Bank of Commerce vs First Metro Investment: Home Loan Overview
Choosing between Bank of Commerce and First Metro Investment for your home loan — or deciding whether to refinance away from either — requires a clear look at what each institution actually offers Filipino borrowers. Below we break down their rates, terms, fees, and overall borrower experience.
| Feature | Bank of Commerce | First Metro Investment |
|---|---|---|
| Indicative Interest Rate | ~7.50% – 9.00% p.a. | ~7.25% – 8.75% p.a. |
| Fixed Rate Periods | 1, 2, 3, 5 years | 1, 2, 3, 5, 10 years |
| Loan Amount Range | 500,000 – 20,000,000 | 1,000,000 – 30,000,000 |
| Maximum Loan Term | Up to 20 years | Up to 25 years |
| Loan-to-Value Ratio | Up to 80% | Up to 80% |
| Processing Fee | Approx. 5,000 – 10,000 | Approx. 5,000 – 10,000 |
| Appraisal Fee | Charged separately | Charged separately |
| Online Application | Partial (branch follow-up required) | Partial (branch follow-up required) |
| Approval Timeline | 2 – 4 weeks | 2 – 5 weeks |
Note: Rates are indicative and subject to change. Always confirm current rates directly with the bank or through a licensed broker like Nook.
Interest Rate Deep Dive
Interest rate is the single biggest driver of your total loan cost, so it deserves careful attention. Both Bank of Commerce and First Metro Investment use a re-pricing model — meaning your rate is fixed for an initial period (e.g., 1 or 3 years), then adjusts to prevailing market rates afterward.
Here's what that means in practice for a 3,000,000 loan over 20 years:
| Scenario | Rate | Monthly Payment (approx.) | Total Interest Paid (approx.) |
|---|---|---|---|
| Bank of Commerce (mid-range) | 8.25% p.a. | 25,660 | 3,158,400 |
| First Metro Investment (mid-range) | 8.00% p.a. | 25,093 | 3,022,320 |
| Nook Best Available Rate | 5.99% p.a. | 21,479 | 2,155,080 |
The difference between refinancing at 8.25% versus 5.99% on a 3,000,000 loan amounts to over 1,000,000 in total interest savings — a compelling reason to explore all your options before committing.
Fees and Charges Compared
Beyond the interest rate, both banks levy a range of fees that add to your upfront cost. Here's what to budget for:
- Processing / Application Fee: Both banks typically charge 5,000 to 10,000, payable upon application. This is usually non-refundable even if your loan is not approved.
- Appraisal Fee: A licensed appraiser must assess your property's value. Expect 3,500 to 6,000 depending on property size and location.
- Notarial / Documentation Fees: Range from 2,000 to 5,000 covering deed of undertaking and related documents.
- Mortgage Registration Fee: Paid to the Registry of Deeds, typically 0.25% – 0.50% of the loan amount.
- Fire Insurance: Mandatory for the life of the loan; usually arranged through the bank's partner insurer.
- Mortgage Redemption Insurance (MRI): Also mandatory; protects the bank if the borrower passes away. Premiums are folded into your monthly amortization.
One key advantage of working with Nook: Nook's service is 100% free to the borrower. There are no broker fees or hidden charges — Nook is compensated by the lending bank, not you. This makes it genuinely cost-free to compare multiple lenders at once, including banks that may not be on your radar.
Who Is Bank of Commerce Best For?
Bank of Commerce is a mid-sized universal bank with a solid domestic footprint. It suits borrowers who:
- Prefer a relationship-banking approach and value in-branch service
- Are purchasing or refinancing properties in areas where Bank of Commerce has a strong branch network
- Have existing accounts or payroll arrangements with Bank of Commerce, which can sometimes unlock preferential rates
- Are refinancing smaller loan amounts (below 5,000,000) where the bank's simpler product line is sufficient
If you're also comparing Bank of Commerce against a digital lender, our Bank of Commerce vs GoTyme home loan comparison covers that matchup in detail.
Who Is First Metro Investment Best For?
First Metro Investment Corporation (FMIC) is the investment banking subsidiary of the Metrobank Group, and its home loan products carry the institutional credibility of one of the Philippines' largest banking conglomerates. First Metro suits borrowers who:
- Want longer fixed-rate lock-ins (up to 10 years) for greater monthly payment certainty
- Are financing higher-value properties and need larger loan amounts
- Appreciate the backing and stability of the Metrobank Group
- Are comfortable with a process that may take slightly longer but offers more structured guidance
First Metro's longer term options (up to 25 years) also make it more accommodating for borrowers seeking to keep monthly payments lower, even if total interest paid increases over time.
Refinancing: Should You Move Away From Either Bank?
