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Right-of-occupancy system in practice
Loan provision for the right-of-occupancy homes comes from the
Housing Fund of Finland (ARA)
. ARA grants a loan for 85% of the total price. The purchaser of the right-of-occupancy pays only 15 % of the total price of the right-of-occupancy home.
Resident pays a monthly fee, like rent. The right-of-occupancy fee is below the general rent level in the same area.
Guarantee fee equals two months charge.
The right of occupancy payment is not subject to transfer tax.
Right-of-occupancy home can never be redeemed, it retains its right-of-occupancy status even when owned. In right-of-occupancy home inhabitant has the same security of tenure as in owner-occupied homes.
For applying the right-of-occupnancy homes the applicant must have a queue number from
the municipal housing authority
. Everybody over 18 years old can apply for the right-of-occupancy queue number.
After getting the right-of-occupancy queue number it is possible to fill in
the apartment application
(only in Finnish) to the registers of the companies offering right-of-occupancy homes.
In right-of-occupancy system there is no income limit but the applicant cannot have too much of assets. For over 55 years old applicants there are no assets limit either.
The size of the apartment being applied for is not limited.
The right-of-occypancy contract can be used as a security for a loan. Interest on the loan taken for a right-of-occupancy apartment is tax-deductible.
Giving notice of the termination of the right-of-occupancy home
The original right-of-occupancy payment is always adjusted according to the
building cost index
by the time when the resident gives the notice of the termination.
The notice must always be written and it can be sent electronically via
, or brought or posted to the Asokodit office.
Period of notice and maintenance charge liability is 3 months. The 3 month period begins, when our sales personnel receives the termination notice. Right-of-occupancy payment is returned after the period of notice.
Right-of-occupancy home can be endorsed to child or parents of the inhabitant or resident family member living in the same household. Right-of-occupancy home can be left as an inheritance.
Profit from sale is tax free after two years of residence.
The apartment can be rented out for a maximum of 2 years in case the inhabitant himself is working or studying in another city or country or he has some other argumentation.
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