Bank of Commerce vs GoTyme: Home Loan Overview
Choosing between Bank of Commerce and GoTyme for a home loan refinance means weighing the reliability of a traditional branch-based lender against the innovation promise of a digital bank. Here's how they stack up on the factors that matter most to Filipino homeowners looking to lower their monthly amortization.
| Feature | Bank of Commerce | GoTyme |
|---|---|---|
| Bank Type | Traditional commercial bank | Digital bank (Gokongwei-Tyme JV) |
| Indicative Interest Rate | ~7.50% – 9.00% p.a. | Rates still being established for secured loans |
| Loan Amount Range | ₱1,000,000 – ₱10,000,000+ | Limited home loan product availability |
| Loan Term | Up to 20 years | Not fully published |
| Processing Fees | Standard appraisal and processing fees apply | Not yet fully disclosed |
| Application Channel | Branch-based, some online forms | Primarily app-based |
| BSP Regulated | Yes | Yes (BSP Digital Bank License) |
Interest Rate Comparison: What Could You Actually Save?
Let's put real numbers to this comparison. If you currently have a home loan of 3,500,000 at a rate of 8.50% p.a. over a 20-year term, your estimated monthly amortization is approximately 30,408. Here's how refinancing to different rates could change that:
| Scenario | Rate | Est. Monthly Payment (3.5M / 20 yrs) | Annual Savings vs 8.50% |
|---|---|---|---|
| Current typical rate | 8.50% p.a. | 30,408 | — |
| Bank of Commerce (est.) | 7.75% p.a. | 28,904 | 18,048 |
| GoTyme (indicative) | Not published | TBC | TBC |
| Best rate via Nook | 5.99% p.a. | 25,071 | 64,044 |
The difference between refinancing at 7.75% versus 5.99% is over 64,000 per year — or more than 1,280,000 over the remaining life of a 20-year loan. That's money that stays in your pocket.
Bank of Commerce Home Loan: What You Need to Know
Bank of Commerce (BankCom) is a Sy family-affiliated commercial bank with a nationwide branch footprint. It offers home purchase and refinancing products aimed at the middle-income market.
- Rates: Typically range from 7.50% to 9.00% p.a. depending on repricing period and loan-to-value ratio. Fixed periods are usually 1, 2, or 3 years.
- Loan Terms: Generally up to 20 years, with loan amounts starting at around 1,000,000.
- Processing: Applications are primarily branch-driven, which means more paperwork and longer turnaround times compared to digital-first lenders.
- Fees: Expect standard documentary stamp tax (DST), appraisal fees, notarial fees, and processing charges. These can add up to 1–2% of the loan amount.
- Who it suits: Borrowers who prefer face-to-face service and already have an existing relationship with BankCom or a Sy-affiliated institution.
If you're comparing BankCom against other mid-tier lenders, it's worth also reading our BDO vs Landbank home loan rates comparison for a sense of how different bank tiers stack up on refinancing.
GoTyme Home Loan: What You Need to Know
GoTyme Bank is one of the Philippines' newest digital banks, launched through a joint venture between the Gokongwei Group and Tyme Group (a South African fintech). It holds a BSP digital banking license and is best known for its no-fee savings and debit products.
- Home Loan Status: As of current market data, GoTyme's secured home loan product is not yet fully launched or widely available to the public. The bank has been focused on building its deposit and unsecured credit base first.
- Rates: No published benchmark rates are available for home loan refinancing at this time.
- Digital Experience: GoTyme's app-first approach is a strong differentiator for day-to-day banking, but home loans require more complex underwriting that digital banks are still scaling up for.
- Suitability for Refinancing: At this stage, GoTyme is not a primary recommendation for homeowners looking to refinance today. This may change as the bank matures its lending product suite.
- Regulatory Standing: GoTyme is fully BSP-regulated and PDIC-insured, so deposits are protected.
For a more like-for-like comparison involving a fully established digital-leaning lender, see our BPI vs Maybank Philippines home loan comparison.
