Which Banks in the Philippines Accept Home Loan Refinancing in 2026?
If you're paying more than 7% interest on your existing home loan, you're almost certainly overpaying. The good news: most major Philippine banks actively compete for refinancing business, and some are offering rates as low as 5.99% per annum in 2026. The bad news: every bank has different eligibility rules, lock-in periods, and fee structures — and shopping them one by one takes weeks.
This guide gives you the complete picture: which banks accept home loan transfers, what their typical rates and terms look like, and how to navigate the process without wasting time on applications that won't go anywhere. For a broader overview of the full process, see our complete guide to refinancing your housing loan in the Philippines.
The Major Banks That Refinance Home Loans in the Philippines
Here's a consolidated look at the banks actively accepting home loan transfers as of 2026, along with their general positioning in the market.
BDO Unibank
BDO is the Philippines' largest bank by assets and one of the most active home loan refinancers. They accept transfers from virtually any existing lender, including Pag-IBIG and other banks. BDO typically offers fixed-rate periods of 1, 2, 3, or 5 years, after which the loan reprices. Their refinancing rates generally start around 6.5% for short fixed periods, though qualified borrowers can negotiate tighter spreads. Minimum loan amount is typically 500,000, and they prefer properties in Metro Manila and major urban areas, though provincial properties are considered case by case.
BPI (Bank of the Philippine Islands)
BPI is consistently one of the most competitive refinancing options for salaried employees with clean credit histories. They offer fixed periods of 1 to 20 years — one of the longest fixed-rate options in the market — which appeals to borrowers who want payment certainty. BPI's rates for longer fixed periods tend to be slightly higher than short-term fixed offers from other banks, but the predictability is worth it for many homeowners. Minimum loan amount is 300,000, and they accept collateral properties in most major cities and provinces.
Metrobank
Metrobank is another tier-one option with a strong refinancing program. They're known for being thorough in their appraisal process — which means they sometimes come in with a lower property valuation than you'd expect, affecting your maximum loanable amount. On the plus side, their processing is relatively systematic, and their rates for qualified borrowers are competitive. They accept transfers from Pag-IBIG, in-house developer financing, and other banks.
Security Bank
Security Bank has built a reputation as one of the more borrower-friendly refinancing banks in recent years. They offer some of the longest fixed-rate periods available in the Philippine market (up to 25 years fixed in some products), which is unusual. For borrowers who want to lock in today's rates for the life of their loan, Security Bank is worth serious consideration. Their rates on longer tenors are naturally higher than short-term fixed offers, but you eliminate repricing risk entirely.
RCBC (Rizal Commercial Banking Corporation)
RCBC is a solid mid-tier option that sometimes offers more flexible underwriting than the big three. They're worth including in your comparison, particularly if your income documentation is non-standard (e.g., you're self-employed or have offshore income). Their refinancing rates are broadly competitive with the market.
UnionBank
UnionBank has invested heavily in digital processes, which means faster turnaround times in some cases. Their rates are market-competitive. They accept property collateral in most urban areas and are an increasingly active player in the refinancing space.
China Banking Corporation (Chinabank)
Chinabank is a strong option, particularly for borrowers with existing relationships with the bank. They tend to offer competitive rates and are known for professional handling of the refinancing process. Worth getting a quote from if you already bank with them.
PNB (Philippine National Bank)
PNB accepts home loan refinancing and is worth including in your comparison, particularly for larger loan amounts where even small rate differences translate to significant savings. Their rates and terms are broadly in line with the market.
EastWest Bank
EastWest Bank is an active refinancing lender with competitive introductory rates. They're particularly worth considering for properties in areas where the larger banks may be less active. Check their current lock-in period terms carefully before committing.
Pag-IBIG (HDMF)
Pag-IBIG is a special case. They offer refinancing for existing Pag-IBIG borrowers at government-subsidized rates, which can be attractive if you qualify. However, many homeowners find that private banks now match or beat Pag-IBIG rates — especially for borrowers with strong profiles — while offering faster processing and more flexible terms. If you're currently with Pag-IBIG and considering moving to a private bank, read our detailed breakdown on Pag-IBIG home loan refinancing to private banks before deciding.
What Rates Can You Actually Expect?
