Bank of Commerce vs PNB: Home Loan Overview
Both Bank of Commerce and PNB (Philippine National Bank) are established Philippine financial institutions offering home loan and housing refinance products. However, there are meaningful differences in their offerings, and neither may give you the lowest rate available today. Below is a detailed comparison to help you make an informed decision.
Important note: The rates shown for both banks are approximate figures based on publicly available information and general market knowledge. Interest rates are subject to change without notice. Always verify current rates directly with the bank or through a licensed broker before making any financial decision.
Interest Rate Comparison
| Feature | Bank of Commerce | PNB | Nook (Best Available) |
|---|---|---|---|
| Indicative Starting Rate | ~7.50% p.a. | ~7.25% p.a. | 5.99% p.a. |
| Rate Type | Fixed (1–5 yr repricing) | Fixed (1–5 yr repricing) | Fixed (varies by partner bank) |
| Rate Transparency | Limited public disclosure | General rate sheets available | Verified, real-time partner rates |
| Rate Lock Period | 1, 2, 3, or 5 years | 1, 2, 3, or 5 years | Depends on partner bank |
At a starting rate of approximately 7.25–7.50% versus Nook's 5.99%, the gap is substantial. On a 3,000,000 peso loan over 20 years, that difference can translate to over 20,000 pesos in annual savings — money that stays in your pocket every year.
Monthly Payment Comparison
To illustrate the real-world impact, here's how estimated monthly payments compare across common loan amounts, assuming a 20-year term:
| Loan Amount | Bank of Commerce (~7.50%) | PNB (~7.25%) | Nook (5.99%) | Monthly Savings vs PNB |
|---|---|---|---|---|
| 1,500,000 | ~12,070 | ~11,870 | ~10,740 | ~1,130 |
| 3,000,000 | ~24,140 | ~23,740 | ~21,490 | ~2,250 |
| 5,000,000 | ~40,230 | ~39,570 | ~35,810 | ~3,760 |
| 8,000,000 | ~64,370 | ~63,310 | ~57,300 | ~6,010 |
Figures are estimates for illustration only. Actual payments will vary based on final approved rate, loan term, fees, and other factors. Consult Nook for a personalized calculation.
Fees and Charges
| Fee | Bank of Commerce | PNB |
|---|---|---|
| Processing Fee | Approximately 3,000–5,000 | Approximately 3,000–5,000 |
| Appraisal Fee | Charged separately (varies) | Charged separately (varies) |
| Documentary Stamp Tax | Borrower's account | Borrower's account |
| Mortgage Registration Fee | Borrower's account | Borrower's account |
| Early Repayment Penalty | May apply within lock-in period | May apply within lock-in period |
| Broker / Facilitation Fee | N/A (direct application) | N/A (direct application) |
When refinancing through Nook, our service is 100% free to the borrower. Nook is compensated by the partner bank — you pay nothing extra to access better rates and a streamlined process.
Loan Terms and Eligibility
| Criteria | Bank of Commerce | PNB |
|---|---|---|
| Minimum Loan Amount | ~500,000 | ~500,000 |
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80% of appraised value |
| Loan Term | Up to 20 years | Up to 20 years |
| Eligible Borrowers | Filipino citizens, resident foreigners | Filipino citizens, OFWs |
| Age Requirement | 21–65 years old at loan maturity | 21–65 years old at loan maturity |
| Income Documentation | Required (employed or self-employed) | Required (employed, self-employed, OFW) |
PNB has a slight edge for OFW borrowers given its established overseas network. For locally employed borrowers, both banks have comparable eligibility requirements. If you're currently with PNB and exploring other options, you may also find our Pag-IBIG vs PNB comparison useful as an alternative benchmark.
