Bank of Commerce vs Maya Bank

Bank of Commerce vs Maya Bank: Home Loan Overview

Choosing between Bank of Commerce and Maya Bank for a home loan refinance requires understanding where each institution stands in the Philippine mortgage market. Bank of Commerce (BankCom) is a Sy-family-affiliated commercial bank with decades of lending experience and a physical branch network. Maya Bank, formerly PayMaya, is a BSP-licensed digital bank that launched in 2022 and has primarily focused on savings, lending, and payments products for retail consumers — though its home loan product remains limited compared to traditional banks.

For most Filipino homeowners looking to refinance, this comparison will quickly reveal that Bank of Commerce is the more practical option of the two — but as you'll see below, neither may offer the best rate available to you.

Interest Rates

Bank of Commerce typically offers competitive fixed rates for the initial lock-in period, after which your rate resets to the prevailing market rate. This repricing risk is something every borrower should plan for. Maya Bank does not currently advertise a standard home loan product on its platform, so direct rate comparisons are difficult — and borrowers should be cautious about limited product availability when choosing a refinancing partner.

If you're also researching digital bank options, you may find our Asia United Bank vs Tonik home loan comparison useful, as it covers another traditional-versus-digital matchup in more depth.

Loan Amounts and Terms

Bank of Commerce allows loan terms of up to 20 years, which is slightly shorter than the 25-year maximum offered by some larger banks like BDO or BPI. For a borrower with a 3,000,000 loan at 7.50% over 20 years, the estimated monthly amortization would be approximately 24,100. Refinancing that same balance at 5.99% over 20 years through Nook could bring that payment down to roughly 21,500 — a saving of around 2,600 per month, or more than 31,000 per year.

Fees and Charges

One important consideration with Bank of Commerce is the prepayment penalty during the fixed-rate period. If you plan to sell your property, pay down your loan aggressively, or refinance again within the lock-in window, factor these penalties into your total cost calculation. Nook's advisors can help you model the true cost of switching banks so you're not caught off guard.

Application Process and Digital Experience

Maya Bank's strength is in its seamless digital experience for consumer products like savings and personal loans. However, home loans are complex instruments that require property appraisal, title verification, and legal review — processes that even the most advanced digital banks have found challenging to fully automate. Until Maya Bank publishes a clear and comprehensive home loan product, borrowers should be cautious about relying on it for mortgage refinancing.

By contrast, working with Nook gives you a fully digital application experience across multiple established lenders simultaneously. You fill out one form, and Nook's team handles the bank-by-bank coordination on your behalf — for free.

Eligibility Requirements

Bank of Commerce's eligibility criteria are fairly standard across the Philippine banking industry. OFW borrowers are accepted, though the documentation requirements are more involved. If you're comparing other mid-sized lenders for refinancing, our Bank of Commerce vs CIMB home loan comparison may also be worth reading alongside this page.

Sample Refinancing Scenario

To make this comparison tangible, here's a worked example for a homeowner looking to refinance a 4,000,000 balance:

Even refinancing to Bank of Commerce at 7.25% from a current rate of 8.00% generates meaningful savings. But refinancing to 5.99% through Nook more than doubles those savings — potentially putting over 1,000,000 back in your pocket over the life of the loan. The math makes a compelling case for shopping broadly rather than settling for the first offer you receive.