CIMB vs Rizal Commercial Banking

CIMB vs RCBC Home Loan: At a Glance

Before diving into the details, here's a quick snapshot of how CIMB and Rizal Commercial Banking (RCBC) stack up on the metrics that matter most to Filipino homeowners looking to buy or refinance.

Note: Rates are indicative and subject to change. Always confirm current rates directly with the bank or through a licensed broker like Nook.

Interest Rates: How Do They Compare?

Interest rates are the single biggest factor in your total loan cost, and even a 0.50% difference can translate to tens of thousands of pesos over a 20-year term.

CIMB Home Loan Rates

CIMB Philippines is primarily known as a digital bank offering savings and personal finance products. Its home loan offering is relatively newer compared to legacy banks, and indicative rates for a 1-year fixed period typically start around 7.50% p.a. Rate information can be less transparent upfront, and borrowers are often advised to inquire directly. You may also want to compare their offering with other digital-first lenders — see how CIMB compares to PBCOM on home loan rates for another angle.

RCBC Home Loan Rates

RCBC is a full-service commercial bank with a well-established mortgage division. Their indicative rates for a 1-year fixed period start at approximately 7.00% p.a., with options for 2-year and 3-year fixed periods as well. RCBC also offers re-pricing options after fixed periods expire, giving borrowers more flexibility to manage rate risk over time.

Sample Monthly Payment Comparison

To illustrate the real-world impact, here's a comparison for a 3,000,000 home loan over 20 years:

On a 3,000,000 loan, choosing Nook's best available rate over CIMB's indicative rate saves you approximately 615,360 in total interest over 20 years. Even versus RCBC, the saving is a substantial 423,840.

Fees and Charges

Beyond the interest rate, fees can add significantly to the cost of taking out or refinancing a home loan. Here's what to watch out for with each lender.

CIMB Fees

• Processing Fee: Variable — confirm at application
• Appraisal Fee: Third-party appraiser cost, typically 3,500 to 6,000
• Notarial & Documentary Fees: Standard government and legal fees apply
• Mortgage Redemption Insurance (MRI): Required, bundled into monthly payment
• Fire Insurance: Required annually

RCBC Fees

• Processing Fee: Approximately 10,000 (non-refundable upon loan approval)
• Appraisal Fee: Approximately 3,500 to 5,000 depending on property location
• Notarial & Documentary Fees: Standard government and legal fees apply
• Mortgage Redemption Insurance (MRI): Required
• Fire Insurance: Required annually

Both banks require standard transfer taxes, registration fees, and documentary stamp taxes, which are typically the responsibility of the buyer. For refinancing, expect to also pay for the cancellation of the existing mortgage annotation — a cost that Nook's team will help you account for during your free assessment.

Eligibility Requirements

Meeting the eligibility criteria is your first hurdle before rates even become relevant. Here's how CIMB and RCBC compare.

RCBC has a slight edge in borrower inclusivity, particularly for OFWs and self-employed individuals with documented income. CIMB's digital-first approach may streamline the process for salaried employees with straightforward income documentation.

Application Process

CIMB Application Process

CIMB Philippines leans heavily into its digital banking infrastructure. Borrowers can initiate a home loan inquiry through the CIMB app or website. The process is designed to be paperless where possible, though property-related documents and income verification still require submission. Turnaround times can vary, and applicants report mixed experiences with response speed for mortgage-specific queries.

RCBC Application Process

RCBC offers an online application portal for home loans, with the option to visit a branch for in-person assistance. Their mortgage team is more established and dedicated, which generally means faster and more consistent communication. RCBC also has a wider branch network, which can be important for in-person document submission and notarization. If you're curious how RCBC stacks up against other traditional lenders, it's worth exploring how Bank of Commerce compares to CIMB as another data point.

Applying Through Nook

With Nook, you submit one set of documents and get compared across all major lenders simultaneously — including RCBC. Our licensed mortgage specialists handle the back-and-forth with banks on your behalf, at zero cost to you. Most clients receive their best-rate offer within 5 to 7 business days.

Refinancing with CIMB or RCBC

If you're an existing homeowner looking to refinance, both CIMB and RCBC accept refinancing applications — but their appetite and process differ.

RCBC has a more active refinancing program, with dedicated relationship managers who can assess your current loan and offer a competitive re-pricing. They are generally more willing to refinance loans from other banks and have clearer published criteria for refinancing eligibility.

CIMB's refinancing capability is more limited given its newer position in the mortgage market. Borrowers refinancing from major banks like BDO, BPI, or Metrobank may find RCBC a more practical path.

However, the smartest refinancing move is rarely to go directly to a single bank. Through Nook, you can access rates from RCBC and over a dozen other lenders simultaneously, ensuring you get the absolute best deal without spending weeks negotiating with each bank individually. Current Nook clients are locking in rates as low as 5.99% p.a. — well below what either CIMB or RCBC typically advertise.