Fees and Hidden Costs to Watch Out For
When refinancing, the headline interest rate is only part of the story. Both traditional and digital banks in the Philippines charge fees that can significantly affect your true cost of borrowing.
| Fee Type | Bank of Commerce | GoTyme |
|---|---|---|
| Processing Fee | Typically 0.50% – 1.00% of loan amount | Not publicly disclosed |
| Appraisal Fee | Around 3,500 – 6,000 (third-party) | Not publicly disclosed |
| Documentary Stamp Tax | Applies (mandated by law) | Applies (mandated by law) |
| Notarial & Registration | Applies | Applies |
| Prepayment Penalty | May apply within fixed-rate period | Not publicly disclosed |
| Annual Fee | None typical | None typical |
Nook helps you understand the full cost picture — not just the teaser rate — before you commit to any refinancing decision. Our service is 100% free to borrowers.
Application Process Comparison
The refinancing journey is often more stressful than buying a home in the first place. Here's what to expect from each lender's process:
Bank of Commerce
- Visit a BankCom branch or submit an inquiry via their website
- Submit income documents, property documents, and existing loan details
- Wait for credit evaluation (typically 5–10 business days)
- Receive a letter of approval with rate and terms
- Proceed with legal and title transfer documentation
GoTyme
- Home loan applications are not yet standard via the GoTyme app
- No established public-facing refinance process available at this time
Via Nook (Recommended)
- Complete a single online application in under 10 minutes
- Nook compares rates from multiple BSP-regulated banks simultaneously
- You receive the best available offer — currently as low as 5.99% p.a.
- Nook's team guides you through documentation and bank submission
- Zero broker fee — the service is completely free to you
Not sure which bank suits you?
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Compare My Options →Frequently Asked Questions
Does Bank of Commerce offer home loan refinancing in the Philippines?
Yes, Bank of Commerce (BankCom) offers home loan refinancing products. Their rates typically range from around 7.50% to 9.00% p.a. depending on the fixed-rate period and your loan-to-value ratio. Applications are generally processed through their branch network. However, you may be able to access significantly lower rates — as low as 5.99% p.a. — by comparing multiple lenders through Nook at no cost.
Does GoTyme offer home loans or refinancing?
As of now, GoTyme Bank does not have a widely available or publicly launched home loan refinancing product. GoTyme holds a BSP digital bank license and is growing its financial product range, but its current focus has been on savings and unsecured lending. If you need to refinance your home loan today, Nook can connect you with established lenders offering competitive rates.
Which is safer for a home loan — Bank of Commerce or GoTyme?
Both are BSP-regulated and PDIC-insured institutions, so your deposits are protected at both banks. For home loan refinancing specifically, Bank of Commerce has a longer track record in secured mortgage lending. GoTyme is a newer digital bank that is still establishing its lending capabilities. Either way, a home loan is secured against your property, so the key factor to focus on is getting the best possible rate and terms.
What is the best home loan refinance rate available in the Philippines right now?
Through Nook, the best available refinance rate is currently 5.99% p.a. Most Filipino homeowners are paying between 7% and 10% on their existing home loans, so refinancing can result in substantial savings. For a loan of 3,500,000 over 20 years, the difference between 8.50% and 5.99% is more than 64,000 in annual savings.
How much does it cost to refinance through Nook?
Nook's service is 100% free to the borrower. Nook is a digital mortgage broker, meaning it earns from the bank — not from you. You get access to multiple lender rates, professional guidance, and application support without paying any broker fees or commissions.
How long does the refinancing process take in the Philippines?
The typical refinancing timeline in the Philippines is 4 to 8 weeks, depending on the lender and how quickly documents are submitted. This includes credit evaluation, property appraisal, and title transfer. Nook helps streamline the process by ensuring your application is complete and correctly submitted from the start, reducing back-and-forth delays.
What documents do I need to refinance my home loan?
Generally, you will need: a valid government-issued ID, proof of income (payslips or ITR for the past 2 years), a copy of your existing loan statement, the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT), a tax declaration, and proof of fire insurance. Nook will provide you with a complete document checklist based on your specific situation and the lender you apply with.