Bank of Commerce vs CIMB: Home Loan Overview
Choosing between Bank of Commerce and CIMB for a home loan — or deciding whether to refinance away from either — requires a clear look at what each lender actually offers Filipino borrowers. Bank of Commerce is a traditional full-service bank with a branch network, while CIMB operates as a digital-first bank that has expanded into home lending. Both serve different borrower profiles, and understanding the distinction matters when you're committing to a 15–25 year loan.
If you're already holding a home loan with one of these lenders, it's worth checking whether your current rate is still competitive. Many Filipino homeowners are paying 7% to 10% when rates as low as 5.99% p.a. are available through Nook's lender panel — at zero cost to you.
Interest Rates Compared
| Feature | Bank of Commerce | CIMB | Nook (Best Available) |
|---|---|---|---|
| Indicative Rate | ~7.50%–9.00% p.a. | ~7.00%–8.50% p.a. | From 5.99% p.a. |
| Rate Type | Fixed (1–5 yr refix periods) | Fixed (short-term refix) | Fixed options available |
| Rate Review Period | Annual or periodic | Periodic | Varies by lender |
| Special Promos | Occasional | Occasional digital promos | Multiple lenders competing |
The rate gap between what these banks charge and what's available at refinance is significant. On a 3,000,000 peso loan over 20 years, dropping from 8.50% to 5.99% cuts your monthly payment from approximately 26,035 pesos to around 21,530 pesos — a saving of roughly 4,505 pesos every month, or more than 1,080,000 pesos over the life of the loan.
Monthly Repayment Comparison
To make this concrete, here's how monthly repayments compare across a range of loan amounts at each bank's typical rate versus Nook's best available rate of 5.99% p.a., assuming a 20-year term:
| Loan Amount | At 8.50% (typical) | At 7.00% (lower end) | At 5.99% via Nook | Monthly Saving vs 8.50% |
|---|---|---|---|---|
| 1,500,000 | 13,018 | 11,628 | 10,765 | 2,253 |
| 3,000,000 | 26,035 | 23,256 | 21,530 | 4,505 |
| 5,000,000 | 43,392 | 38,760 | 35,883 | 7,509 |
| 7,500,000 | 65,088 | 58,140 | 53,825 | 11,263 |
| 10,000,000 | 86,784 | 77,520 | 71,766 | 15,018 |
These figures illustrate why refinancing is worth exploring even if you're satisfied with your current bank. The question isn't just which of these two banks is better — it's whether either is still the best deal for your situation today.
Fees and Charges
| Fee Type | Bank of Commerce | CIMB |
|---|---|---|
| Processing Fee | Varies (typically 0.50%–1.00% of loan) | Varies by application |
| Appraisal Fee | Charged separately | May be included or waived on promos |
| Early Repayment Penalty | Typically applies in fixed period | Check loan terms carefully |
| Documentary Stamp Tax | Charged to borrower | Charged to borrower |
| Notarial / Legal Fees | Charged to borrower | Charged to borrower |
When comparing fees, note that CIMB occasionally runs promotions that waive appraisal or processing fees for digital applicants. Bank of Commerce may have more room to negotiate fees through a relationship manager. Either way, always ask for the full cost breakdown — including all third-party charges — before committing.
When refinancing through Nook, the broker service itself is free. You'll still need to account for standard refinancing costs such as appraisal, notarial fees, and any early repayment penalty from your current lender, but Nook helps you evaluate whether the total cost still results in net savings.
Loan Features and Eligibility
| Feature | Bank of Commerce | CIMB |
|---|---|---|
| Minimum Loan Amount | ~500,000 | ~500,000 |
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80% of appraised value |
| Loan Term | Up to 20 years | Up to 20 years |
| Property Types | House and lot, condo, townhouse | House and lot, condo, townhouse |
| OFW Applicants | Accepted with co-borrower | Check current eligibility |
| Self-Employed Applicants | Accepted with documentation | Accepted with documentation |
| Application Channel | Branch-based primarily | Online-first |
Application Experience
Bank of Commerce follows a traditional banking model. You'll typically work with a branch-based relationship officer who guides you through the process. This suits borrowers who prefer face-to-face guidance or have complex income situations that are easier to explain in person. Processing times can vary and may extend to several weeks.
CIMB leans heavily into its digital platform. Applications are initiated online and the process is designed to be faster and more self-service. If you're comfortable with digital document submission and don't need hand-holding, CIMB's approach can feel more efficient. However, support options may be more limited when issues arise.