Application Process
| Step | Bank of Commerce | PNB | Via Nook |
|---|---|---|---|
| Initial Application | Branch visit or online form | Branch visit or online portal | Fully digital, online |
| Document Submission | Physical / email | Physical / online upload | Digital upload |
| Processing Time | 2–4 weeks (estimated) | 2–4 weeks (estimated) | Streamlined via partner banks |
| Rate Comparison | Single bank rate only | Single bank rate only | Multiple partner banks compared |
| Dedicated Support | Branch-assigned officer | Branch-assigned officer | Dedicated Nook mortgage advisor |
One of the biggest advantages of using Nook is that a single application lets you compare multiple verified partner bank offers simultaneously. Going directly to Bank of Commerce or PNB means you're limited to that institution's current rate — and you may never know if a better deal was available.
Refinancing Considerations
If you currently have a home loan with Bank of Commerce or PNB, refinancing could make a great deal of sense — especially if your current rate is above 7%. Here's a quick checklist to consider:
- Are you past your lock-in period? If your original loan had a 3- or 5-year fixed period, you may now be on a higher floating rate — an ideal time to refinance.
- How much is left on your loan? Refinancing is most impactful when you have a large remaining balance and several years still to go.
- What are the switching costs? Factor in legal fees, documentary stamp tax, and registration costs. Nook's advisors can help you calculate whether the savings outweigh these costs.
- Can you qualify for a better rate? Your income, credit history, and property value all affect the rate you'll be offered. Nook helps you understand what you're eligible for before you apply.
For borrowers currently weighing multiple refinance options, the First Metro Investment vs PNB comparison is another useful read if you're considering trust-company-affiliated lenders.
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Compare My Options →Frequently Asked Questions
Is Bank of Commerce a good option for a home loan in the Philippines?
Bank of Commerce offers home loan products and is a legitimate, BSP-supervised institution. However, its rates are generally in line with the broader Philippine market — typically around 7.50% p.a. or higher depending on the fixing period. For borrowers looking for the most competitive rates, it's worth comparing Bank of Commerce against multiple lenders through a broker like Nook before committing.
How does PNB's home loan rate compare to other Philippine banks?
PNB's home loan rates are broadly competitive with other large Philippine commercial banks, typically starting around 7.25% p.a. for a 1-year fixed period. While this is reasonable for the market, it remains significantly higher than the best available refinance rate of 5.99% p.a. accessible through Nook's partner banks. Rates are subject to change, so always confirm current figures directly.
Can I refinance from Bank of Commerce or PNB to a Nook partner bank?
Yes — if you currently have a home loan with Bank of Commerce or PNB, you can refinance to one of Nook's partner banks to access lower rates. The process involves paying off your existing loan with the proceeds of the new loan. Nook will guide you through the entire refinancing process at no cost to you.
How much can I save by refinancing from PNB to a 5.99% rate?
On a 3,000,000 peso loan with 20 years remaining, refinancing from approximately 7.25% (PNB) to 5.99% (Nook best rate) could reduce your monthly payment by around 2,250 pesos — saving approximately 27,000 pesos per year. Over the remaining loan term, total interest savings could exceed 500,000 pesos. Use Nook's free calculator for a personalized estimate.
Is Nook's mortgage brokering service really free?
Yes, Nook's service is 100% free to borrowers. Nook is compensated by the partner bank that funds your loan — similar to how insurance brokers operate. You get access to multiple verified lender offers, a dedicated mortgage advisor, and a streamlined digital process without paying anything extra.
What documents do I need to refinance my home loan in the Philippines?
Standard documents for a home loan refinance in the Philippines typically include: valid government-issued IDs, proof of income (payslips, ITR, or employment certificate for employees; audited financial statements for self-employed), Transfer Certificate of Title (TCT), tax declaration, and current loan statement of account. Nook's advisors will give you a precise checklist based on your specific situation.
What is the difference between Bank of Commerce and PNB for OFW borrowers?
PNB has a historically stronger presence among OFW borrowers, with an established overseas branch network and remittance infrastructure that facilitates loan servicing from abroad. Bank of Commerce also accepts OFW applications but may have less specialized OFW-focused processes. That said, OFW borrowers should still compare rates across multiple lenders — including Nook's partner banks — to ensure they're getting the best available deal.