Frequently asked questions

If you are over the age of 44, you can take out an ASP loan if you have opened an ASP account and made at least one approved deposit (minimum 150 euros) to your ASP account before the age of 45.

Interest subsidies are paid for the first 10 years after the loan has been taken out. The interest subsidy is paid if the interest rate applied to the ASP loan exceeds 3.8 per cent. The interest subsidy amounts to 70% of the amount exceeded.

The ASP borrower does not need to apply separately for an interest subsidy, but it is always paid if the interest on the loan exceeds 3.8 per cent. The bank will charge the borrower interest with the state interest subsidy subtracted. The State Treasury pays the interest compensation directly to the bank twice a year on the basis of the loan information provided by the bank.

Two ASP savers can buy a shared home with either shared or separate loans. In this case, the maximum amount of the ASP loan is 50 per cent higher than the maximum amount of the ASP loan per municipality.

If the loan is shared but the ASP savers have separate ASP accounts, the sum of the savings of the two separate ASP accounts can be used to calculate the maximum amount of the ASP loan. A maximum of EUR 4,500 per quarter shall be taken into account for the aggregate deposit on the accounts. If the total amount of savings exceeds 4,500 euros during a quarter, the savings can be divided and approved in varying amounts (e.g. 150 euros + 4,350 euros). All of the deposits can, however, be observed in the calculation of the 10 per cent required savings.

If the ASP savers want to have separate loans and ASP accounts, the maximum amount of the ASP loan is calculated separately for both savers. Both must have saved 10% of the purchase price of a home during a minimum of eight calendar quarters. The maximum amount shall be calculated on the basis of deposits of up to EUR 4,500 per quarter.

You cannot open an ASP account if you have owned more than 50 per cent of an apartment in a foreign country.asp

Purchasing a home occurs on the day that you sign the bill of sale on your home. This is not the same as the date on which the ownership of the home is transferred to you. The ownership of the home may be transferred to the buyer later due to the remaining sale price of the apartment being paid later when the home is assigned to the buyer, for example. For those who are building a detached house, the home is deemed purchased when they start construction.

An ASP loan can include a plot of land in case of building a detached house. A plot alone is not a first home as referred to in the law. The required amount of savings (10 per cent) is calculated based on the total cost estimate of the construction of the plot and the detached house. Construction must begin immediately after the acquisition of the plot.

When buying an apartment, the share of the plot allocated to a condominium can be included when calculating the ASP loan if the plot is purchased together with the apartment.

You may agree with the bank on interim financing, if you wish to purchase a home before you have met the terms of the ASP agreement. Interim financing can be granted if you have made a deposit to an ASP account for at least four annual quarters. If you purchase an apartment before you have made at least four deposits, the ASP agreement is terminated. This means that you will no longer be eligible for the ASP benefits.

The terms of the interim financing are agreed with the bank, and ASP loan terms are not applied to this form of financing. However, a future ASP loan will also be agreed upon when concluding a contract on interim financing. Interim financing cannot come from parents or family members. Instead, it must be a loan granted by the bank. Your own funds on the ASP account cannot be utilised at this time either.

When you purchase an apartment using interim financing, you must agree with the bank on the savings schedule for the missing deposits and the time at which the interim loan is replaced with the ASP loan. You must continue to make deposits into the ASP account until you have saved the required sum (at least eight deposits, whose sum corresponds to ten per cent of the purchase price of the apartment). The recommended maximum period of time for this sum to be saved is two years. Interim financing must be replaced with the ASP loan immediately when the criteria for granting an ASP loan are met, i.e. when the required savings and calendar quarters are fulfilled.

You cannot withdraw the down payment or retainer required from the ASP account before the sale is closed, but you may use other own funds for payment. The portion paid before the sale is closed reduces the amount of the final loan, because you are not eligible for a loan for this portion. Neither can the portion paid before the sale is closed be calculated into the 10 per cent required savings. There can only be one date of conclusion of sale: the date on which the bill of sale is signed. In terms of ASP loans, there are no such things as an “initial sale” and a “final sale.” The sale price can be paid to the seller in several instalments, but there is still going to be one date of conclusion of sale, and it is usually when the first instalment is transferred to the seller.

The payment of the purchase price is always started with the funds from the ASP account. After this, it is possible to use other own funds, followed by the loan. In other words, the order is always as follows: 1. funds in the ASP account, 2. other own funds, and 3. loan.

The ASP interest subsidy loan is eligible for a state guarantee free of charge. The state guarantee may be up to 25 per cent of the loan sum. You must agree on the guarantee in writing during the loan negotiations before you close the sale on your home. The bank and the customer may agree on the securities for interim financing. You can apply for a state guarantee (but only 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 once the interim financing is later replaced with the ASP loan. The guarantee fee is not returned if the deal is closed on or later than 1 January 2017.

You are also eligible for the tax-exempt additional interest if you take out a non-ASP housing loan. However, in that case, you must meet all other conditions of the ASP agreement and you must purchase or build a home with your ASP savings.

In the event that the saver does not take out a mortgage for the purchase of the first home, no additional interest will be paid.

General reference rates applied to housing loans may be used as a reference rate for ASP loans, such as the Euribor or fixed rate. Interest rate hedging such as interest rate caps or interest rates cannot be applied to ASP loans.

You can rent the ASP home for up to two years during the interest subsidy period and only for a justified reason. Studying or working abroad or outside the commuter area, as well as military service, are considered special circumstances.

As a rule, the interest subsidy ends if the home is sold, and the ASP loan is repaid. However, an ASP loan can be transferred to a new home if the borrower uses the ASP loan to finance the new home for their own permanent use. The transfer of the loan must always be agreed upon with the bank before the sale. The purchase price shall be deposited to the collateral account for the duration of the transfer.