Bank of Commerce vs EastWest Bank: Home Loan Rate Comparison
Both Bank of Commerce and EastWest Bank offer home loan and refinancing products to Filipino borrowers, but there are meaningful differences in their rates, eligibility requirements, and overall loan experience. Here's a detailed side-by-side look to help you decide.
| Fixed Rate Period | Bank of Commerce | EastWest Bank |
|---|---|---|
| 1-Year Fixed | ~7.50% p.a. (indicative) | 5.99% p.a. |
| 3-Year Fixed | ~7.75% p.a. (indicative) | 6.25% p.a. |
| 5-Year Fixed | ~8.00% p.a. (indicative) | 6.49% p.a. |
| 7-Year Fixed | ~8.50% p.a. (indicative) | 7.00% p.a. |
| Home Equity | Not publicly listed | 6.25% p.a. |
Note: Bank of Commerce rates shown are indicative market estimates. EastWest Bank rates are verified partner rates available through Nook. All rates are subject to change — always verify current rates before applying.
Monthly Payment Comparison: What You'd Actually Pay
Let's make the numbers real. Here's how much you'd pay monthly on a 3,000,000 home loan over a 20-year term, depending on which bank you choose and which fixed rate period you select.
| Scenario | Loan Amount | Rate | Term | Est. Monthly Payment |
|---|---|---|---|---|
| Bank of Commerce (1-Yr Fix) | 3,000,000 | 7.50% p.a. | 20 years | ~24,058 |
| EastWest Bank (1-Yr Fix) | 3,000,000 | 5.99% p.a. | 20 years | ~21,487 |
| Bank of Commerce (5-Yr Fix) | 3,000,000 | 8.00% p.a. | 20 years | ~25,093 |
| EastWest Bank (5-Yr Fix) | 3,000,000 | 6.49% p.a. | 20 years | ~22,348 |
On a 3,000,000 loan, choosing EastWest Bank's 5.99% rate over a typical 7.50% rate could save you approximately 2,571 per month — that's over 30,852 per year back in your pocket. Over a 20-year loan term, those savings compound significantly.
Eligibility and Qualification Requirements
Knowing whether you qualify is just as important as knowing the rate. Here's how the two banks compare on eligibility:
| Requirement | Bank of Commerce | EastWest Bank |
|---|---|---|
| Minimum Monthly Income | ~50,000 (estimated) | 40,000 |
| Maximum Debt-to-Income Ratio | Not publicly listed | 40% |
| Employment Types Accepted | Private, Government, Self-Employed | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Typical Approval Timeline | 30–45 days (estimated) | ~19 days |
EastWest Bank's lower minimum income requirement of 40,000 per month makes it accessible to more Filipinos, and its acceptance of BPO workers and OFW/Seafarers is a notable advantage. If you're curious how EastWest stacks up against other lenders, see our full Asia United Bank vs EastWest Bank comparison for another useful data point.
Loan Purposes Covered
Both banks offer home loans for a range of purposes, but EastWest Bank's product lineup is notably broader:
| Loan Purpose | Bank of Commerce | EastWest Bank |
|---|---|---|
| Refinancing | Yes | Yes |
| Ready for Occupancy (RFO) | Yes | Yes |
| Home Equity / Cash Out | Limited | Yes (6.25% p.a.) |
| Renovation | Yes | Yes |
| Pre-Selling | Limited | Yes |
| New Construction | Limited | Yes |
| Foreclosed Properties | Not listed | Yes |
EastWest Bank's willingness to finance foreclosed properties and pre-selling units gives borrowers far more flexibility. If you're considering a Pag-IBIG loan as an alternative, our EastWest Bank vs Pag-IBIG comparison is worth a read before you decide.
Why Apply Through Nook Instead of Going Direct?
Whether you're leaning toward EastWest Bank or want to compare across multiple lenders, applying through Nook gives you a clear advantage:
- 100% free service — Nook never charges borrowers a broker fee
- Access to multiple lenders — compare real offers side by side, not just rate cards
- Dedicated mortgage advisor — a real person guides you through every step
- Faster processing — Nook's lender relationships help streamline approvals
- No bank bias — Nook recommends what's best for you, not what earns the highest commission
Bank of Commerce does not currently appear as a Nook partner lender. EastWest Bank is a verified Nook partner, meaning you can access their best available rates — currently as low as 5.99% p.a. — directly through Nook's platform at no cost to you.
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Compare My Options →Frequently Asked Questions
What is the current home loan interest rate at EastWest Bank?
EastWest Bank's current home loan rates through Nook start at 5.99% p.a. for a 1-year fixed period, 6.25% for 3-year fixed, 6.49% for 5-year fixed, and 7.00% for a 7-year fixed rate. These are verified partner rates and are subject to change — always confirm the latest rates before applying.
Does Bank of Commerce offer home loan refinancing?
Yes, Bank of Commerce does offer home loan refinancing products for existing borrowers. However, their rates are not publicly listed in real time and may be higher than what you'd access through a Nook partner bank like EastWest Bank. It's worth comparing both before committing.
How much can I save by refinancing from Bank of Commerce to EastWest Bank?
Savings depend on your current rate, loan balance, and remaining term. As an example, on a 3,000,000 loan over 20 years, switching from a 7.50% rate to EastWest Bank's 5.99% rate could save approximately 2,571 per month, or over 30,852 per year. Use Nook's free refinance calculator to get a personalized estimate.
Can OFWs apply for an EastWest Bank home loan through Nook?
Yes. EastWest Bank accepts OFW and Seafarer applicants, making it one of the more flexible lenders for overseas Filipino workers. Nook can help OFWs navigate the documentation requirements and submit a complete application on their behalf — completely free of charge.
How long does EastWest Bank take to approve a home loan?
EastWest Bank's typical loan approval timeline is approximately 19 days from submission of a complete application. This is generally faster than many traditional banks, which can take 30 to 45 days. Applying through Nook with a complete document package can help you avoid delays.
What is the minimum income requirement to qualify for an EastWest Bank home loan?
EastWest Bank requires a minimum monthly income of 40,000. This applies to salaried employees, self-employed borrowers, professionals, and OFWs. Bank of Commerce's requirements are not publicly listed but are generally estimated to be higher. EastWest Bank's more accessible threshold means more borrowers can qualify.
Is Nook's mortgage broker service really free?
Yes, completely. Nook charges zero fees to the borrower. Nook is compensated by the bank when a loan is successfully facilitated, so there is no cost to you for using Nook's comparison tools, mortgage advisors, or application assistance. You get expert guidance at no expense.