Amendments to ASP legislation will enter into force at the beginning of 2023.
The Home Saver’s Bonus scheme (ASP scheme) will be reformed. The Parliament approved the legislative amendments concerning the ASP savings and subsidy scheme in June 2022, the aim of which is to improve the possibilities for people in different life situations to purchase a home.
The key changes are:
- The maximum age for concluding an ASP savings agreement will increase from 39 to 44 years
- To facilitate the purchase of a shared apartment, the use of two ASP accounts for the acquisition of a shared apartment would also increase the maximum amount of the loan: When both apartment buyers would use their own ASP accounts, they could be granted 50% more interest subsidy loans than those who purchase their apartment alone.
- The maximum amount of the free state guarantee included in the ASP loan will increase to EUR 60,000 (previously EUR 50,000).
Electronic data transmission will become mandatory for banks, oversight of legality will be centralised to the State Treasury
The State Treasury administers state-granted interest subsidies, such as ASP interest subsidies. Efficient administration requires that the State Treasury regularly receives all information from banks on ASP agreements, such as opened ASP accounts, loans granted, loan targets, loan periods, securities, balance data and payment delays.
The integrity of data is important not only for efficient administration but also for the overall picture of the liabilities of central government. The popularity of ASP loans has increased in the recent years.
As a result of the legislative amendments, the electronic data transfer method will become mandatory for banks.
The oversight of legality of interest rate subsidies will also be simplified. Municipalities are exempted from their current duties as oversight of legality will be centralised to the State Treasury.
Aiming for a close dialogue with banks
The State Treasury has prepared for new tasks by reorganising its operations. A new group has started in the spring in the lending unit. ASP credits and guarantees focuses on the management of the interest subsidy and state guarantee loan portfolio of individual customers. Soile Karttunen acts as the head of the new group.
The aim of the group is to build a close and functional dialogue with banks, for example by offering practical training to them.