Condo Loan Philippines 2026: Everything You Need to Know

Buying a condominium in the Philippines is one of the most significant financial decisions you'll ever make. Whether you're eyeing a unit in BGC, Makati, Quezon City, or a fast-growing city like Cebu or Davao, understanding how condo loans work — and how to get the best rate — can save you hundreds of thousands of pesos over the life of your loan.

This guide breaks down everything Filipino buyers need to know about condo loans in 2026: which banks offer them, what interest rates to expect, how to qualify, and how to make sure you're not overpaying.

What Is a Condo Loan?

A condo loan (also called a condominium housing loan) is a type of real estate loan used to finance the purchase of a condominium unit. It works similarly to a standard home loan, but lenders apply slightly different criteria because condominiums are considered higher-risk than land-titled properties — mainly because you don't own the land underneath the building.

In the Philippines, condo loans are offered by major commercial banks, thrift banks, and government-backed institutions like Pag-IBIG (HDMF). Loan terms typically range from 5 to 20 years, with some banks extending up to 25 years for qualified borrowers.

Best Banks for Condo Loans in the Philippines (2026)

Here's a comparison of the leading banks offering condo loans in the Philippines this year:

BPI (Bank of the Philippine Islands)

BPI is one of the most popular choices for condo financing. Their housing loan product covers condominium units and typically offers fixed rates for 1, 2, 3, 5, or 10 years before repricing. BPI is known for competitive rates, fast processing, and a strong digital application experience. Expect indicative rates starting around 6.5% to 7.5% p.a. for fixed terms in 2026, depending on the fixing period and your credit profile.

BDO Unibank

BDO is the Philippines' largest bank and a go-to option for condo buyers who want the security of a big institution. BDO offers flexible loan terms and accepts a wide range of property types, including pre-selling and ready-for-occupancy (RFO) condos. Their rates are broadly in line with market averages, typically 6.75% to 7.75% p.a. for fixed-rate periods. If you already have an existing BDO mortgage and feel your rate is no longer competitive, it may be worth exploring a BDO home loan refinance to see if you can do better.

Security Bank

Security Bank has positioned itself as a customer-friendly mortgage lender in recent years. They offer some of the more competitive rates among private banks, with strong service levels and reasonable documentary requirements. Their condo loan rates for 2026 are typically in the 6.5% to 7.25% p.a. range for fixed periods. If you have an existing Security Bank housing loan, it's also worth checking whether you can refinance at a better rate.

Metrobank

Metrobank is another major player in the Philippine mortgage market. They accept condominium units as collateral and offer loan amounts up to 80% of the appraised value. Rates are competitive with the broader market, generally 7% to 8% p.a. depending on term.

RCBC

RCBC (Rizal Commercial Banking Corporation) offers condo financing with flexible terms and relatively fast turnaround times. They're a solid option for borrowers who may not qualify at the bigger banks. Rates typically range from 7% to 8.5% p.a.

Pag-IBIG (HDMF)

Pag-IBIG offers some of the lowest interest rates available — as low as 5.375% p.a. for shorter fixing periods — but there are important limitations. Pag-IBIG condo loans are subject to a maximum property value (currently up to 6,000,000 for standard loans), and the unit must meet specific eligibility criteria. For many mid-market and high-end condo buyers, Pag-IBIG may not be an option, but for affordable housing developments it can be the most cost-effective choice.

Typical Condo Loan Interest Rates in 2026

Interest rates in the Philippines are structured as fixed-rate periods followed by a repricing clause. This means your rate is locked in for a set number of years (typically 1, 2, 3, 5, or 10 years), after which the bank reprices your loan based on prevailing market rates.

Here are approximate indicative rates across the market in 2026:

These are indicative ranges only. Your actual rate will depend on the bank, your income, credit history, the loan-to-value ratio, and the specific property. Working with a mortgage broker like Nook gives you access to multiple lenders simultaneously, so you can compare actual offers rather than relying on published indicative rates.

How Much Can You Borrow?

Most Philippine banks will lend up to 80% of the appraised value of the condo unit (known as the loan-to-value ratio, or LTV). This means you'll typically need a minimum 20% down payment.

For example: if you're buying a condo unit appraised at 4,500,000, a bank offering 80% LTV would lend you up to 3,600,000. You would need to come up with at least 900,000 as a down payment, plus closing costs.

Some banks offer up to 90% LTV for certain borrowers or property types, but this is less common and usually comes with a slightly higher rate.

How to Qualify for a Condo Loan

Lenders evaluate condo loan applications based on several key factors:

Documents You'll Need

While requirements vary by bank, here's what most lenders ask for:

Pre-Selling vs. Ready-for-Occupancy (RFO) Condos

One important distinction that affects your loan structure is whether you're buying a pre-selling or RFO unit.

Pre-selling condos are units that haven't been built yet (or are still under construction). During the construction period, you typically pay the developer directly in installments. Once the building is completed and the title is ready, you take out a bank loan to settle the remaining balance. This means the bank loan portion comes later — sometimes 2 to 5 years after you've made your reservation.

RFO condos are ready to move into immediately. You can take out a bank loan right away, which makes the financing process more straightforward. Banks are generally more willing to lend on RFO units because the collateral (the physical unit) already exists.

The Hidden Cost Most Condo Buyers Miss: Repricing

Here's something many first-time condo buyers don't fully appreciate: your interest rate isn't fixed for the life of your loan. After your initial fixed period expires, your bank will reprice your loan — and the new rate is typically much higher than what you signed up for.

Let's say you took a 3,000,000 condo loan at 7.00% p.a. fixed for 3 years on a 20-year term. Your monthly payment is approximately 23,260. After 3 years, the bank reprices your loan. If rates have moved up and your new rate is 9.50%, your new monthly payment jumps to around 27,420 — an increase of over 4,000 per month.

This is exactly why refinancing matters. When your loan is due for repricing, or even before then, you have the right to refinance your condo loan with a different bank at a better rate. Many Filipino homeowners don't know this, and they simply accept whatever rate their bank offers at repricing — which is almost never the best available.

Should You Refinance Your Condo Loan?

If you already have a condo loan, refinancing could significantly reduce your monthly payments and total interest paid. The best refinance rate currently available through Nook is 5.99% p.a. — well below what most Filipino homeowners are paying.

Here's a quick example: If you have an outstanding balance of 2,500,000 with 15 years remaining and you're currently paying 8.50% p.a., your monthly amortization is approximately 24,620. If you refinance to 5.99% p.a., your new monthly payment drops to around 21,090 — saving you over 3,500 per month, or more than 42,000 per year.

Nook is the Philippines' first digital mortgage broker. We compare rates from multiple banks simultaneously — at no cost to you — so you always know you're getting the best deal available. Whether you're buying a new condo or looking to refinance an existing loan, Nook does the heavy lifting for free.