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Interest subsidy for 10 years

Free state guarantee

Lower margin

An interest-subsidised ASP loan makes it easier for you to buy your first home

The ASP scheme (abbreviated from the Finnish asuntosäästöpalkkio) has many benefits that facilitate the purchase of your first home. 

  1. One of these is the free interest subsidy for the first 10 years. The interest subsidy refers to the part of the loan interest paid by the state. So if the interest rate on the loan exceeds 3.8%, the state will pay 70% of the excess amount of interest.
  2. You also get a free state guarantee for an ASP loan. The state guarantee can cover a maximum of 25% of the loan. We will agree with you separately on the guarantee during the loan negotiation.
  3. In addition, the margin on the ASP loan is lower than on a corresponding ordinary home loan for a first-time homebuyer.

How to obtain an ASP loan from us – first start saving in an ASP account

Start saving in an ASP account well in advance of shopping for your first home. You will get a tax-free annual deposit interest of 1% on your savings on the ASP account as well as an additional interest of 4% for the year in which you open the account and the five subsequent years once you fulfil the criteria of the ASP scheme. 

Once you have accumulated ASP savings equivalent to 10% of the purchase price of the home you plan to buy, you can obtain an ASP loan that is nine times your ASP savings. If the ASP loan is not sufficient for buying the home, you can apply for an additional loan.

You can open an ASP account if you are aged 15–44 and have never owned 50% or more of any home or real estate property. 

Read more about the ASP account

Apply for an ASP loan using our home loan application

You can apply for an ASP loan using our home loan application, and you have to meet all the normal credit granting criteria to obtain the loan. You must also be at least 18 years old to obtain an ASP loan. 

We will contact you and agree on an appointment for a loan negotiation after you have submitted your home loan application. In the loan negotiation, we will discuss the amount of the ASP loan, the loan period, the interest rate and any other questions concerning buying your first home.

Read more about loan negotiations

ASP loans offer a lower interest rate than regular home loans

The interest rate on an ASP loan consists of the margin and the reference rate. We will agree on the margin in the loan negotiation, and the reference rate is determined according to the general interest rates prevailing at the time you take out the loan. 

You will get a lower margin if you buy your first home with an ASP loan than if you buy it with an ordinary home loan.

Read more about home loan interest

The maximum amount of an ASP loan varies according to the location of the home and the number of applicants

The maximum amount of an interest-subsidised ASP loan you can take out depends on where you’re buying your first home. It also depends on whether you’re buying the home alone or together with another applicant for the same ASP loan. The maximum loan amount varies by region and it can only be used to buy one home.

The home to be bought with the ASP loan must be located in Finland and you must buy a share of at least 50% of the home. You can’t take an ASP loan for buying an unbuilt plot or a right-of-occupancy flat.

You can complement the ASP loan with an additional loan

If the price of the home you’re planning to buy exceeds the maximum amount of the ASP loan, you can apply for an additional loan. The maximum amount of an interest-subsidised ASP loan is calculated by multiplying the amount of your ASP savings by nine. The maximum loan amount also depends on where the home you're buying is located. The ASP loan and the additional loan may together amount to no more than 90% of the home’s purchase price. Please note that the additional loan will have the same terms and conditions as an ordinary home loan.

You can obtain a state guarantee for the additional loan in the same way as for the ASP loan. The guarantee may not exceed 25% in both loans. The guarantee for the ASP loan is free of charge, but you will have to pay for the guarantee for the additional loan. The maximum amount of the guarantee is 60,000 euros for one home.

Maximum amounts of ASP loans as of 1 April 2024

Individual applicant for an ASP loan

Helsinki 230,000 euros

Espoo, Vantaa and Kauniainen 185,000 euros

Tampere and Turku 160,000 euros

Other municipalities 140,000 euros

Two joint applicants for an ASP loan

Helsinki 345,000 euros

Espoo, Vantaa and Kauniainen 277,500 euros

Tampere and Turku 240,000 euros

Other municipalities 210,000 euros

Example of an ASP loan and the annual percentage rate of charge (APR)

You can apply for a loan once you have saved 10% of the purchase price of the home you intend to buy in your ASP account.

See our example of an ASP loan

Repayment methods

Nordea offers several repayment methods for home loans. Choose the repayment method that suits you best.

Read more about the home loan repayment methods

State guarantee for home loans

A first home buyer gets a state guarantee for an ASP loan free of charge.

Read more about the state guarantee for home loans

Terms and conditions of ASP loans as of 1 January 2023
Terms and conditions
Prices

The terms and conditions of ASP loans were amended as of 1 January 2024

Key changes:

  • The upper age limit for concluding an ASP saving agreement was increased from 39 to 44 years.
  • Buying a shared home was made easier: using two ASP accounts to buy a shared home increases the amount of the interest-subsidised loan by 50%, provided that both buyers use their personal ASP savings to pay for the home. The increase applies to the maximum amounts of interest-subsidised loans that are specific to each region.
  • The maximum amount of the state guarantee increased to 60,000 euros (from 50,000 euros).

Read more about the ASP scheme on the State Treasury’s website

Foreign currency credit

Consumers are not granted loans in any other currency than euro.

A housing loan is considered to be currency credit if the loan is granted in a foreign currency other than that of the EU Members State or the state of belonging to the European Economic Area where the consumer resides. Furthermore, a housing loan is considered to be foreign currency credit if the consumer receives his or her income in another currency of a state of the European Economic Area or in currency of a state of European Economic Area. 

