the ASP upon opening the account.
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ASP saving
A minimum savings of at least 10 per cent of the price of the home to be purchased must be saved to the ASP account. In addition to the savings deposited to the ASP account, the interest and bonus interest on the savings can be calculated to the 10% minimum required savings. In addition, the required savings may include other assets in the ASP savers own bank accounts.
A minimum of 20 approved monthly deposits must be made to the ASP account. One month’s deposits must amount to at least 50 euros and at most 1,500 euros. However, the ASP saver does not need to make deposits in consecutive months. Instead, they may take breaks from saving, if necessary.
An ASP saver who has opened their ASP account before 1st of June 2026 can in addition to monthly deposits save with quarterly deposits or a combination of these methods. Quarterly deposits are examined on the basis of three-month periods, and one approved deposit is between 150 and 4,500 euros. A person saving on a quarterly basis must make at least eight quarterly deposits.
For an ASP account opened before 1st of June, all deposits made on or after 1st of June 2026 that amount to at least 150 euros are considered quarterly deposits. If an individual deposit is less than EUR 150, it will be considered a monthly deposit. One quarterly deposit corresponds to three monthly deposits.
ASP saving jointly
ASP saving can be started jointly either at the time of the conclusion of the ASP agreement or later during the savings by attaching a joint depositor to an existing ASP agreement. The person being joint to the account must also be a first-time home buyer.
After joining, at least one joint approved monthly deposit (EUR 50–1,500) must be deposited to the account before the purchase of a home.
A shared home can also be purchased on the basis of separate ASP accounts. In this case, both home buyers save funds in their own ASP accounts until the requirements of the ASP loan are met. Either shared or separate loans can be taken out on the basis of two separate ASP accounts. It is not necessary to combine the accounts for the purchase of a shared home if both ASP accounts contain the minimum 10% savings share and 20 monthly deposits have been made to each (or equivalent amounts of quarterly deposits).
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Interest for ASP savings
The bank with which the ASP agreement has been concluded with pays an annual deposit interest rate of 1% to the deposits in the ASP account. In addition, the bank granting the ASP loan pays a bonus interest rate of 2–4 per cent for the deposits in the ASP account that are used for the purchase of a home. The amount of the bonus interest is agreed upon in the ASP agreement.
The bonus interest is paid in connection with the purchase of the home, or in the case of the purchase of a home to be completed later (e.g. a construction project), when funds are withdrawn from the ASP account for the first time. The bonus interest is paid for the first year of deposits followed by up to five calendar years.
If the ASP saver has saved more than 10 per cent of the future home’s purchase price in their ASP account, they may agree on the use of the excess funds with the bank, but bonus interest will not be paid for funds used for anything other than the purchase of a home.
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Changes during the savings period
Transferring an ASP account
It is possible to transfer an ASP account from one bank to another during the saving period. In this case, ASP saving will continue without interruption in the bank to which the account was transferred provided that no funds were withdrawn at the time of the transfer. The ASP account must be transferred to a new bank before purchasing a home and withdrawing a loan. The bank that has granted the ASP loan must pay the additional interest to the ASP savings.
The previous bank must forward the account history to the receiving bank.
Dividing an ASP account
Persons who have entered into a joint ASP agreement may agree with the bank on dividing the deposits in the ASP account. In this case, each has the right to enter into their own separate ASP agreement and to continue making deposits, provided that they do not withdraw funds from the ASP account in connection with the division of the deposits. ASP saving continues without interruption from the date of opening the original ASP account, regardless of the division of the account. Deposits can be split either in half or in some other proportion between the ASP savers according to their wishes.
One saver may also be removed from the ASP account, in which case the account remains solely in the ownership of the other saver. The saver removed from the account may resume ASP saving at a later date if they are still a first-time home buyer.
Termination of an ASP account
The ASP agreement is terminated if funds are withdrawn from the ASP account before the ASP loan has been agreed upon with the bank and a home has been purchased, or if a 50 per cent or a larger share of a home purchased during the saving period without the ASP loan or interim financing based on ASP savings.
The ASP saver can also terminate the ASP account and use the savings for other purposes than purchasing their first home. However, this means that no bonus interest will be paid on the savings in accordance with the terms of the ASP account.
