Bank of Commerce vs PSBank: Home Loan Overview
Choosing between Bank of Commerce and PSBank for a home loan — or deciding whether to refinance away from either — requires a clear look at what each bank actually offers. Both are established Philippine banks with home lending products, but they differ in rate structures, flexibility, and overall borrower experience.
Important note: Neither Bank of Commerce nor PSBank are Nook partner banks. The rate information below is based on publicly available data and general market knowledge. Rates are approximate, subject to change, and may not reflect current promotional offers. Always verify directly with the bank before making a decision.
Interest Rate Comparison
| Feature | Bank of Commerce | PSBank | Nook (Best Available) |
|---|---|---|---|
| Indicative Rate (1-year fix) | ~7.50% – 9.00% p.a. | ~7.25% – 9.00% p.a. | From 5.99% p.a. |
| Indicative Rate (3-year fix) | ~8.00% – 9.50% p.a. | ~7.75% – 9.50% p.a. | Competitive fixed options available |
| Indicative Rate (5-year fix) | ~8.50% – 10.00% p.a. | ~8.25% – 10.00% p.a. | Competitive fixed options available |
| Rate Transparency | Inquire in branch | Inquire in branch or online | Verified, real-time rates |
Rates shown for Bank of Commerce and PSBank are approximate ranges based on publicly available information as of 2024 and are subject to change without notice. Nook rates reflect the best currently verified rate available through our partner bank network.
What This Means for Your Monthly Payment
To illustrate the real-world impact, here's how monthly payments compare on a 3,000,000 peso home loan over a 20-year term at different interest rates:
| Interest Rate | Monthly Payment (approx.) | Total Interest Paid (approx.) |
|---|---|---|
| 5.99% p.a. (Nook best rate) | 21,474 | 2,153,760 |
| 7.50% p.a. (Bank of Commerce low-end est.) | 24,169 | 2,800,560 |
| 8.50% p.a. (Mid-range estimate) | 26,058 | 3,253,920 |
| 10.00% p.a. (Higher-end estimate) | 28,951 | 3,948,240 |
At 7.50% versus 5.99%, you'd pay roughly 2,695 pesos more every single month — that's over 32,000 pesos per year and more than 640,000 pesos over 20 years on a 3 million peso loan alone. The gap widens significantly at higher balances.
Bank of Commerce Home Loan: Key Details
Bank of Commerce is a full-service commercial bank in the Philippines that offers home loan products primarily for property purchase and construction. As a mid-sized bank, its home loan product suite is more limited compared to larger universal banks.
- Loan Purpose: Property purchase, construction, home improvement, and refinancing
- Loan Amount: Typically starts from 500,000 pesos
- Loan Term: Up to 20 years for most residential loans
- Processing: Primarily branch-based; limited online application capability
- Eligibility: Filipino citizens and resident aliens with stable income
- Notable: Rates and terms may vary significantly by branch and borrower profile
If you're exploring how Bank of Commerce compares to another digital-era lender, our Bank of Commerce vs CIMB home loan comparison offers additional context on how traditional banks stack up against newer players.
PSBank Home Loan: Key Details
PSBank (Philippine Savings Bank), a subsidiary of Metrobank Group, is one of the more recognized savings banks in the country with a dedicated home loan product called PSBank Home Loan. It has a somewhat broader digital presence than Bank of Commerce, which makes it easier for borrowers to get indicative rates online.
- Loan Purpose: Purchase of house and lot, condominium, townhouse; refinancing; home construction
- Loan Amount: Typically from 500,000 pesos up to 80% of appraised property value
- Loan Term: Up to 20 years
- Processing: Online application available; branch support nationwide through Metrobank network
- Eligibility: Filipino citizens aged 21–65 at loan maturity, with documented income
- Notable: Being part of the Metrobank Group provides some stability, but rates are not always the most competitive in the market
PSBank often shows up in head-to-head comparisons — you can also read our PSBank vs SB Finance home loan comparison if you're weighing PSBank against other non-bank lenders.
Fees and Charges Comparison
| Fee Type | Bank of Commerce | PSBank |
|---|---|---|
| Processing Fee | Varies; typically 5,000 – 10,000+ | Varies; typically 5,000 – 10,000+ |
| Appraisal Fee | Charged separately | Charged separately |
| Documentary Stamp Tax | Borrower's responsibility | Borrower's responsibility |
| Mortgage Registration | Borrower's responsibility | Borrower's responsibility |
| Prepayment Penalty | May apply during fixed-rate period | May apply during fixed-rate period |
| Annual Service Fee | May apply | May apply |
Fee structures for both banks are indicative and subject to change. Confirm all applicable charges directly with the bank before proceeding.
