BPI Family Savings Bank offers home loans for seafarers — and if you already have one, refinancing through Nook could save you over 58,000 pesos every year. Free to apply, no branch visit needed.
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Why this matters
Seafarers are among the most financially capable borrowers in the Philippines — earning in foreign currency, often with stable contracts, and sending significant remittances home. BPI Family Savings Bank recognises this, which is why OFW seafarers and their spouses are eligible for BPI housing loans under their dedicated program. Whether you're buying a ready-for-occupancy property, refinancing an existing loan, or funding a renovation, BPI offers a range of loan purposes with competitive fixed rates starting at 6.50% for a 5-year fix. To qualify, seafarers typically need to show proof of employment (POEA contract, Crew Contract, or Certificate of Employment), a minimum combined household income, and — if applying from abroad — a Special Power of Attorney authorising a local representative to sign on their behalf. For a full breakdown of required documents, see our guide on BPI housing loan requirements for seafarers.
If you already have a housing loan — whether with BPI or another bank — refinancing could be one of the most impactful financial moves you make this year. Many seafarers took out loans when rates were 8% to 10%, and those rates may have repriced even higher since. BPI's current 5-year fixed rate of 6.50% p.a. (or 6.70% for a 1-year fix) represents a meaningful reduction for most existing borrowers. On a 3,000,000 peso loan with a 20-year remaining term, switching from 8.50% to 6.50% saves over 3,000 pesos every single month. That's money that stays in your family's hands — not the bank's. Nook compares BPI against all major Philippine lenders so you always get the best available rate, completely free of charge.
Applying through Nook is particularly well-suited to seafarers because the entire process is handled online. You don't need to visit a branch — Nook's advisors can guide you through document preparation, income verification (including allotment slips and remittance records), and submission, even while you're on contract abroad. Your spouse or designated representative can handle the local steps. If you're curious how other borrowers have navigated a bank switch, read about Maria's experience refinancing from BPI to Security Bank — a real story with real numbers. Interest rates are subject to change; always confirm current rates with your lender or Nook advisor before proceeding.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
Yes — BPI accepts housing loan applications from seafarers currently deployed abroad. You'll typically need to execute a Special Power of Attorney (SPA) authorising a spouse or trusted representative in the Philippines to sign documents on your behalf. Applying through Nook means most of the process is handled digitally, so you won't need to physically visit a branch.
BPI typically requires your latest POEA-verified Crew Contract or employment contract, your most recent 3–6 months of allotment or remittance records, a Certificate of Employment from your manning agency, and your latest ITR or OWWA membership documents. If your spouse co-borrows, their income documents will also be required to satisfy the minimum monthly household income threshold.
As of 2026, BPI Family Savings Bank offers a 1-year fixed rate of 6.70% p.a. and a 5-year fixed rate of 6.50% p.a. for home loans, including refinancing. These rates are among the most competitive available for seafarers in the Philippine market. Note that interest rates are subject to change — verify current rates with Nook or BPI directly before submitting your application.
Yes, Nook's mortgage brokering service is 100% free for borrowers — seafarers included. Nook earns a referral fee from the bank upon successful loan disbursement, which means you pay nothing extra and receive the same (or better) rates as applying directly. You also get a dedicated advisor who understands seafarer documentation requirements.
A new purchase loan is used to buy a property you don't yet own, while refinancing replaces your existing home loan — with BPI or any other bank — with a new loan at a lower rate. Refinancing typically requires fewer property documents (since the property already exists) but does involve a new appraisal and credit assessment. For seafarers already paying above 7.5% interest, refinancing through Nook to BPI's 6.50% five-year fixed rate can generate substantial long-term savings. You can also explore options across multiple banks at this comparison of seafarer home loan options in the Philippines.
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