An ASP account can be reopened if the person opening the account is still a first-time home buyer. In this case, a new ASP agreement must be concluded with the bank, and saving will start from the beginning.
Once a minimum of 10 per cent of the savings have been deposited to the account and at least 20 approved monthly deposits have been made, the ASP saver and the bank can negotiate a loan granted on the basis of the ASP savings. An ASP loan refers to:
- An ASP interest subsidy housing loan, which may also have a government guarantee.
- A housing loan covered by a bank’s interest hedging product, which always has a government guarantee.
If the loan does not involve government liabilities, i.e. an ASP interest subsidy or a government guarantee, it is not an ASP loan referred to in the law but an ordinary housing loan. The terms and conditions for such a loan can be freely agreed between the bank and the customer, and it does not fall within the competence of the State Treasury.
The amount of an ASP loan is based on ASP savings and is calculated by multiplying the total amount of accepted deposits in euros by nine. When calculating the maximum loan amount, the approved deposits to an ASP account, an annual interest rate of 1 % and an additional interest rate of 2-4 % on deposits may be taken into account.
The sum of an ASP loan may be up to 90 per cent of the purchase price of a home or the cost estimate for the construction of a home. If an ASP loan is insufficient to cover the purchase price of the entire home, an additional loan that is separate from the ASP loan and has its own instalment plan and loan terms may be agreed upon with the bank. The additional loan will not receive an interest subsidy.
The payment of the purchase price is always started with the funds from the ASP account. Once the funds in the ASP account have been used, the ASP saver may use other funds of their own, followed by a loan.
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ASP interest subsidy and other interest hedging products
When negotiating a loan, an ASP saver may choose either an ASP interest subsidy paid from central government funds or an interest hedging product to be separately agreed upon with the bank.
The terms and conditions of an interest hedging product to be agreed with the bank are always negotiated with the bank and may vary from case to case. The bank’s interest hedging products may also be subject to a fee, in which case the borrower is responsible for the fees. If the borrower chooses a bank’s interest hedging product for their loan instead of the ASP interest subsidy paid from state funds, they will not be able to select the ASP interest subsidy later and the selection will be final.
The interest subsidy paid from state funds and its terms and conditions are provided by law, so they are the same for all ASP borrowers, and the contents of the terms and conditions cannot be separately negotiated with the bank. The interest subsidy is paid for a maximum of ten loan years from the date on which the loan or its first instalment was withdrawn. The interest subsidy covers 70 per cent of the portion of the interest rate that exceeds 3.8 per cent of the loan’s remaining capital.
The interest subsidy paid from state funds involves, for example, restrictions on the price and use of the home, which are described in the sections Maximum amount of an ASP interest subsidy loan and ASP monitoring.
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Maximum amount of an ASP interest subsidy loan
If the ASP interest subsidy paid from central government funds is selected for an ASP loan, the maximum amount of the loan is limited by municipality.
The maximum amount of a loan to be granted to one person is
Municipality in which the home is located Maximum amount of the loan, EUR Espoo, Helsinki, Kauniainen, Oulu, Tampere, Turku, Vantaa 230,000 Municipality other than the those mentioned above 160,000 The maximum amount of a loan to be granted to two persons is:
Municipality in which the home is located Maximum amount of the loan, EUR Espoo, Helsinki, Kauniainen, Oulu, Tampere, Turku, Vantaa 345,000 Municipality other than the those mentioned above 240,000 If the loan is not withdrawn as an ASP interest subsidy loan but is protected with another interest hedging product, the municipality-specific loan ceilings do not apply.
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Government guarantee for an ASP loan
A free government guarantee may be added to an ASP loan. The ASP borrower and the bank granting the loan must agree on the guarantee in writing during the loan negotiations before the purchase of a home.
The amount of an ASP loan with a state guarantee may be up to 90 per cent of the purchase price of a home. The government’s liability is at most 25 per cent of the current capital of the loan, but does not exceed EUR 60,000.
If the borrower needs an additional loan that is not granted based on the ASP savings in addition to the ASP loan, the government guarantee may be divided between the ASP loan and additional loan. The total amount of loans may therefore not exceed 90% of the purchase price of the home. The government’s liability is at most 25 per cent of the capital of each loan. The guarantee for the additional loan is subject to a fee.
