When buying a home, you can obtain a state guarantee for your housing loan. You can obtain a state guarantee automatically upon the granting of a housing loan only by agreeing on it with us, i.e. you don’t have to apply for it separately.
In the case of an ASP loan, a state guarantee means that when you have saved the required 10% of the home price, you don't need any other security than your home: for instance, you don’t have to ask your parents to assist you with the security. The state guarantee is free of charge for ASP borrowers, and there is no guarantee fee. An ordinary borrower must pay 2.5 per cent of the guaranteed amount as a guarantee fee.
Other preconditions for a state guarantee are that the borrower pays at least 50% of a home and that the home is bought for the borrower’s or his or her family’s own use as a permanent residence. The home must be located in Finland.
In the case of an ordinary housing loan, a state guarantee may be obtained for no more than 85 per cent of the purchase price. A first home buyer may obtain a state guarantee for up to 90 per cent of an ASP loan with interest subsidy. It can also be obtained for a supplementary loan subject to a fee. The longest possible loan period for a loan with a state guarantee is 25 years.
Interest subsidy without a charge
The state guarantee for an ASP home-saving loan includes a free interest subsidy which provides additional cover for a housing loan for 10 years. The interest subsidy hedges you against increases in the interest rate: if the interest increased, the state would pay 70% of the interest that exceeds 3.8%. Even if the interest on an ASP home-saving loan is always lower than that of an ordinary housing loan, it may sometimes go up even sharply.
Your own home affordably with an ASP loan
If you are buying your first home and are 15–39 years old, the ASP Account is the most affordable solution for home saving. The free-of-charge state guarantee is one of the many advantages of an ASP home-saving loan. For instance, you don’t need to make a deposit on an ASP home savings account every month, and we pay 4% of additional interest on the account, besides the deposit interest. Read more about the ASP Account here.