A foreign exchange risk occurs when the borrower's income or assets to be used to repay the credit are not in the same currency as the credit or the credit is not in the currency of borrower's country of residence. A foreign exchange risk refers to the change in price of one currency in relation to another. During the loan period, the value of the credit or the monthly payment may increase in relation to the borrower's income or assets or the currency of the borrower's country of residence. 

If the foreign currency of the borrower's country of residence, income or assets falls by 20 per cent in relation to the euro, the borrower receives a warning that the borrower's loan amount will increase in borrower's national currency.

Interest and fees on an ASP loan

The biggest expenses in a home loan consist of the loan margin you have negotiated and the reference rate chosen, such as the 12-month Euribor. However, a home loan often includes other smaller expenses, including an initial opening fee or repayment fees. The total of all these costs is expressed through the annual percentage rate of charge (APR). 

Read more about Euribor rates

Example of an ASP loan and the annual percentage rate of charge (APR)

You may be granted an ASP loan after saving for a minimum period of eight calendar quarters in your ASP account by making deposits between 150 and 4,500 euros in each of those quarters. The maximum amount you can borrow is 9 times your ASP savings, but no more than 90% of the purchase price of your home. In addition, the municipality where the home is located affects the amount of the interest-subsidised ASP loan.

Example of an ASP loan:

You take out a loan of 128,000 euros. The loan period is 24 years and the interest rate is 2.64% (April 2025). The APR is 2.8%, including an opening fee of 512 euros and a monthly fee of 2.50 euros for the automatic debiting of loan payments. The number of payments is 288. The total amount of the loan and loan costs is 174,816 euros. The monthly payment (annuity) is 605 euros.

The amount of the loan, the loan period and the interest are a representative example for ASP loans offered by Nordea. The example, however, is only indicative and has been calculated using certain assumptions. This example of an ASP loan does not necessarily correspond to the actual APR charged on the loan granted to you. The example does not account for any interest subsidy paid by the state.

You can check the fees and prices of our home loans from our tariff below.

Common fees on home loans

ItemPrice

Arrangement fee*

0,4% but at least 300 €
Increased arrangement fee for a loan with a third-party pledge or guarantee
The increase is not applied to interest-subsidised ASP loans		100,00 €
Partial drawdown30,00 €
Automatic debiting of repayments of loans drawn down before 1 February 2021, per debit2,30 €
Automatic debiting of repayments of loans drawn down after 31 January 2021, per debit
2,50 €

Adding FlexiPayment to a home loan in Nordea Mobile or Netbank
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee set in our tariff)

0,00 €

Adding FlexiPayment to a new home loan by an employee at a branch or by phone/with a message through Nordea Customer Service

0,00 €
Adding FlexiPayment to an existing home loan by an employee at a branch or by phone/with a message through Nordea Customer Service
(Adding FlexiPayment to an existing home loan always requires automatic debiting of loan payments, which is subject to a fee set in our tariff)
250,00 €
Advance notice of loan debiting by letter or through Netbank0,00 €
Loan payment, paper invoice4,10 €
Payment reminder to the borrower, guarantor or third-party pledger (per reminder)5,00 €
Change to repayment schedule in Nordea Mobile or Netbank150,00 € 
Change to repayment schedule by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Change to due date or loan servicing account in Nordea Mobile or Netbank (minor change to repayment schedule)
0,00 €
Change to due date or loan servicing account at a branch or by phone/with a message through Nordea Customer Service (minor change to repayment schedule)
50,00 €
Change of borrower or a situation where one of the borrowers assumes liability for the loan alone. **200,00 €
Changing the 12-month Euribor reference rate at the end of the interest rate period and changing the Prime rate in Nordea Mobile and Netbank200,00 €
Change of reference rate at the end of the interest rate period by an employee at a branch or by phone/with a message through Nordea Customer Service300,00 €
Change of reference rate in the middle of the interest rate period by an employee at a branch or by phone/with a message through Nordea Customer Service600,00 €
Change to the margin by an employee at a branch or by phone/with a message through Nordea Customer Service250,00 €
Obtaining a guarantor’s or pledge owner’s consent to change the loan terms and conditions, such as the repayment schedule or reference rate35,00 €
Transfer of a loan to another bank upon the customer’s request. Charged to the receiving bank. **150,00 €
Sending of a loan document and collateral to another bank. Does not apply to loans intermediated from government funds.50,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €
Sending of a share certificate to the customer at the customer’s request after it has been digitised 50,00 €
Transaction closing with no loan taken or at the seller’s bank (incl. VAT  25.5%)300,00 €
Transaction closing in branch with a loan taken (incl. VAT  25.5%)150,00 €
Handling fee for digital closing (incl. VAT  25.5%)70,00 €

Charges related to unsecured home loans drawn down after 1 September 2019

ItemPrice
Payment reminder to the borrower, guarantor or third-party pledger (per reminder)5,00 €
Transfer of a loan to another bank upon the customer’s request. Charged to the receiving bank. **150,00 €
Certificate requested by the customer stating the amount of debt and paid interest10,00 €
*) An arrangement fee is charged in connection with the first drawdown and with a raise or renewal of a loan. 
**) Does not apply to loans intermediated from government funds.

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Frequently asked questions about ASP loans

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