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Conditions for a home purchased with an ASP loan
A home purchased with an ASP loan must be located in Finland (excluding Åland).
A home refers to at least half of the shares or stakes entitling to the possession of an apartment, a residential property or a residential building located in an area under the right of use of the home.
An ASP loan can also be used for acquiring a home that is currently under construction or for building a new home.
Please note:
- The home to be purchased may only include living quarters and facilities directly related to living there that are reasonable considering the home size. In addition to a residential building, such facilities include for example parking spaces, garages and saunas as well as storage buildings.
- The home to be purchased must be suitable for permanent and year-round residential use, so it cannot be, for example, a leisure home or a commercial space.
- A condominium loan share can be included in the purchase price, as long as it has been valued and verified per apartment, or is otherwise known, and it is paid off as soon as possible.
- A part-ownership home can be bought if at least 50 per cent of the shares will be owned by the ASP borrower and at least 50 per cent of the shares or stakes are being traded. Also, the remaining share of a home of which one has inherited or been gifted partial ownership can be bought from the estate (at least 50 per cent).
- An ASP loan cannot be granted to cover costs related to right-of-occupancy housing.
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Purchase of a shared home
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Interim financing
If an ASP saver wants to purchase a home before the required amount of savings and the number of deposits that have been made, the ASP saver can acquire the home with interim financing without losing their right to the ASP system’s benefits, such as the additional interest rate, an interest subsidy and a free-of-charge government guarantee.
Interim financing may be used if at least 10 approved monthly deposits (or an equivalent amount of quarterly deposits) have been made to the ASP account and 5% of the purchase price of the home has been deposited. After being granted interim financing and purchasing a home, the ASP saver will continue to make deposits to their ASP account until at least 20 approved monthly deposits have been made and 10% of the purchase price of the home has been saved.
Before acquiring a home, the borrower and the bank must agree in writing on the use of interim financing and the ASP loan that will replace it.
Once the necessary savings have been deposited in the ASP account, the interim financing will be converted into an ASP loan. Interim financing must be converted into an ASP loan no later than two years after the purchase of the home (applies only to interim financing granted on 1st of June 2026 and thereafter).
You can apply for a state guarantee (up to 20 per cent of the loan) as security for the interim financing, if necessary. In this event, a 2.5 per cent guarantee fee is paid for the guarantee sum, which is not returned to the borrower once the interim financing is replaced with an ASP loan.
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Loan period and instalment-free periods
The maximum loan period for an ASP loan is 25 years from at the date on which the loan or its first instalment was withdrawn. A later extension of the loan period is possible.
During the loan period, the borrower and the lender may agree on instalment-free periods totalling no more than four years. However, continuous instalment-free periods may be granted for a maximum of two years at a time. Instalment-free periods can therefore extend the loan period to a maximum of 29 years.
If the loan’s repayment method is equal instalments, i.e. the monthly instalment of the loan includes both the repayment of the loan capital and interest costs and remains the same throughout the loan period, the loan period may also be extended to more than 29 years as interest rates increase.
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Changes during the loan period
Transfer of the loan to a new bank
An ASP loan may be transferred during the loan period to another bank. The borrower will agree on the transfer of the loan with the new bank. The loan must be transferred to a new bank as such, meaning for example that the amount of the loan may not be increased in connection with the transfer. Even after the transfer, the loan period and any interest subsidy period are calculated from the time the original loan was granted.
At the time a loan is transferred, the bank that previously granted the loan is obliged to provide the new bank with the necessary information to enable the loan to be transferred unchanged.
Transfer of the loan to a new home
The ASP saver can transfer the ASP interest subsidy loan they have used to purchase their first home to a new dwelling, if they want to move but still want to retain their ASP benefits, such as a free government guarantee and interest subsidy.
If the first home is sold, the new owner-occupied home financed with an interest subsidy loan must be purchased within two years. If a new home is not purchased by the deadline, the loan must be repaid and the borrower loses their right to the interest subsidy and other ASP system benefits such as a free-of-charge government guarantee (does not apply to loans for homes that have been sold before 1st of June 2026).
