BPI Home Loan Refinancing in the Philippines: Rates & Requirements

BPI Family Savings Bank currently offers two main fixed-rate options for home loan refinancing: a 1-Year Fixed rate of 6.70% p.a. and a 5-Year Fixed rate of 6.50% p.a. The 5-year fixed rate is slightly lower because you're committing to a longer lock-in period, which gives the bank more certainty — and gives you more predictability on your monthly payments.

For context, the best refinance rate available through Nook across all partner banks is 5.99% p.a., so it's worth comparing options before committing. You can explore a full breakdown of BPI housing loan interest rates to see how the numbers stack up across different scenarios. Note that interest rates are subject to change — always verify the latest rates directly with BPI or through Nook before applying.

To qualify for refinancing with BPI Family Savings Bank, you generally need to meet the following criteria:

• Minimum monthly income: 40,000
• Maximum debt-to-income (DTI) ratio: 40% — meaning your total monthly debt obligations, including the new mortgage payment, should not exceed 40% of your gross monthly income
• Employment type: BPI accepts a wide range of borrowers, including private employees, government workers, BPO employees, OFWs and seafarers, self-employed individuals, and licensed professionals
• Existing loan in good standing: Your current home loan should have a clean repayment history, ideally with no recent defaults or restructuring
• Property must be titled and mortgageable: The property securing the loan must have a clean Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)

If you're unsure whether you qualify, Nook can assess your eligibility for free before you formally apply.

Your savings depend on your current interest rate, outstanding loan balance, and remaining loan term. Here's a practical example to illustrate the potential impact:

Suppose you have an outstanding home loan balance of 3,000,000 with 20 years remaining, and you're currently paying 9.00% p.a. Your current monthly repayment would be approximately 26,992. If you refinance with BPI at 6.50% p.a. (5-Year Fixed), your new monthly repayment drops to approximately 22,328 — a saving of around 4,664 per month, or 55,968 per year.

Over the 5-year fixed period alone, that's a potential saving of over 279,840 — before accounting for the compounding effect of a lower outstanding balance. Use Nook's free tools or speak to a Nook advisor to model your specific scenario. You can also try the BPI home loan calculator to estimate your monthly repayment under different rate scenarios.

BPI typically requires the following documents for a home loan refinance application. Requirements may vary slightly depending on your employment type.

All applicants:

• Duly accomplished BPI loan application form
• Valid government-issued ID (at least two)
• Latest 3 months' bank statements
• Latest Income Tax Return (ITR) — BIR Form 2316 or 1701
• Copy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
• Latest Real Property Tax Declaration and Tax Clearance
• Statement of Account (SOA) from your current lender showing outstanding balance and payment history

For employed borrowers:

• Certificate of Employment with compensation details
• Latest 3 months' pay slips

For self-employed borrowers:

• Business Registration documents (DTI or SEC)
• Latest 2 years' audited financial statements

For OFWs:

• Valid employment contract
• POEA documentation or OEC
• Proof of remittance for the past 6–12 months

When you apply through Nook, a dedicated mortgage advisor will provide you with a personalised document checklist and review your documents before submission to reduce the risk of delays.

BPI Family Savings Bank's typical approval timeline is around 52 days from complete document submission to loan release. This includes the appraisal of your property, credit evaluation, and legal documentation.

The timeline can be shorter if your documents are complete and your property title is clean, or longer if additional verification is needed — for example, if you're self-employed or if the property requires a more detailed appraisal.

One of the advantages of applying through Nook is that your advisor will help you prepare a complete application from day one, reducing back-and-forth with the bank and minimising delays. Nook also tracks your application status on your behalf so you don't have to chase the bank yourself.

Yes, BPI accepts refinancing from virtually all major Philippine banks and housing lenders, including BDO, Metrobank, Security Bank, RCBC, PNB, UnionBank, Chinabank, PSBank, EastWest Bank, Robinsons Bank, Landbank, and even Pag-IBIG (HDMF). You can also refinance from smaller rural banks or thrift institutions, though BPI may conduct additional due diligence in those cases.

