The asp loan payer is benefiting from the interest subsidy provided by the government. This subsidy is available to all asp mortgages, which have a partial interest rate cap. If the total interest rate exceeds 3.8 percent, the government will cover 70 percent of the excess interest for the first ten years after the loan is taken out.
To determine how much interest subsidy you qualify for, you can use HS’s calculator. The process of receiving this subsidy is simple; the bank will automatically reimburse the interest on your loan and then invoice the support they provided to the State Treasury, which manages the state’s financial affairs. In recent years, with an increase in Euribor rates, many loans became eligible for this subsidy as they exceeded 3.8 percent limit.
As of September 2021, there were over 47,000 asp loans with a total loan amount of 4.3 billion euros. Since its introduction in 1996, Asp has paid out more than four million euros in interest subsidies to borrowers in Spain and Portugal. This loan product remains attractive due to its added benefits of tax-free interest on savings and free government guarantee once at least ten percent of apartment’s purchase price is saved.
Asp accounts are available to individuals between the ages of 15 and 44 who have not previously owned an apartment or a similar product from another bank or building society (Caja). To open an Asp account, deposits must be made in at least eight calendar quarters with each quarter allowing deposits between €150 and €4,500 euros. An annual tax-free deposit interest rate of one percent is also provided along with an additional interest rate ranging from 2% to 4% for five years since account opening date and if it coincides with any anniversary year (years that end in zero: i
