Interest Rate Comparison: EastWest vs Chinabank
EastWest Bank (Nook Partner)
- 1-Year Fixed: 5.99%
- 3-Year Fixed: 6.25%
- 5-Year Fixed: 6.49%
- 7-Year Fixed: 7.00%
- Home Equity: 6.25%
✓ Verified partner rates through Nook
Chinabank
- Standard Rates: 7.0% - 9.0%
- Promotional Rates: May vary by period
*Approximate rates based on market data, subject to change
Monthly Savings Example
For a ₱3,000,000 loan over 20 years:
- EastWest (5.99%): ₱21,510/month
- Chinabank (8.0%): ₱25,096/month
- Monthly Savings: ₱3,586
- Total Interest Savings: ₱860,640 over loan term
Eligibility & Requirements
EastWest Bank
- Minimum Income: ₱40,000/month
- Max Debt-to-Income: 40%
- Employment Types: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
- Loan Purposes: Refinancing, Home Equity, RFO, Pre-Selling, Renovation
Chinabank
- Minimum Income: Typically ₱50,000+/month
- Employment: Private sector, Government employees
- Documentation: Standard bank requirements
- Processing: Traditional bank channels
Processing Time & Service
| Factor | EastWest Bank | Chinabank |
|---|---|---|
| Average Approval Time | 19 days | 21-30 days |
| Broker Service | Free through Nook | Not available |
| Rate Verification | Guaranteed partner rates | Subject to bank assessment |
| Application Support | Full Nook guidance | Self-service |
Working with EastWest through Nook means you get dedicated broker support at no cost, helping streamline your refinancing process and secure the best available terms.
Why Choose EastWest Through Nook?
Verified Low Rates
Access EastWest's competitive 5.99% starting rate through our verified partnership - no surprises or bait-and-switch tactics.
Free Broker Service
Get professional refinancing guidance at zero cost. We handle paperwork, negotiations, and ensure you get the best deal.
Faster Processing
Our partnership with EastWest enables 19-day average approval, getting you to lower payments sooner.
Accessible Requirements
₱40,000 minimum income requirement makes EastWest accessible to more Filipino homeowners looking to refinance.
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Compare My Options →Frequently Asked Questions
What's the lowest rate I can get with EastWest vs Chinabank?
EastWest Bank offers verified rates starting at 5.99% for 1-year fixed terms through Nook's partnership. Chinabank's rates typically range from 7-9% based on market data, though specific promotional rates may vary.
Which bank has faster approval for refinancing?
EastWest Bank processes refinancing applications in an average of 19 days when applied through Nook. Chinabank typically takes 21-30 days for standard processing through their traditional channels.
What are the minimum income requirements for each bank?
EastWest Bank requires a minimum monthly income of ₱40,000, making it accessible to more borrowers. Chinabank typically requires ₱50,000 or higher monthly income for home loan applications.
Can I get broker service for both banks?
Nook provides free broker service for EastWest Bank applications as part of our verified partnership. For Chinabank, you would need to apply directly with the bank or through other channels.
How much can I save by switching from Chinabank to EastWest?
Based on a ₱3,000,000 loan over 20 years, switching from Chinabank's typical 8% rate to EastWest's 5.99% rate could save you ₱3,586 monthly and over ₱860,000 in total interest over the loan term.
Are the EastWest rates guaranteed through Nook?
Yes, the EastWest rates shown are verified partner rates available through Nook. These rates are subject to credit approval and may change, but as our partner bank, you get access to their most competitive refinancing rates.