Which Banks in the Philippines Accept Home Loan Refinancing in 2026?

If you took out a home loan three or more years ago, there is a good chance you are paying a higher interest rate than you need to be. Refinancing — moving your existing home loan to a new lender at a lower rate — is one of the most powerful financial moves a Filipino homeowner can make. But knowing which banks accept refinance applications, and understanding exactly how the process works, is where most people get stuck.

This guide covers every major bank and government lender that accepts home loan refinancing in the Philippines, what each one requires, and how the end-to-end process actually unfolds — from your first inquiry to your first payment at the new, lower rate.

The Philippine Banks That Accept Home Loan Refinancing

Almost every major bank in the Philippines has a home loan refinancing product, though the rates, eligibility rules, and processing speeds vary widely. Here is a breakdown of the key players:

BDO Unibank

BDO is the country's largest bank and one of the most active refinance lenders. They accept loans from any existing bank or government lender and can finance up to 80% of the appraised property value. BDO's refinance rates typically sit in the 7%–9% per annum range on standard fixed-rate periods, though promotional rates are occasionally offered. Processing time is roughly 4–8 weeks. BDO requires the property to be free of liens other than the mortgage being refinanced.

Bank of the Philippine Islands (BPI)

BPI is widely regarded as one of the more efficient processors for refinance applications, particularly for Metro Manila properties. Their rates are competitive and their online application portal makes document submission straightforward. BPI typically offers fixed-rate periods of 1, 2, 3, 5, or 10 years, after which the rate reprices. Loan-to-value (LTV) is up to 70%–80% depending on the property type.

Metrobank

Metrobank has a dedicated home loan refinancing program and is particularly active in refinancing loans originally sourced from Pag-IBIG (HDMF) and other banks. They are known for accepting a broad range of property types, including house-and-lot, condominium units, and vacant lots under certain conditions. Metrobank's rates are broadly in line with BDO and BPI.

Security Bank

Security Bank stands out for offering some of the most competitive advertised refinance rates in the market. Their product allows fixed periods of up to 20 years in some cases, which provides unusual payment certainty. They also have a relatively transparent online rate card, making initial comparisons easier.

PNB (Philippine National Bank)

PNB accepts refinance applications for both residential and commercial properties and is often willing to refinance loans that other banks might decline due to property age or location. PNB is a solid option for provincial properties outside Metro Manila, Cebu, and Davao.

RCBC (Rizal Commercial Banking Corporation)

RCBC has an active mortgage refinancing desk and is competitive on rate, particularly for loan amounts above 3,000,000. They accept loans originally from Pag-IBIG, BDO, BPI, and most other lenders.

Chinabank (China Banking Corporation)

Chinabank is a strong option for borrowers with Chinese-Filipino business ties, but their refinance program is open to all eligible Filipinos. They are known for personalized service and flexibility on documentation for self-employed borrowers.

EastWest Bank

EastWest has grown its mortgage book aggressively in recent years and offers refinancing with competitive rates for salaried employees with clean credit histories. They process applications relatively quickly compared to some larger banks.

UnionBank

UnionBank's fully digital application experience makes them appealing for tech-comfortable borrowers. Their refinance product covers house-and-lot and condominium units, with competitive rates for loans in the 2,000,000–5,000,000 range.

PSBank (Philippine Savings Bank)

PSBank is the savings bank arm of Metrobank Group and offers home loan refinancing with similar criteria to its parent bank, sometimes with more flexible income documentation for qualified borrowers.

Robinsons Bank

Robinsons Bank is a growing player in the mortgage space and can be a good option for borrowers who have existing relationships with the Gokongwei Group of companies. Their rates and processing times are broadly in line with the market.

Landbank of the Philippines

Landbank primarily serves government employees and agricultural sector borrowers, but their refinance program is open to qualified private sector borrowers as well. Rates can be competitive, particularly for longer fixed-rate terms.

Pag-IBIG (HDMF)

Pag-IBIG is a government housing fund and one of the most affordable options for eligible members. Their refinancing program allows active Pag-IBIG members to refinance loans from any lender — including private banks — into a Pag-IBIG loan at government-subsidized rates. This is particularly powerful for borrowers who qualify for the affordable housing tiers. For a detailed look at eligibility and documentation, see our guide on Pag-IBIG refinancing requirements and the step-by-step application process.

Current Refinance Rates: What to Expect in 2026

The best refinance rate currently available through Nook is 5.99% per annum. Most Filipino homeowners with loans originated more than three years ago are paying between 7% and 10% per annum — sometimes higher if their loan has already repriced to a floating rate.