There is no requirement to have an existing relationship with BPI before applying for refinancing. However, if you're currently with BPI and want to renegotiate your rate, that's technically a loan repricing — a different process. Refinancing involves taking out a new loan with BPI to pay off your existing loan elsewhere.

If you're weighing your options, our guide on BDO vs BPI home loans compares both banks side by side to help you decide which lender suits your situation.

Refinancing is not entirely free — there are standard fees involved on the bank and government side, though Nook's broker service is 100% free to you. Here are the typical costs to factor into your decision:

• Processing fee: BPI charges a loan processing or appraisal fee, typically ranging from 5,000 to 10,000 depending on the loan amount and property type
• Mortgage Redemption Insurance (MRI): Required by BPI, this is a decreasing term life insurance that covers your loan balance in the event of death or total disability. Annual premium is based on the outstanding loan amount.
• Fire insurance: Required to protect the property used as collateral. Cost varies by property size and value.
• Documentary Stamp Tax (DST): Government-mandated tax on the new loan — typically 1.5 per 200 of the loan amount
• Registration fees: Paid to the Register of Deeds to annotate the new mortgage on the title
• Notarial fees: For notarisation of loan documents
• Pre-termination fee from your current lender: Check your existing loan agreement — many banks charge a pre-termination penalty if you settle the loan before the end of the fixed-rate period, often 1–2% of the outstanding balance

A Nook advisor can help you calculate total refinancing costs versus total savings so you can make an informed go/no-go decision.

Yes. BPI Family Savings Bank accepts applications from a broad range of employment types, including OFWs and seafarers as well as self-employed individuals and professionals. This makes BPI one of the more accessible refinancing options in the Philippines for non-traditional income earners.

For OFWs: You'll need to provide proof of your overseas employment contract, POEA documentation, and evidence of regular remittances to the Philippines. Having a co-borrower based in the Philippines — such as a spouse — can also strengthen your application.

For self-employed borrowers: BPI will assess your income based on your audited financial statements and ITR rather than pay slips. You'll need at least 2 years of consistent business income documentation. The 40,000 minimum monthly income threshold still applies, but for self-employed applicants this is typically assessed as average monthly net income from business operations.

Nook's advisors have experience processing refinance applications for both OFWs and self-employed borrowers, and can guide you on exactly what's needed to give your application the best chance of approval.

This is one of the most common questions when refinancing with BPI, and the right answer depends on your financial situation and risk appetite.

BPI 1-Year Fixed at 6.70% p.a. is slightly higher but gives you more flexibility. After the 1-year lock-in period, your rate will reprice to the prevailing market rate. This option suits borrowers who expect interest rates to fall further in the near future, or those who may want to sell, restructure, or fully settle the loan within a year or two.

BPI 5-Year Fixed at 6.50% p.a. offers a lower rate and greater payment stability over a longer period. For most homeowners focused on reducing monthly expenses and building financial certainty, this is generally the more popular choice. The downside is that if market rates drop significantly during the 5-year period, you'd be locked in at a higher rate.

As a general rule: if you plan to stay in the property long-term and value predictability, the 5-year fixed is typically the better option. If you're unsure, a Nook advisor can model both scenarios for your specific loan amount and help you decide. You can also explore our full BPI housing loan refinance guide for a more detailed comparison.

Applying through Nook is straightforward, fully digital, and completely free. Here's how it works:

1. Submit your details online: Complete Nook's short online form at nook.com.ph. It takes around 5 minutes and covers your loan details, property information, and income profile.
2. Get matched and assessed: Nook's system will immediately assess your refinancing potential and a dedicated mortgage advisor will be assigned to your case.
3. Compare your options: Your Nook advisor will present you with refinancing options across partner banks — including BPI — showing you the rates, monthly savings, and total cost of each option side by side.
4. Prepare and submit your application: Nook guides you through the document checklist and reviews your submission before it goes to BPI, reducing errors and delays.
5. Track your application: Nook monitors your application status and keeps you updated throughout the ~52-day process, so you're never left guessing.
6. Loan release and switching: Once approved, BPI settles your outstanding balance with your current lender, and you begin repaying BPI at your new lower rate.

There is no fee to use Nook at any stage. Nook is compensated by the banks — not by borrowers. Get started today at nook.com.ph.