For borrowers refinancing, Nook offers a third option: a single digital application that is matched against multiple lenders simultaneously. Rather than approaching Bank of Commerce and CIMB separately and managing two sets of paperwork, Nook lets you compare real offers in one place with a dedicated advisor supporting you throughout. You can also explore how Bank of Commerce compares against GoTyme if you're considering other digital-first lenders.
Who Should Consider Bank of Commerce?
- Borrowers who prefer working with a branch-based officer through the loan process
- Applicants with more complex income documentation who benefit from in-person guidance
- Existing Bank of Commerce deposit account holders who may receive relationship pricing
- Borrowers in areas where Bank of Commerce has strong branch presence
Who Should Consider CIMB?
- Tech-savvy borrowers comfortable with fully online applications
- Those who value speed and convenience over branch access
- Borrowers who want to avoid the formality of a branch visit
- Applicants who may benefit from CIMB's periodic fee waiver promotions
It's also worth comparing CIMB against other digital lending options — for example, see how GoTyme compares to SB Finance if you're evaluating the full range of digital and fintech-adjacent lenders in the market.
The Refinance Opportunity
Whether you originally took out a home loan with Bank of Commerce, CIMB, or another lender entirely, refinancing in the current rate environment is worth a serious look. Philippine home loan rates have moved, and borrowers who signed up 3–5 years ago at rates of 8% or higher may be leaving thousands of pesos on the table every month.
Nook's role is to do the comparison work for you — across Bank of Commerce, CIMB, and over a dozen other lenders — and present you with the best available offer. The service is completely free to use because Nook is paid by the lender, not the borrower. There's no obligation and no cost to find out what rate you qualify for.
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Compare My Options →Frequently Asked Questions
Which has lower home loan rates — Bank of Commerce or CIMB?
CIMB's advertised rates tend to start slightly lower than Bank of Commerce's, typically from around 7.00% compared to Bank of Commerce's range starting closer to 7.50%. However, rates vary based on loan amount, term, and borrower profile, and both banks' rates are significantly higher than the 5.99% p.a. currently available through Nook's refinancing platform. Always request a formal loan quote from each bank before comparing.
Can I refinance my Bank of Commerce home loan to CIMB, or vice versa?
Yes, refinancing between banks is possible and fairly common in the Philippines. You would settle your existing loan using proceeds from the new lender. However, before doing so, check your current loan's early repayment penalty terms, as these can affect whether the switch makes financial sense. Nook can help you model the total cost of refinancing, including penalties and fees, to determine if it results in genuine savings.
How much can I save by refinancing from 8.50% to 5.99%?
On a 3,000,000 peso loan over 20 years, refinancing from 8.50% to 5.99% p.a. reduces your monthly repayment from approximately 26,035 pesos to 21,530 pesos — a saving of around 4,505 pesos per month. Over 20 years, that adds up to more than 1,080,000 pesos in total interest savings. Savings will vary depending on your outstanding loan balance and remaining term.
Is CIMB a legitimate bank for home loans in the Philippines?
Yes, CIMB Bank Philippines is a BSP-regulated bank and a subsidiary of CIMB Group, one of Southeast Asia's largest banking groups. It operates as a digital-first bank and offers home loan products alongside its other consumer banking services. As with any lender, it's important to read the full terms and conditions of any loan offer before signing.
Does Bank of Commerce offer home loans for OFWs?
Bank of Commerce does accept OFW applicants for home loans, typically requiring a co-borrower who is a resident of the Philippines. Documentation requirements include proof of employment abroad, remittance records, and standard property documents. OFWs should confirm current requirements directly with the bank, as conditions can change.
How does Nook's home loan refinancing service work?
Nook is the Philippines' first digital mortgage broker. You submit a single application online and Nook matches your profile against a panel of lenders to find the best available rate — currently as low as 5.99% p.a. Nook's advisors support you through the entire process, from initial comparison to loan release. The service is 100% free to the borrower; Nook is compensated by the lender when a loan is successfully placed.
What are the typical fees when refinancing a home loan in the Philippines?
Refinancing costs typically include an appraisal fee (around 3,500 to 7,000 pesos depending on property value), notarial and legal fees, documentary stamp tax, and potentially an early repayment penalty from your existing lender. Nook helps you calculate whether the total cost of refinancing is outweighed by your interest savings — in most cases, borrowers break even within 12 to 24 months and save significantly over the remaining loan term.
Is the CIMB home loan application really 100% online?
CIMB positions its home loan as a digital-first product, with the application process initiated and largely managed online. However, some steps — such as property appraisal and document notarization — still require physical action. The degree of digital convenience varies by case, so prospective borrowers should confirm the current process with CIMB directly.