Changes to borrowers
During the loan period, there may be changes in the borrowers of an ASP loan.
A shared ASP loan can be divided into two separate loans. The loan amount is divided between the borrowers in half or into other shares agreed by the borrowers.
One of the borrowers of a shared ASP loan can redeem the other share of the purchased home and take over the loan alone.
However, a new borrower can no longer join the ASP loan after it has been withdrawn, as it is always based on the ASP agreement and can only be granted to the parties to the agreement.
The purpose of the home saving system is to support borrowers in purchasing their first home for their own use. If the ASP loan has been granted as an ASP interest subsidy loan, the home must be used as a permanent residence for the borrower during the interest subsidy period (10 years after the loan or the first instalment has been withdrawn).
As an exception, the home may be temporarily leased, kept empty or otherwise in other than the borrower’s own permanent dwelling use for a maximum of two years during the interest subsidy period. All periods during the interest subsidy period during which the home has been leased or otherwise not in the borrower’s own permanent residential use are added up, and the total duration of the periods must not exceed two years. It is not necessary to state reasons for the use of the home as a non-residential dwelling, and the ASP borrower may temporarily use the home for any other purpose.
After the end of the interest subsidy period, the home will no longer be subject to any restrictions on use or transfer.
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Notification on the use of the home
The borrower is not obliged to notify of or request permission to use the home temporarily for purposes other than their own housing purposes from the State Treasury if the period last for two years or less. During the interest subsidy period, the borrower may notify the State Treasury that the home has been transferred to use other than their own on a basis that is not temporary, after which the State Treasury will terminate the interest subsidy starting from the end of the month during which, according to the notification, the home is not used by the borrower.
You can submit the notification in free form or using the notification form (in Finnish).
The notification can be sent to the State Treasury either by e-mail to asp@valtiokonttori.fi or by post to:
State Treasury
Loans and Guarantees / Personal Financing
PO Box 14
FI-00054 State TreasuryThe notification should also be sent to the lending bank.
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State Treasury’s monitoring task
The State Treasury monitors the use of ASP interest subsidy loans under the law.
If the recipient of an ASP interest subsidy loan has used the home purchased with the ASP loan for a purpose other than that referred to in the law, or provided materially incorrect information when applying for the loan, or concealed matters that significantly affect the granting of the loan, the interest subsidy may be terminated by a decision of the State Treasury. The State Treasury may also oblige the recipient of the interest subsidy to repay the received interest subsidy back to the State at maximum double its amount.
From the perspective of the State Treasury’s supervisory task, it is particularly important that the ASP interest subsidy borrower ensures that their address information is always up to date and that any changes are reported to the Population Information System.
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Enforcement procedure
If the State Treasury finds that the home purchased with an ASP loan may have been used for an unlawful purpose, it will launch an enforcement case in which the borrower is asked to clarify the use of the home. Under the Act, the ASP interest subsidy loan recipient is obliged to provide the State Treasury with the information necessary to establish that the ASP interest subsidy loan has been used for an approved purpose. If a supervisory matter is initiated, the borrower always has the right to be heard and to make a statement on the matter to the State Treasury. The State Treasury will investigate the matter on the basis of the available data and the data provided by the borrower before making a decision on the matter.
If the State Treasury finds that a home purchased with an ASP interest subsidy loan has not been used for legal purposes, the State Treasury will terminate the interest subsidy and, at its discretion, may recover the paid interest subsidy at maximum double its amount. If it is considered that the use of a home purchased with an ASP interest subsidy loan has been in compliance with the law, there will be no changes to the interest subsidy for the ASP interest subsidy loan.
The issuing bank is also notified of the decision to terminate the interest subsidy.
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The bank’s responsibilities
An enforcement task will also result in statutory obligations for the bank that granted the ASP interest subsidy loan, and the bank must provide the State Treasury with the information necessary for the enforcement. The bank must submit the loan information to the State Treasury using a technical interface.
From the perspective of the State Treasury’s supervisory task, it is particularly important that the bank that granted the loan ensures that the information provided through the technical interface is correct and up-to-date.
If necessary, the State Treasury may also request clarification from the bank in other ways, if this is required in order to resolve the enforcement matter.
