Bank of Commerce vs Landbank: Home Loan Overview
Choosing between Bank of Commerce and Landbank for your home loan — or deciding whether to refinance away from either — requires a clear look at what each institution actually offers. Below, we break down the key differences across rates, loan terms, fees, and eligibility so you can make a fully informed decision.
Important note: Neither Bank of Commerce nor Landbank are current Nook partner banks. The rate information below is approximate, based on publicly available data, and is subject to change without notice. Always verify current rates directly with the bank before making any financial decision.
Interest Rate Comparison
| Feature | Bank of Commerce | Landbank | Nook Partner Banks |
|---|---|---|---|
| Indicative Rate (p.a.) | ~7.50%–9.50% | ~7.00%–9.00% | From 5.99% |
| Rate Type | Fixed (1–5 yrs), then repriced | Fixed (1–5 yrs), then repriced | Fixed periods available; verified current rates |
| Rate Transparency | Not always published online | Partially published; may vary by program | Verified and disclosed upfront |
| Rate Negotiability | Limited | Limited for standard applicants | Broker-negotiated rates available |
Landbank, as a government-owned bank, sometimes offers preferential rates for specific socialized housing programs or for borrowers affiliated with government agencies. However, for standard market-rate home loans, both banks' indicative rates are broadly similar and significantly higher than the best refinance rate currently available through Nook.
To put this in perspective: on a 3,000,000 peso loan over 20 years, the difference between a 8.50% rate and a 5.99% rate is approximately 42,000 pesos per year — or over 840,000 pesos across the life of the loan.
Loan Terms and Amounts
| Feature | Bank of Commerce | Landbank |
|---|---|---|
| Minimum Loan Amount | ~500,000 | ~300,000 |
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80%–90% of appraised value |
| Loan Term | Up to 20 years | Up to 25 years |
| Purpose | Purchase, construction, renovation, refinancing | Purchase, construction, lot acquisition, refinancing |
Landbank's longer maximum loan term of up to 25 years can lower monthly amortizations, but it also means more interest paid over the life of the loan. Bank of Commerce caps its term at 20 years. Both banks allow refinancing of existing home loans, which makes them relevant options if you're currently with another lender.
Fees and Charges
| Fee Type | Bank of Commerce | Landbank |
|---|---|---|
| Processing Fee | Varies; typically 3,000–5,000 | Varies by loan amount; may be waived in promotions |
| Appraisal Fee | Charged separately | Charged separately |
| Documentary Stamp Tax | Borrower's responsibility | Borrower's responsibility |
| Mortgage Registration Fee | Borrower's responsibility | Borrower's responsibility |
| Pre-termination Penalty | Typically applies within fixed period | Typically applies within fixed period |
Both banks pass standard government-mandated fees (documentary stamp tax, registration fees) to the borrower. When refinancing, it's essential to factor in all upfront costs — not just the interest rate — to determine if refinancing makes financial sense. Nook's free refinancing calculator can help you run this analysis.
Eligibility Requirements
| Requirement | Bank of Commerce | Landbank |
|---|---|---|
| Citizenship | Filipino citizens; some accommodation for Filipino-foreigners | Filipino citizens; special programs for gov't employees |
| Age | 21–65 years old at loan maturity | 21–70 years old at loan maturity |
| Employment | Employed, self-employed, or OFW | Employed, self-employed, OFW, government employees |
| Income Documentation | Standard ITR, payslips, or business docs | Standard ITR, payslips, or business docs |
| Collateral | Subject property as collateral | Subject property as collateral |
Landbank has a notable advantage for government employees and pensioners, as it runs specific programs tailored to these segments. Bank of Commerce serves a broader private sector clientele. Neither bank has a particular advantage for OFWs compared to specialist programs available through Nook's network.
Application Process
| Feature | Bank of Commerce | Landbank |
|---|---|---|
| Online Application | Partial; may require branch visit | Partial; branch visit typically required |
| Processing Time | 2–6 weeks (approximate) | 2–6 weeks (approximate) |
| Dedicated Relationship Manager | Not consistently available | Available at select branches |
| Branch Network | Limited; concentrated in Metro Manila and key cities | Nationwide, including rural and provincial areas |
Landbank's extensive branch network — one of the most widespread among Philippine banks — is a genuine advantage for borrowers located outside Metro Manila. Bank of Commerce has a more limited footprint. If you're in a provincial area and prefer face-to-face banking, Landbank may be more accessible.
For borrowers who want a fully streamlined, digitally-assisted process, Nook handles the entire mortgage broker process online — comparing multiple banks simultaneously and submitting on your behalf, at no cost to you.
Should You Refinance Away from Bank of Commerce or Landbank?
If you currently have a home loan with either Bank of Commerce or Landbank, refinancing may be worth exploring — especially if your loan was originated more than two years ago and you're now on a repriced (floating) rate.
