Bank of Commerce vs UCPB: Home Loan Overview
Bank of Commerce (also known as BankCom) is a mid-sized universal bank in the Philippines with a growing retail banking presence. UCPB (United Coconut Planters Bank) is a government-linked institution historically associated with the coconut industry and has offered home loan products to retail borrowers for decades.
Both banks offer standard home loan and refinancing products, but they differ meaningfully in rate competitiveness, fixing period flexibility, and the overall borrower experience. Let's break it down.
Interest Rate Comparison
| Fixing Period | Bank of Commerce (est.) | UCPB (est.) |
|---|---|---|
| 1 Year Fixed | 7.50% – 8.50% p.a. | 6.75% – 7.75% p.a. |
| 2 Years Fixed | 7.75% – 8.75% p.a. | 7.00% – 8.00% p.a. |
| 3 Years Fixed | 8.00% – 9.00% p.a. | 7.25% – 8.25% p.a. |
| 5 Years Fixed | 8.50% – 9.50% p.a. | 7.75% – 8.75% p.a. |
| 10 Years Fixed | N/A or limited | 8.50% – 9.50% p.a. |
Important: These are indicative market ranges based on publicly available information and may not reflect each bank's current advertised rates. Always request a formal Quote Letter from any bank before making a decision. Rates vary based on loan amount, LTV ratio, property type, and borrower profile.
UCPB has generally been the more competitive of the two on headline rates, particularly for shorter fixing periods. Bank of Commerce's rates tend to sit at the higher end of the mid-tier bank range.
Loan Terms and Eligibility
| Feature | Bank of Commerce | UCPB |
|---|---|---|
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80% of appraised value |
| Minimum Loan Amount | ~500,000 | ~500,000 |
| Maximum Loan Term | 20 years | 20–25 years |
| Eligible Borrowers | Filipino citizens, OFWs (with conditions) | Filipino citizens, OFWs, some permanent residents |
| Eligible Properties | Residential house & lot, condo, townhouse | Residential house & lot, condo, townhouse |
| Refinancing Available | Yes | Yes |
Fees and Charges
| Fee | Bank of Commerce | UCPB |
|---|---|---|
| Processing Fee | Varies (typically 5,000 – 10,000) | Varies (typically 5,000 – 10,000) |
| Appraisal Fee | Charged separately (3,000 – 6,000 est.) | Charged separately (3,000 – 6,000 est.) |
| Pre-termination Penalty | Typically 2%–3% of outstanding balance within lock-in period | Typically 2%–3% of outstanding balance within lock-in period |
| Documentary Stamp Tax | Borrower's account | Borrower's account |
| Mortgage Registration | Borrower's account | Borrower's account |
Neither bank stands out dramatically on fees — both follow the industry-standard model where closing costs (DST, notarial fees, registration) are borne by the borrower. Always ask for a full fee schedule before signing anything.
Real-World Savings Illustration
Let's say you have an existing home loan of 3,500,000 with 20 years remaining, and you're currently paying 8.50% p.a. (a common rate for borrowers who haven't refinanced in several years).
| Scenario | Rate | Monthly Payment (est.) | Total Interest (20 yrs) |
|---|---|---|---|
| Your current loan | 8.50% p.a. | 30,413 | 3,799,120 |
| Refinance to UCPB (est.) | 7.25% p.a. | 27,666 | 3,139,840 |
| Refinance to Bank of Commerce (est.) | 8.00% p.a. | 29,215 | 3,511,600 |
| Refinance via Nook (best rate) | 5.99% p.a. | 25,065 | 2,515,600 |
Refinancing to UCPB could save you roughly 659,280 in total interest versus staying put. But refinancing through Nook at 5.99% p.a. could save you over 1,283,520 — nearly double the saving. The difference between choosing the right lender and a mediocre one is real money.
If you're also comparing UCPB against digital lenders, see our Maya Bank vs UCPB home loan comparison for a different angle on this lender.
