Interest Rates Comparison: EastWest Bank vs BDO
EastWest Bank Rates
- 1-Year Fixed: 5.99% p.a.
- 3-Year Fixed: 6.25% p.a.
- 5-Year Fixed: 6.49% p.a.
- 7-Year Fixed: 7.00% p.a.
- Home Equity: 6.25% p.a.
BDO Rates
- 1-Year Fixed: 6.00% p.a.
- Home Equity: 6.00% p.a.
Both banks offer competitive rates significantly below the 7-10% range most Filipino homeowners currently pay. EastWest provides more term options, giving borrowers flexibility in choosing their preferred rate lock period.
Monthly Payment Savings Calculator
Here's how much you could save monthly by refinancing a ₱3,000,000 loan over 20 years:
From 8% to EastWest (5.99%)
Monthly Savings: ₱13,065
Old Payment: ₱25,074 → New Payment: ₱21,009
From 8% to BDO (6.00%)
Monthly Savings: ₱13,041
Old Payment: ₱25,074 → New Payment: ₱21,033
Both options deliver substantial monthly savings of over ₱13,000, with EastWest providing slightly higher savings due to the 0.01% rate advantage.
Eligibility Requirements Comparison
| Requirement | EastWest Bank | BDO |
|---|---|---|
| Minimum Monthly Income | ₱40,000 | ₱50,000 |
| Maximum Debt-to-Income | 40% | 40% |
| Employment Types | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Typical Approval Time | 19 days | 30 days |
EastWest Bank has a more accessible income requirement, making it available to borrowers earning ₱40,000 monthly compared to BDO's ₱50,000 threshold. EastWest also processes applications 11 days faster on average.
Loan Purpose Flexibility
Both banks support comprehensive loan purposes through Nook:
- Refinancing: Lower your existing home loan rate
- Home Equity: Access cash using your property's value
- New Construction: Finance your dream home build
- Ready For Occupancy (RFO): Purchase completed properties
- Pre-Selling: Secure units under construction
- Foreclosed Properties: Investment opportunities
- Renovation: Upgrade your existing home
- Reselling: Second-hand property purchases
For more detailed rate analysis, check our EastWest Bank housing loan calculator or explore BDO refinancing options to see which bank better fits your specific needs.
Why Choose Nook for Your Bank Comparison
Nook partners with both EastWest Bank and BDO, giving you access to their best rates through our free broker service. Our platform eliminates the need to visit multiple banks, negotiate separately, or pay broker fees.
- Free Service: No charges to borrowers
- Rate Negotiation: We secure the best available terms
- Streamlined Process: Single application for multiple banks
- Expert Guidance: Dedicated loan specialists throughout
Note: Interest rates are subject to change and borrowers should verify current rates. All calculations are estimates based on stated rates and typical terms.
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Compare My Options →Frequently Asked Questions
Which bank has lower interest rates: EastWest or BDO?
EastWest Bank offers slightly lower rates starting at 5.99% for 1-year fixed terms, compared to BDO's 6.00% for the same period. The difference is minimal at 0.01%, but EastWest also provides more term options with rates up to 7.00% for 7-year fixed periods.
What are the minimum income requirements for EastWest vs BDO home loans?
EastWest Bank requires a minimum monthly income of ₱40,000, while BDO requires ₱50,000. This makes EastWest more accessible to middle-income borrowers who may not qualify for BDO's higher income threshold.
How long does loan approval take for each bank?
EastWest Bank typically processes loan applications in 19 days, while BDO takes approximately 30 days. EastWest's faster approval timeline can be crucial for time-sensitive refinancing or property purchases.
Can I refinance my existing home loan with either bank?
Yes, both EastWest Bank and BDO offer refinancing options through Nook. You can switch from your current lender to secure lower rates, potentially saving over ₱13,000 monthly on a ₱3,000,000 loan when refinancing from typical 8% rates.
Do both banks accept OFW and self-employed borrowers?
Yes, both EastWest Bank and BDO welcome various employment types including OFW/Seafarer, self-employed, professionals, private sector, government, and BPO employees. Both banks maintain a maximum 40% debt-to-income ratio requirement.
Is there any cost to compare rates through Nook?
No, Nook's broker service is completely free to borrowers. We help you compare and secure the best rates from both EastWest Bank and BDO without any charges, fees, or commissions from your end.