Here's a simple rule of thumb: if your current rate is 1 percentage point or more above the best available refinance rate, and you have at least 5 years remaining on your loan, refinancing is likely worth calculating. With rates from 5.99% p.a. available through Nook's partner banks, many borrowers currently paying 8%–10% have significant savings available to them.
Nook's service is completely free to the borrower — brokers are compensated by the bank, not by you. This means you get access to multiple competitive offers without paying broker fees or commissions. You might also find it useful to compare how other government-linked banks stack up — for example, see our DBP vs UCPB home loan rate comparison for another government-bank perspective.
Monthly Payment Comparison
The table below illustrates approximate monthly amortizations at different interest rates for a 3,000,000 peso loan over 20 years. These figures demonstrate the real financial impact of your interest rate.
| Interest Rate | Monthly Payment (3M / 20 yrs) | Total Interest Paid |
|---|---|---|
| 5.99% (Nook best rate) | ~21,489 | ~2,157,360 |
| 7.50% (indicative Bank of Commerce) | ~24,058 | ~2,773,920 |
| 8.00% (indicative Landbank) | ~25,093 | ~3,022,320 |
| 9.00% | ~26,993 | ~3,478,320 |
| 10.00% | ~28,951 | ~3,948,240 |
Note: Monthly payment figures are approximations for illustrative purposes only. Actual payments will depend on your exact loan terms, fees, and the bank's computation method. All rates shown for Bank of Commerce and Landbank are approximate and based on publicly available information; verify directly with the bank for current rates.
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Compare My Options →Frequently Asked Questions
Is Bank of Commerce a good bank for home loans?
Bank of Commerce offers home loans with standard terms for employed and self-employed borrowers, but its branch network is limited compared to larger banks. Its indicative rates are approximately 7.50%–9.50% p.a., which is typical for Philippine commercial banks but significantly higher than the best refinance rates currently available through digital mortgage brokers like Nook. If you value convenience and lower rates, it's worth comparing options before committing.
Does Landbank offer competitive home loan rates?
Landbank's home loan rates are broadly in line with other Philippine banks, with indicative rates around 7.00%–9.00% p.a. for standard loans. It may offer more favorable terms for government employees or borrowers in socialized housing programs. However, for market-rate borrowers, rates from Nook's partner banks — currently from 5.99% p.a. — are typically more competitive. Note that Landbank rates are approximate and subject to change; verify directly with the bank.
Can I refinance my Landbank home loan with a different bank?
Yes, you can refinance a Landbank home loan with another bank, including any bank in Nook's partner network. The refinancing process involves the new bank paying off your Landbank balance and issuing a new loan under new terms. Nook can help you compare refinancing offers from multiple banks simultaneously, manage the paperwork, and guide you through the process — all for free. Check whether your current Landbank loan has a pre-termination penalty within its fixed rate period before proceeding.
Can I refinance my Bank of Commerce home loan?
Yes. Refinancing a Bank of Commerce home loan to a lender with a lower interest rate is possible and can result in significant monthly savings. Nook can help you identify which partner bank will offer the best rate and terms for your specific situation, and manage the entire application process at no cost to you. It's worth checking your current loan's pre-termination clause first, as penalties may apply if you are still within your fixed rate period.
How much can I save by refinancing from an 8.5% rate to 5.99%?
On a 3,000,000 peso loan with 20 years remaining, refinancing from 8.50% to 5.99% p.a. would reduce your monthly payment from approximately 26,035 pesos to approximately 21,489 pesos — a saving of roughly 4,546 pesos per month, or about 54,552 pesos per year. Over the remaining loan term, that's potentially over 900,000 pesos in total interest savings. Actual figures will vary based on your remaining balance, term, and the specific bank offer you qualify for.
Which is better for provincial borrowers — Bank of Commerce or Landbank?
Landbank is the clear winner for provincial borrowers due to its extensive nationwide branch network, which covers areas that many commercial banks do not. Bank of Commerce is primarily concentrated in Metro Manila and major cities. If you are located outside a major urban center, Landbank's accessibility is a practical advantage. That said, Nook's digital platform serves borrowers across the Philippines regardless of location, so geography is less of a constraint when refinancing through Nook.
Is Nook's mortgage brokering service really free?
Yes. Nook charges absolutely nothing to the borrower. Nook earns a referral fee from the bank when a loan is successfully disbursed — the same model used by mortgage brokers worldwide. This means you get access to expert guidance, rate comparison across multiple banks, and full application support without paying any additional fees or commissions on top of your loan. The rate you receive through Nook is the bank's rate — there is no markup.
How do Bank of Commerce and Landbank compare to other government-linked banks?
Landbank is a full government-owned bank, giving it strong institutional backing and wide reach. Bank of Commerce is a private commercial bank. For a broader comparison of government-linked bank home loans, you may find our DBP vs UCPB home loan rate comparison helpful, as both DBP and UCPB also have government connections and serve overlapping borrower segments.