If you currently have a home loan with Bank of Commerce or First Metro Investment — or any other lender — refinancing could be one of the most impactful financial decisions you make this year. Most Filipino homeowners are paying between 7% and 10% p.a. The best rate currently available through Nook is 5.99% p.a.
Consider this example: a homeowner with a 5,000,000 outstanding loan balance and 18 years remaining:
| Rate | Monthly Payment (approx.) | Total Remaining Interest |
|---|---|---|
| 8.50% p.a. (current) | 44,417 | 5,570,064 |
| 5.99% p.a. (via Nook) | 38,444 | 3,303,792 |
| Potential Savings | 5,973/month | 2,266,272 total |
Savings of over 2,200,000 on a single refinance decision — without changing your loan term or borrowing more — illustrate why exploring refinancing through Nook makes sense regardless of which bank you're currently with.
The Nook Advantage: Compare Both Banks (and More) in One Place
Rather than applying to Bank of Commerce and First Metro Investment separately — each requiring its own paperwork, appraisal, and weeks of waiting — Nook lets you submit one application and receive competitive offers from multiple Philippine lenders simultaneously. Nook's team of licensed mortgage specialists then helps you identify the best deal for your specific situation.
The process is fully digital, transparent, and — crucially — free. Nook does not charge borrowers any fees for its matching and advisory service.
Curious how other lenders stack up? You might also find our GoTyme vs SB Finance home loan comparison useful if you're open to exploring digital and non-bank lenders as part of your refinancing search.
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Compare My Options →Frequently Asked Questions
What is the current home loan interest rate at Bank of Commerce?
Bank of Commerce offers indicative home loan rates in the range of approximately 7.50% to 9.00% p.a., depending on the fixed-rate period chosen and the borrower's profile. Rates are subject to re-pricing after the initial fixed period ends. Always confirm the latest rates directly with the bank or through a licensed broker like Nook.
What is the current home loan interest rate at First Metro Investment?
First Metro Investment's indicative home loan rates typically range from approximately 7.25% to 8.75% p.a. First Metro offers fixed-rate lock-in periods of up to 10 years, which is longer than many competitors. After the fixed period, rates adjust to prevailing market levels.
Which bank has lower home loan rates — Bank of Commerce or First Metro Investment?
Based on publicly available indicative rates, First Metro Investment tends to offer slightly lower starting rates compared to Bank of Commerce, and also provides longer fixed-rate options of up to 10 years. However, the difference is modest, and both banks' rates are typically higher than the 5.99% p.a. currently available through Nook's refinancing platform.
Can I refinance my Bank of Commerce or First Metro Investment home loan through Nook?
Yes. Nook specializes in home loan refinancing and can help you refinance away from any existing lender, including Bank of Commerce and First Metro Investment. Nook compares offers from multiple Philippine banks and lenders, and the service is completely free to borrowers. You submit one application and Nook does the comparison work for you.
How much can I save by refinancing from Bank of Commerce or First Metro Investment?
Savings depend on your outstanding loan balance, remaining term, and current interest rate. As an illustration, a borrower with a 5,000,000 outstanding balance and 18 years remaining, currently paying 8.50% p.a., could save approximately 5,973 per month and over 2,200,000 in total interest by refinancing to 5.99% p.a. through Nook. Use Nook's free calculator to estimate your specific savings.
What fees does Bank of Commerce charge for a home loan?
Bank of Commerce typically charges a processing fee of approximately 5,000 to 10,000, plus separate appraisal fees, notarial fees, mortgage registration fees, and mandatory fire insurance and mortgage redemption insurance premiums. The exact amounts depend on your loan size and property. Always request a full schedule of fees before proceeding.
What fees does First Metro Investment charge for a home loan?
First Metro Investment's fee structure is similar to other Philippine banks: expect a processing fee of 5,000 to 10,000, appraisal fees, documentary and notarial fees, mortgage registration fees, and mandatory insurance premiums. First Metro may bundle some of these costs differently, so it's important to request an itemized disclosure before signing.
How long does it take to get approved for a home loan at Bank of Commerce vs First Metro Investment?
Bank of Commerce typically processes applications in 2 to 4 weeks, while First Metro Investment may take 2 to 5 weeks. Both require branch visits at some stage of the process. Applying through Nook can streamline the documentation process and reduce back-and-forth, often leading to faster conditional approvals across multiple lenders simultaneously.
Does Nook charge a fee to compare Bank of Commerce and First Metro Investment home loans?
No. Nook's mortgage brokering service is 100% free to borrowers. Nook is compensated by the lending bank upon successful loan placement, not by you. This means you can access Nook's full comparison service, licensed advisors, and application support at no cost whatsoever.