Refinancing: Is It Worth Switching?
If you currently have a home loan with Bank of Commerce or PSBank and your rate is 7% or above, refinancing could make a meaningful difference to your finances. Here's a quick snapshot of annual savings potential on a 3,000,000 peso outstanding loan balance refinanced to 5.99% p.a.:
| Your Current Rate | Estimated Annual Savings | Estimated 5-Year Savings |
|---|---|---|
| 7.00% | ~18,000 – 22,000 | ~90,000 – 110,000 |
| 7.50% | ~27,000 – 33,000 | ~135,000 – 165,000 |
| 8.00% | ~36,000 – 44,000 | ~180,000 – 220,000 |
| 9.00% | ~54,000 – 64,000 | ~270,000 – 320,000 |
| 10.00% | ~72,000 – 86,000 | ~360,000 – 430,000 |
These are estimates based on a 20-year remaining term. Actual savings depend on your outstanding balance, remaining term, and applicable fees. Nook's free mortgage advisors can calculate your exact potential savings in minutes.
Why Work with Nook Instead of Going Direct?
When you apply for a home loan or refinance directly with Bank of Commerce or PSBank, you're limited to whatever rate that single bank is willing to offer you on that day. Nook works differently.
- Multiple bank options: Nook shops across its network of partner banks to find you the best available rate — currently as low as 5.99% p.a.
- 100% free service: Nook's mortgage brokerage service costs you nothing. The bank pays the referral fee, not you.
- Verified rates: Unlike approximate rates you might find on comparison sites, Nook works with real-time, verified rates from partner banks.
- End-to-end support: From document preparation to loan approval, Nook guides you through every step.
- Saves time: Instead of visiting multiple bank branches, one application through Nook covers multiple lenders.
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Compare My Options →Frequently Asked Questions
What is the current home loan rate at Bank of Commerce?
Bank of Commerce does not prominently publish its home loan rates online. Based on publicly available information, rates are generally estimated to range from approximately 7.50% to 10.00% p.a. depending on the fixing period and borrower profile. These figures are approximate and subject to change — we recommend contacting Bank of Commerce directly or checking with Nook to see if a better rate is available through a partner bank.
What is the current home loan rate at PSBank?
PSBank's home loan rates are generally estimated to range from approximately 7.25% to 10.00% p.a. depending on the loan term and re-pricing period chosen. Rates are subject to change and may vary based on your credit profile and property type. Always verify current rates directly with PSBank or explore alternatives through Nook, where verified rates start from 5.99% p.a.
Which is better for a home loan — Bank of Commerce or PSBank?
PSBank generally has a slight edge in terms of digital accessibility and brand recognition as part of the Metrobank Group, which can simplify the application process. However, both banks offer broadly similar rate ranges based on available information. More importantly, neither bank may offer the most competitive rate in the market. Through Nook, you can access verified rates starting from 5.99% p.a. — significantly lower than what either bank typically offers.
Can I refinance my Bank of Commerce or PSBank home loan through Nook?
Yes. If you currently have a home loan with Bank of Commerce or PSBank and your interest rate is 7% or higher, you may be eligible to refinance through Nook to a lower rate. Nook's service is completely free to borrowers — we'll assess your eligibility, calculate your potential savings, and handle the process from application to approval.
How much can I save by refinancing from PSBank or Bank of Commerce?
On a 3,000,000 peso loan with a 7.50% rate, refinancing to 5.99% p.a. could save you approximately 2,695 pesos per month — that's over 32,000 pesos per year and potentially more than 640,000 pesos over a 20-year term. Use Nook's free refinance calculator to get a personalized estimate based on your actual loan balance and remaining term.
Are there fees when refinancing through Nook?
Nook's mortgage brokerage service is 100% free to the borrower. You will still need to account for standard third-party refinancing costs such as appraisal fees, documentary stamp tax, and mortgage registration fees — but Nook charges no service fee for helping you find and secure a better rate. Our advisors will walk you through all expected costs upfront.
How long does it take to refinance through Nook?
The refinancing process typically takes 4 to 8 weeks from initial application to loan release, depending on the bank and completeness of your documents. Nook streamlines the process by helping you prepare the right documents from the start and liaising directly with the bank on your behalf, which can significantly reduce back-and-forth delays.
What documents do I need to refinance my home loan?
Typical requirements include a valid government-issued ID, proof of income (payslips or ITR for employed borrowers; audited financial statements for self-employed), a copy of your existing loan statement of account, property title (TCT or CCT), tax declaration, and recent utility bills. Nook will provide a complete, personalized checklist once you begin your application.