Interest Rate Comparison
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%
Landbank
- Standard Rates: 7-10% (approximate)*
- Government Employee: May qualify for special rates
- OFW Programs: Competitive rates available
*Rates are approximate based on publicly available information and subject to change
Savings Calculation Example
For a P3,000,000 loan over 20 years:
EastWest Bank @ 5.99%
Monthly Payment: 21,657
Total Interest: 2,197,680
Landbank @ 8.5% (estimated)
Monthly Payment: 25,976
Total Interest: 3,234,240
Potential Monthly Savings: 4,319
Total Interest Savings: 1,036,560
Eligibility Requirements
EastWest Bank
- Minimum Income: P40,000/month
- Employment: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
- Max DTI: 40%
- Approval Time: Typically 19 days
Landbank
- Minimum Income: Varies by program
- Employment: Strong preference for government employees
- Documentation: Extensive requirements
- Approval Time: 30-45 days typical
Key Advantages
EastWest Bank Benefits
- Highly competitive fixed rates starting at 5.99%
- Accessible P40,000 minimum income requirement
- Fast 19-day typical approval process
- Multiple employment types accepted
- Free application through Nook's broker service
- Streamlined refinancing process
Landbank Benefits
- Government-backed stability
- Special programs for government employees
- OFW-friendly loan products
- Established branch network
- Potential for negotiated rates
For detailed information about Landbank's current rates and programs, government employees may want to explore special government employee benefits before deciding.
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Compare My Options →Frequently Asked Questions
Which bank offers better housing loan rates - EastWest or Landbank?
EastWest Bank currently offers significantly better rates through Nook, starting at 5.99% for 1-year fixed terms, compared to Landbank's typical 7-10% standard rates. This can result in substantial savings over the loan term.
What is the minimum income requirement for EastWest Bank housing loans?
EastWest Bank requires a minimum monthly income of P40,000, making it accessible to a wide range of borrowers including private employees, government workers, BPO staff, OFWs, self-employed individuals, and professionals.
How much can I save by refinancing from Landbank to EastWest Bank?
Savings depend on your current rate and loan amount. For a P3,000,000 loan, switching from Landbank's typical 8.5% rate to EastWest's 5.99% rate could save you over 4,000 monthly and more than 1,000,000 in total interest over 20 years.
Is Landbank better for government employees?
While Landbank offers special programs for government employees, EastWest Bank through Nook accepts government employees and often provides better rates. Government workers should compare both options, as EastWest's 5.99% starting rate may still be more competitive than Landbank's government employee rates.
How long does loan approval take for each bank?
EastWest Bank typically processes applications in 19 days, while Landbank usually takes 30-45 days for approval. The faster processing with EastWest Bank can be advantageous for borrowers looking to refinance quickly.
Can I apply for EastWest Bank housing loans through Nook for free?
Yes, Nook provides free broker services for EastWest Bank applications. This includes rate comparison, application assistance, and guidance throughout the process, with no fees charged to borrowers.