Bank of Commerce vs RCBC: Home Loan Rate Comparison
Both Bank of Commerce and RCBC (Rizal Commercial Banking Corporation) offer home loan and refinancing products in the Philippines, but they cater to slightly different borrower profiles. Here's how they stack up on the metrics that matter most.
Interest Rates
| Fixing Period | Bank of Commerce | RCBC |
|---|---|---|
| 1-Year Fixed | ~7.50% – 8.50% p.a. | ~6.88% – 8.00% p.a. |
| 3-Year Fixed | ~8.00% – 9.00% p.a. | ~7.25% – 8.50% p.a. |
| 5-Year Fixed | ~8.50% – 9.50% p.a. | ~7.50% – 8.75% p.a. |
| 10-Year Fixed | Limited availability | ~8.50% – 9.50% p.a. |
Rate note: These are indicative ranges based on publicly available information. Your actual rate will depend on loan amount, LTV ratio, employment status, and credit profile. Always request a formal quotation. For context, the best refinance rate currently available through Nook is 5.99% p.a.
Monthly Payment Comparison (Sample Loan: 3,000,000 over 20 years)
| Scenario | Rate | Est. Monthly Payment | Total Interest (20 yrs) |
|---|---|---|---|
| Bank of Commerce (mid-range) | 8.50% p.a. | ~26,035 | ~3,248,400 |
| RCBC (mid-range) | 7.75% p.a. | ~24,718 | ~2,932,320 |
| Nook Best Rate | 5.99% p.a. | ~21,491 | ~2,157,840 |
On a 3,000,000 loan over 20 years, refinancing through Nook at 5.99% p.a. versus a typical Bank of Commerce rate could save you over 1,090,000 in total interest — that's money back in your pocket.
Loan Features & Eligibility
| Feature | Bank of Commerce | RCBC |
|---|---|---|
| Minimum Loan Amount | ~500,000 | ~300,000 |
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80% of appraised value |
| Loan Tenor | Up to 20 years | Up to 20 years |
| OFW Borrowers | Accepted (with conditions) | Accepted (with conditions) |
| Self-Employed | Accepted | Accepted |
| Refinancing | Available | Available |
| Digital Application | Partial (branch-heavy) | Partial online, branch required |
Fees & Charges
| Fee | Bank of Commerce | RCBC |
|---|---|---|
| Processing Fee | ~5,000 – 10,000 (non-refundable) | ~5,000 – 10,000 (non-refundable) |
| Appraisal Fee | Charged separately (~3,500 – 5,000) | Charged separately (~3,500 – 6,000) |
| Legal / Documentation Fee | ~5,000 – 10,000 | ~5,000 – 10,000 |
| Early Redemption Fee | Typically 2% – 3% of outstanding balance within fixing period | Typically 2% – 3% of outstanding balance within fixing period |
| Annual Service Fee | Varies | Varies |
Both banks carry similar upfront fee structures. When refinancing, it's important to calculate your break-even point — the number of months it takes for your monthly savings to recover closing costs. Nook's advisors can run this calculation for you at no charge.
Which Bank Has the Better Reputation for Home Loans?
RCBC is generally better known as a home loan provider and has a more established mortgage product line compared to Bank of Commerce, which is a mid-sized commercial bank with a smaller branch network. RCBC has invested in digital tools and a more structured mortgage team, which can mean faster processing times for eligible borrowers.
Bank of Commerce, on the other hand, may be worth considering if you already have an existing banking relationship with them, as existing clients can sometimes negotiate better terms. If you're looking at other mid-tier lenders, our Bank of Commerce vs GoTyme comparison is also worth reviewing to see how it stacks up against a newer digital lender.
Refinancing with Bank of Commerce or RCBC: What to Expect
Both banks follow a broadly similar refinancing process:
- Submit a loan application with supporting documents (income docs, property title, tax declaration, etc.)
- Property appraisal — conducted by the bank's accredited appraiser at your expense
- Credit evaluation — the bank reviews your income, credit history, and debt-to-income ratio
- Loan offer — if approved, you receive a formal offer with rate, term, and fees
- Legal documentation and annotation of the title
- Loan release to settle your existing mortgage
The entire process typically takes 4 to 10 weeks depending on document completeness and bank processing speed. RCBC tends to be slightly faster for straightforward applications due to a more structured mortgage operations team.
Why Not Just Go Directly to One Bank?
Going directly to Bank of Commerce or RCBC means you only see one offer. You won't know if another lender — say, BPI, Security Bank, or a digital lender — could give you a significantly lower rate for your profile. Nook solves this by submitting your details across multiple lenders simultaneously, so you see competing offers and can choose the best one. The service costs you nothing.
If you're also considering newer digital lenders in your search, it's worth reading our GoTyme vs SB Finance comparison to understand how digital-first lenders compare on rate and service.
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Compare My Options →Frequently Asked Questions
Is Bank of Commerce or RCBC better for home loan refinancing?
RCBC generally offers more competitive rates and a more developed home loan product line, making it the stronger choice between the two for most refinancing scenarios. However, the best outcome comes from comparing both banks against the wider market — which Nook does for free, giving you access to rates as low as 5.99% p.a.
What are RCBC's current home loan refinance rates?
RCBC's home loan rates typically start from around 6.88% p.a. for a 1-year fixed period, though your actual rate depends on loan amount, LTV ratio, and credit profile. For a formal quote, you can apply through Nook and receive competing offers from RCBC and other lenders in one step.
What are Bank of Commerce's home loan rates?
Bank of Commerce home loan rates generally range from around 7.50% to 9.50% p.a. depending on the fixing period chosen. These rates are on the higher side compared to some competitors, which is why comparing across multiple lenders through a broker like Nook can lead to significant savings.
Can I refinance my existing home loan with RCBC if my loan is with another bank?
Yes. RCBC accepts refinancing applications from borrowers whose existing home loans are with other banks. You'll need to provide your current loan statement, property title, income documents, and tax declarations. RCBC will settle your outstanding balance with your current lender and issue a new loan under their terms.
How much can I save by refinancing to a lower rate?
The savings depend on your current rate, loan balance, and remaining term. As an example, on a 3,000,000 loan with 20 years remaining, moving from 8.50% p.a. to 5.99% p.a. saves approximately 4,544 per month — or over 1,090,000 in total interest. Nook's free calculator can give you a personalised savings estimate.
Are there penalties for refinancing out of Bank of Commerce or RCBC?
Both banks typically charge an early redemption fee of 2% to 3% of the outstanding loan balance if you refinance during a fixed-rate period. Once the fixing period expires, you can usually switch lenders without penalty. Nook's advisors factor these costs into your break-even analysis so you know exactly when refinancing makes financial sense.
How does Nook compare Bank of Commerce and RCBC home loans?
Nook collects your loan details once and submits them to multiple partner lenders — which can include RCBC and others — to surface the best available offer for your profile. This saves you the time of approaching each bank individually. The service is completely free for borrowers; Nook earns a referral fee from the lender only when a loan is successfully disbursed.
What documents do I need to refinance my home loan?
For both Bank of Commerce and RCBC, you'll typically need: a valid government-issued ID, proof of income (payslips and/or ITR for employed borrowers, financial statements for self-employed), your current loan billing statement, a copy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT), the latest Real Property Tax receipt, and a property appraisal. Nook provides a full document checklist tailored to your situation.