Development Bank of the Philippines home loans often carry rates of 8.50% or higher — switching to a commercial bank through Nook could save you over 58,000 pesos every year, completely free of charge.
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Why this matters
The Development Bank of the Philippines (DBP) serves a vital role in government-led housing programs, but it is not always the most competitive option when it comes to long-term home loan rates. Many DBP borrowers locked in rates of 8.50% or higher during their fixed-rate periods and have never revisited their loan since. If your DBP home loan is more than two or three years old, there is a strong chance you are now paying significantly more than what commercial banks are currently offering. Check today's mortgage interest rates in the Philippines to see how your DBP rate compares to the market right now.
Refinancing a DBP home loan works much like refinancing from any other lender. Nook's mortgage specialists assess your existing loan balance, remaining term, and current property value, then match you with commercial banks in our network — including BPI, Security Bank, BDO, RCBC, and others — that are competing for your business. Our best available rate is currently 5.99% p.a., and qualifying borrowers on a 3,000,000 peso loan can expect to save over 3,000 pesos every single month. Nook's service is 100% free to you; the bank pays us when your loan is approved.
One common concern among DBP borrowers is whether switching to a private bank involves complicated paperwork or a lengthy process. The short answer is no — Nook handles the coordination, document preparation guidance, and lender communication on your behalf. The main things you will need are your latest statement of account from DBP, proof of income, and a copy of your property's title documents. If you are already considering your options and want to understand what documents different banks require, our BPI housing loan requirements guide is a good place to start understanding the typical refinancing checklist.
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, DBP home loans can be refinanced to any participating commercial bank in Nook's network, including BPI, BDO, Security Bank, RCBC, and others. The process involves paying off your existing DBP balance using proceeds from your new loan, and your property title is then transferred to the new lender. Nook guides you through every step at no cost to you.
DBP, like most Philippine lenders, may charge a pre-termination or early settlement fee if you refinance before your fixed-rate lock-in period expires. The fee is typically a percentage of the outstanding loan balance and is usually worth paying if the long-term interest savings are significantly larger. Nook can help you calculate whether the numbers make sense for your specific situation before you commit.
The refinancing process in the Philippines typically takes between 45 and 90 days from application to loan release, depending on the receiving bank and how quickly documents are prepared. DBP will need to issue a statement of account and eventually release the original title, which can take a few weeks. Nook tracks the entire process and follows up with all parties on your behalf.
Nook's network currently offers rates as low as 5.99% per annum for qualified borrowers, which is significantly lower than the 8% to 9% range that many DBP borrowers are currently paying. The rate you qualify for will depend on your loan amount, loan-to-value ratio, income profile, and credit history. Getting a free assessment from Nook is the fastest way to find out your actual eligible rate.
Yes, Nook's service is completely free for borrowers. Nook is compensated by the receiving bank when your refinanced loan is successfully approved and released, similar to how a real estate broker earns from the seller rather than the buyer. You will never receive a bill or invoice from Nook for any part of the refinancing process.
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