Application Process
| Step | Bank of Commerce | UCPB |
|---|---|---|
| Initial Inquiry | Branch visit or online inquiry form | Branch visit or online inquiry form |
| Document Submission | In-branch (primarily) | In-branch (primarily) |
| Processing Time | 3–6 weeks typical | 3–6 weeks typical |
| Approval Communication | Via branch officer | Via branch officer |
| Digital Experience | Limited | Limited |
Both banks follow a fairly traditional, branch-heavy application process. If you prefer a more streamlined digital experience, neither is particularly strong in this area. Nook handles the paperwork coordination for you across multiple lenders simultaneously — so you apply once and get competing offers back.
Which Bank Is Right for You?
Choose UCPB if: You want the more competitive of the two rates, you have an existing relationship with the bank, or you're looking for a slightly longer maximum term. UCPB has historically been more active in the retail mortgage space and tends to price more aggressively. You might also want to read our BPI vs UCPB home loan comparison to see how UCPB stacks up against one of the country's largest banks.
Choose Bank of Commerce if: You have an existing banking relationship with BankCom and prefer to consolidate your financial products with them, or if a BankCom branch is more accessible to you. Just be prepared that their rates may not be the most competitive in the market.
Use Nook if: You want to make sure you're getting the best possible rate without doing 10 separate bank applications. Nook is a free service — we compare offers across our panel of lenders and present you with the best deal available for your profile. The best rate currently available through Nook is 5.99% p.a., which is likely lower than what either Bank of Commerce or UCPB will offer you directly.
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Compare My Options →Frequently Asked Questions
Is Bank of Commerce or UCPB better for home loans in the Philippines?
Based on available market data, UCPB has generally offered more competitive interest rates and a slightly broader range of fixing period options compared to Bank of Commerce. However, both banks tend to price higher than what Nook's panel of lenders can offer. If getting the lowest possible rate is your priority, comparing offers through Nook is worth doing before committing to either bank.
What is the current home loan rate at Bank of Commerce?
Bank of Commerce does not always publish its home loan rates prominently online. Based on market observations, rates are typically in the range of 7.50% to 9.50% p.a. depending on the fixing period chosen. You should contact a BankCom branch directly or submit an online inquiry to get a formal and up-to-date Quote Letter for your specific loan amount and property.
What is the current home loan rate at UCPB?
UCPB's home loan rates vary by fixing period and borrower profile, but are generally estimated to range from 6.75% to 9.50% p.a. across 1- to 10-year fixing periods. UCPB has historically been more competitively priced than Bank of Commerce. Contact UCPB directly or use Nook to get competing quotes that may come in well below UCPB's posted rates.
Can I refinance my existing home loan from Bank of Commerce or UCPB through Nook?
Yes. Nook specializes in home loan refinancing and can help you refinance away from Bank of Commerce, UCPB, or any other existing lender. If your current rate is above 6.5% to 7%, there's a strong chance you could save significantly by refinancing. Nook's service is completely free to borrowers — we are compensated by the lender, not you.
How much can I save by refinancing instead of staying with Bank of Commerce or UCPB?
It depends on your outstanding balance, remaining term, and current rate. As an example, on a 3,500,000 loan with 20 years remaining at 8.50% p.a., refinancing to a rate of 5.99% p.a. through Nook could reduce your monthly payment by over 5,000 pesos and save you more than 1,200,000 in total interest over the life of the loan. Use Nook's free refinance calculator to run the numbers for your specific situation.
Does Bank of Commerce allow home loan refinancing?
Yes, Bank of Commerce offers home loan refinancing. You can refinance an existing loan from another bank into a BankCom home loan. However, whether their rates will be competitive enough to justify the switch depends on your current rate and loan profile. It's worth comparing their offer against multiple lenders before deciding.
How long does it take to get approved for a home loan at Bank of Commerce or UCPB?
Both banks typically follow a traditional branch-based process and approval timelines generally range from 3 to 6 weeks from complete document submission. The timeline can vary based on the complexity of your application, the completeness of your documents, and the workload of the processing branch. Nook can help coordinate your documents to avoid common delays.
Is Nook's mortgage brokering service really free?
Yes, 100% free to the borrower. Nook earns a referral fee from the lender when your loan is successfully processed — similar to how travel aggregator sites work. You pay nothing extra, and the rate you get through Nook is the same or better than going to the bank directly, because Nook negotiates on volume across many borrowers.