To understand the real-world impact, consider a borrower with a remaining loan balance of 4,000,000 and 20 years left on their term:

That is a significant sum — enough to fund a child's college education or accelerate the full payoff of the property. Even a 1.5 percentage point reduction on a 3,000,000 balance can save a homeowner over 600,000 in total interest.

How the Bank Refinancing Process Works: Step by Step

Understanding the process helps you set realistic expectations and avoid common pitfalls. Here is how a typical bank refinance unfolds in the Philippines:

Step 1: Determine Your Current Loan Details

Before you approach any bank, gather the basics: your outstanding balance, your current interest rate and when it next reprices, your remaining term, and the name of your current lender. Your bank's annual statement of account (SOA) or a loan summary from your branch will have this information.

Step 2: Get a Property Appraisal

The new lender will order an appraisal of your property to determine how much they are willing to lend. Banks typically lend up to 70%–80% of the appraised value. If your property has appreciated since you originally purchased it, you may even be able to access additional cash equity during refinancing — a process called cash-out refinancing.

Step 3: Compare Offers from Multiple Banks

This is the step most homeowners skip — and it costs them. Rates and terms vary meaningfully across banks. Applying to three to five banks simultaneously gives you negotiating leverage and ensures you are not leaving savings on the table. This is exactly where working with a broker like Nook adds real value: we submit your profile to multiple lenders at once and present you with competing offers. For a broader overview of how to navigate this process, our guide to refinancing your home loan in the Philippines covers the full picture.

Step 4: Submit Your Documents

Each bank has a slightly different document checklist, but the core requirements are consistent across lenders. Expect to provide:

Self-employed borrowers and those with income from multiple sources should be prepared for additional documentation. Having a complete file from the start is the single biggest factor in speeding up processing time.

Step 5: Loan Evaluation and Approval

The bank's credit and risk team will evaluate your income, credit history, and the property. This stage typically takes 2–4 weeks. The bank may come back with questions or requests for additional documents — respond quickly to avoid delays. Once approved, you will receive a formal Letter of Offer (also called a Letter of Approval or Term Sheet) outlining the approved amount, rate, term, and fees.

Step 6: Legal Documentation and Redemption of Your Old Loan

Once you accept the offer, the new bank's legal team prepares the loan documents. The new bank will coordinate with your current lender to obtain the redemption amount — the exact figure needed to fully settle your existing loan. This amount is paid directly by the new bank, not by you.

Step 7: Annotation and Release of Title

Your current lender will release the original title and cancel their mortgage annotation at the Registry of Deeds. The new bank will then annotate their mortgage on your title. This step — often the most time-consuming — can take 4–8 weeks in Metro Manila and longer in provincial areas.

Step 8: First Payment on Your New Loan

Once all documentation is in order, your new loan is activated and you begin making payments at your new, lower rate. The full process from application to first payment typically takes 6–12 weeks.

Costs to Factor In When Refinancing

Refinancing is not without costs. Being clear-eyed about these ensures you make an informed decision:

A good rule of thumb: if your monthly savings will recover all refinancing costs within 24–36 months, refinancing is almost certainly worth it. On a 4,000,000 loan saving 6,120 per month, total closing costs of 80,000 would be recovered in about 13 months.

Should You Go Directly to a Bank or Use a Mortgage Broker?

Going directly to one bank means you get one offer, negotiated with limited leverage. A mortgage broker submits your application to multiple banks simultaneously, presents you with competing offers, and handles the coordination — all at no cost to you, because brokers are compensated by the bank that wins your business.

Nook is the Philippines' first digital mortgage broker, and our service is 100% free to the borrower. We compare rates across BDO, BPI, Metrobank, Security Bank, RCBC, and other lenders so you do not have to chase each one individually. To understand exactly how the broker model works and why it consistently delivers better outcomes, read our complete guide to working with a Filipino mortgage broker.

Who Qualifies to Refinance?

Most homeowners with an existing home loan in the Philippines can refinance, provided they meet these general criteria:

OFWs can refinance — most banks accept OFW income documentation including employment contracts, proof of remittance, and valid Overseas Employment Certificates. A local co-borrower or attorney-in-fact is typically required to sign documents on behalf of the OFW.

The Bottom Line

Nearly every major bank in the Philippines offers home loan refinancing, and rates in 2026 are meaningfully lower than the rates most homeowners locked in several years ago. The gap between what you are currently paying and what is available today can translate into hundreds of thousands of pesos in interest savings over your remaining loan term. The process takes time and paperwork, but it is entirely manageable — especially when you have a broker coordinating on your behalf.

The best next step is to get a clear picture of what rate you actually qualify for. Nook's application is free, takes about 10 minutes, and gives you real competing offers from multiple banks — so you can make an informed decision with full information in hand.