ASP – the key to your first home
ASP (abbreviation for the Finnish word for bonus system for first home savers) is a Finnish system intended for making it easier for young people between 15 and 44 to buy their first home. When you sign up to become an ASP saver, you can accumulate money in your ASP account to help you to buy your first home. When the time comes to buy your first home, if you meet the ASP savings agreement terms and conditions, you will get tax-exempt interest on your savings and a state guarantee as an additional collateral for your home loan.
Already accumulated your savings?
Tax-exempt interest on your savings
If the terms of the ASP saving agreement are met, Danske Bank will support the ASP saver by paying 4% added interest on the savings in connection with the purchase of the home in addition to the regular interest of 1%.
The added interest is paid on that part of the deposit which corresponds to 10% of the purchase or acquisition price of the home.
Affordable ASP home loan and state interest subsidy
Once you’ve saved for your first home under the ASP saving agreement, you can apply for a subsidised-interest ASP loan. With the interest subsidy, you are protected against potentially increasing interest levels. The state subsidises your loan interest by 70% for the part in excess of 3.8% during the first 10 years of the loan.
Home and state's guarantee as collateral
When you buy a home, you get a state guarantee for your home loan when the ASP saving agreement terms and conditions are met. This means the home you buy and the state guarantee are usually sufficient as collateral for ASP funding. You won’t necessarily need additional collateral besides this.
How to open an ASP account
Make an ASP saving agreement, open an ASP account and start saving!
To make a saving agreement and open an ASP account, call our customer service. If you wish, you can add your partner or another joint saver to the ASP account.
When you phone our customer service, select Loans > Other loan matter in the menu. Have your bank identifiers at hand so that we can identify you during the call. If needed, we will book an appointment for you at a branch or after the call we will send the required documents to eBanking to be signed.
If you are a minor or are opening an ASP account with your partner, you will need to book an appointment at a branch by calling our customer service. Opening an ASP account for a minor requires a visit to a branch together with the child’s guardians.
How to apply for an ASP loan
When it’s time to buy your own home and you’ve accumulated the funds required for your first home in accordance with ASP account terms and conditions, you can apply for an ASP loan.
When the ASP saving agreement is met and you buy your first home, you get a state guarantee for your loan and besides the 1% basic interest paid by Danske Bank on your savings, you will also get 4% bonus interest.
Terms and conditions
We pay 1% interest on the deposit and add this to the savings in the ASP account at the end of each calendar year. On top of this, 4% bonus interest is paid on the account for the year in which the account is opened and for at most the five following years. This bonus interest is paid once the saver has met the terms and conditions of the home saver’s agreement, the savings target has been met and the ASP loan has been taken out. Bonus interest is paid on the amount of the deposit that corresponds to 10% of the purchase or acquisition price of the home.
The interest on ASP accounts is calculated daily on the final balance in the ASP account. Interest is calculated based on actual days.
You get tax-exempt deposit interest and bonus interest when you save in accordance with ASP account terms and conditions and take out an ASP loan to buy your first home. If the ASP is closed for a reason other than buying an ASP first home, withholding tax is payable on the interest paid on the ASP account. Bonus interest is also paid in the event that the ASP saver takes out an ordinary loan instead of an ASP loan provided that the ASP account terms and conditions are met. The bonus interest is paid by the bank granting the loan irrespective of which bank the ASP was opened with.
Before applying for an ASP loan, you must have made deposits of 150 - 4,500 per quarter into your ASP account in at least 8 quarters and the sum total of the deposits, interest and bonus interest must be at least 10% of the purchase or acquisition price of the home.
You can open an ASP account alone or together with a co-saver. Another saver can be added to an ASP account at a later date. It is also possible to combine existing ASP accounts with another person before buying a shared home.
An ASP loan consists of an interest-subsidy ASP loan and possibly an additional home loan. The statutory maximum amount of the interest-subsidy loan depends on where you buy the home as follows: Helsinki: €215,000; Espoo, Vantaa and Kauniainen: €160,000; Tampere and Turku: €140 000; rest of Finland: €120,000.
You can also get state’s guarantee to your additional home loan. For ASP-loan you can get the state’s guarantee free of charge, but for the additional loan, there is a fee, which depends on your loan amount
The interest subsidy provides good protection against any rise in interest rates. The state will pay interest subsidy of 70% of the interest on your loan for the part that exceeds 3.8% during the first ten years of the loan. The home you are about to buy together with the state guarantee for home loans are usually sufficient collateral for ASP funding.
The maximum maturity of the ASP loan is 25 years.
- Service price list for housing loans
- General terms and conditions of lending
- European standardised information sheet (ESIS)
Join the Benefit Programme to receive better service fees for loans.
This is not an offer from the bank. Loan terms and conditions are agreed personally. Eligibility for a loan requires a positive credit decision. Danske Bank checks the customer’s credit report with Suomen Asiakastieto Oy when making the credit decision.
Example housing loan: If the customer takes a housing loan of €170 000 where the loan term is 25 years and the reference rate for the loan is the 12-month Euribor, the total interest rate of the loan would be 4.334% (4.510% Average Percentage Rate calculated according to the Consumer Protection Act). The total amount of the credit and other credit expenses is €282,341.45, including the origination fee of €1,020 and an automatic account debiting charge of €2.70/payment. The number of payments is 300. The example has been calculated based on interest information valid on 5 January 2024.