BPI offers competitive fixed rates starting at 6.50% p.a. — but if your current rate is above 7%, you could be leaving thousands of pesos on the table every year.
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Why this matters
BPI (Bank of the Philippine Islands) is one of the most trusted names in Philippine home lending, offering fixed-rate housing loans with terms of up to 20 years. In 2026, BPI's standard housing loan rates are structured around fixed-rate periods — typically 1-year or 5-year locks — after which your loan reprices based on prevailing market rates. For borrowers who took out a home loan several years ago at rates of 8% or higher, the difference between what you're paying now and what's available today can be substantial. Understanding how BPI's repricing schedule works, and knowing when to act, is the key to saving meaningfully over the life of your loan. If you're unsure how BPI calculates your monthly dues, the BPI housing loan calculator guide walks through the full amortisation methodology.
Through Nook, BPI Family Savings Bank — a Nook partner — currently offers a 5-year fixed rate of 6.50% p.a. and a 1-year fixed rate of 6.70% p.a. for qualified borrowers. These rates apply to refinancing, ready-for-occupancy purchases, reselling, and renovation loans, among other purposes. Minimum monthly income requirement is P40,000, and approvals typically come through in around 52 days. BPI Family Savings Bank accepts a wide range of employment types including private employees, government workers, BPO professionals, OFWs, seafarers, and self-employed individuals. Nook's service is completely free for borrowers — we handle the paperwork, comparisons, and bank coordination on your behalf at zero cost to you.
If your current BPI housing loan rate is sitting at 8% or above — which is common for loans originated before 2023 — refinancing to today's available rates could reduce your monthly payment by several thousand pesos. On a P3,000,000 loan with a 20-year remaining term, moving from 8.50% to 6.50% translates to meaningful compounding savings over time. The best time to refinance is typically when your fixed-rate lock period is about to expire, so you avoid prepayment penalties. To understand what documentation you'll need to get started, check out the complete BPI housing loan requirements guide. Note that all interest rates are subject to change — always verify current rates directly with the bank or through Nook before making any financial decisions.
How it works
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Common questions
Through Nook, BPI Family Savings Bank currently offers a 1-year fixed rate of 6.70% p.a. and a 5-year fixed rate of 6.50% p.a. for eligible borrowers. These rates apply to a range of loan purposes including refinancing, RFO purchases, and renovation. Always verify the latest rates directly with BPI or through Nook, as rates are subject to change without prior notice.
A fixed rate locks your interest rate for a defined period — either 1 year or 5 years — giving you predictable monthly payments during that window. Once the fixed period ends, your loan reprices to the prevailing market rate at that time, which could be higher or lower than your original rate. If you're approaching the end of your fixed period, it's a good time to review whether refinancing makes sense.
The ideal time to refinance is just before your fixed-rate lock period expires, as this typically allows you to switch lenders without incurring prepayment penalties. Most BPI housing loans allow refinancing after the fixed period ends, though you should check your loan contract for specific terms. Refinancing while rates are competitive — as they are now — can lock in savings for the next 1 to 5 years.
Savings depend on your current rate, remaining loan balance, and remaining term, but borrowers with rates above 8% on a P3,000,000 loan could save over P3,000 per month by refinancing to today's available rates. Over a 15-year remaining term, that adds up to hundreds of thousands of pesos in total interest savings. Use Nook's free comparison service to get a personalised estimate based on your actual loan details.
Yes — Nook charges absolutely nothing to the borrower. Nook earns a referral fee from the bank upon successful loan approval, meaning you get full broker support, document assistance, and rate comparisons at zero cost to you. There are no hidden fees, no upfront charges, and no obligation to proceed after your initial consultation.
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