Young Adults Eagerly Saving for New Homes
Image: YLE / Juha-Pekka Inkinen
Special bank accounts intended to help young adults get home loans are growing in popularity. Since July, customers of these so-called ASP accounts are eligible for a 3,000 euro bonus from the state.
OP Bank Group, Sampo Bank and Nordea Bank have all reported an increase in ASP account holders.
Since July 2009, those who open an ASP account by early next year and purchase a home by December 2011 are eligible for a 3,000 euro bonus.
Once the account is opened, clients are required to save at least ten percent of the price of the home before being eligible for a home loan. Because the loan is interest-subsidised, lenders also pay less interest than they would on other home loans.
Nordea says it has granted twice the number of ASP loans this year than last year.
Young adults between 18 and 30 years of age hoping to buy their first home are eligible to open the ASP account. Banks say that young people purchasing their own home should seriously consider opening the account.
YLE