Bank advertised rates and actual approved rates are different things. Here's a realistic picture of where rates sit in 2026:
- Best available rate through Nook: 5.99% p.a. — available to qualified borrowers with strong income profiles, clean credit, and properties in high-demand areas
- Typical range for salaried employees: 6.25% to 7.5% depending on fixed period and loan-to-value ratio
- Self-employed borrowers: Generally 0.25% to 0.75% higher than equivalent salaried profiles
- Longer fixed periods (10+ years): Typically 7% to 8.5% — higher rate, but no repricing risk
To put this in concrete terms: a borrower with a 3,000,000 loan balance and 20 years remaining who is currently paying 8.5% is paying approximately 26,035 per month. Refinancing to 5.99% reduces that payment to approximately 21,491 per month — a saving of about 4,544 per month, or 54,528 per year. Over the remaining loan term, that's over 1,000,000 in total interest savings.
Key Things to Compare Beyond the Interest Rate
Too many borrowers focus only on the headline rate and miss factors that significantly affect the total cost of their refinancing decision.
Lock-In Periods and Prepayment Penalties
Most Philippine banks impose a lock-in period of 1 to 3 years during which you cannot fully prepay or refinance again without penalty. Penalties typically range from 2% to 5% of the outstanding balance. If you're planning to sell the property within a few years, a long lock-in period is a serious constraint.
Processing and Legal Fees
Refinancing isn't free. Typical costs include: bank processing fee (5,000 to 15,000), appraisal fee (3,500 to 8,000), notarial fees, mortgage registration with the Registry of Deeds, and documentary stamp tax. Total out-of-pocket costs typically range from 30,000 to 80,000 depending on loan size and location. Factor these into your break-even calculation — at 4,500 in monthly savings, a 50,000 closing cost pays back in about 11 months.
Appraisal Values
Different banks appraise the same property at different values. Since your maximum loan amount is based on a percentage of the appraised value (typically 70% to 80%), a low appraisal from one bank might mean you can't borrow enough to fully pay off your existing loan — disqualifying you from refinancing with that bank even if you'd otherwise qualify.
Repricing Terms After the Fixed Period
When your fixed-rate period ends, your rate resets. The new rate is typically the bank's reference rate plus a spread. Understanding how that repricing works — and what your rate could look like in 3 or 5 years — matters a lot for long-term planning.
Who Qualifies for Bank Refinancing?
General eligibility requirements across most Philippine banks are similar:
- Filipino citizen, at least 21 years old, not more than 65 to 70 at loan maturity
- Property must be registered in your name (or co-borrower's name) with a clean title
- Existing loan must be current — no delinquencies in the past 12 months
- Minimum employment tenure of 2 years (salaried) or 3 years in business (self-employed)
- Minimum monthly income typically 40,000 to 50,000, though this varies by bank and loan size
- Loan-to-value ratio generally must not exceed 70% to 80% based on new appraisal
If you have credit challenges, refinancing is still possible in some cases — see our guide on how to refinance with bad credit in the Philippines for a realistic assessment of your options.
How the Refinancing Process Works Step by Step
Once you've decided to refinance, here's what to expect:
- Get your current loan details: Outstanding balance, remaining term, current interest rate, monthly amortization, and your existing bank's lock-in period status.
- Compare offers: Either approach multiple banks directly (time-consuming) or use Nook to get multiple offers with a single application.
- Submit documents: Typically includes government ID, income documents (payslips or ITR), property title (TCT or CCT), tax declaration, and existing loan statement.
- Property appraisal: The new bank will appraise your property. This takes 3 to 7 business days in most cases.
- Loan approval: Conditional approval typically takes 5 to 15 business days from complete document submission.
- Loan release and payoff: The new bank issues a manager's check to pay off your existing lender. Your mortgage is then annotated in favor of the new bank.
- Begin paying new lender: Your new, lower monthly amortization starts.
Total timeline from application to first payment with the new bank is typically 30 to 60 days for straightforward cases, longer if there are title issues or appraisal complications.
Why Using a Mortgage Broker Saves You Time and Money
Approaching each bank individually means filling out multiple application forms, submitting documents to multiple institutions, and waiting on multiple timelines — often for weeks. A digital mortgage broker like Nook submits your profile to multiple lenders simultaneously and presents you with the best offers side by side. The service is completely free to borrowers — Nook earns a referral fee from the bank only when a loan closes, so there's no cost and no obligation to you for comparing your options.