Today, almost every payer of an asp loan benefits from the interest subsidy provided by the government. Using HS's calculator, you can determine how much interest subsidy you qualify for based on your loan. Asp mortgages automatically have a partial interest cap, meaning that if the total interest rate exceeds 3.8 per cent, the government will cover 70 per cent of the excess interest. This interest subsidy is applied for the first ten years after taking out the loan.
The process of obtaining an interest subsidy is simple because the bank automatically returns the interest on the loan, and then invoices the support they provided to the State Treasury, which manages the financial affairs of the state. In recent years, interest subsidization has become more relevant as interest rates have risen. As Euribor rates rose, many loans began to exceed the 3.8 percent threshold that made them eligible for interest subsidies.
Currently, loans tied to the three-month and six-month Euribor are slightly above the interest rate limit without taking into account the margin. Subsidized interest has already been paid to borrowers, in the total amount of over four million euros in the past year. By the end of September, there were more than 47,000 asp loans with a total loan amount of 4.3 billion euros. The popularity of asp loans declined two years ago, but it is still attractive due to the additional benefits of tax-free interest on savings.
To open an Asp account, you must be between 15 and 44 years old and have not previously owned an apartment. Deposits must be made in at least eight calendar quarters, with each quarter allowing deposits between €150 and €4,500. Asp accounts provide an annual tax-free deposit interest of one percent, with an additional interest of 2-4 percent for the year the account is opened and for the next five years. When at least ten percent of the purchase price of the apartment is saved, the bank can approve an asp loan with a free state guarantee.