EastWest Bank vs RCBC: Interest Rate Comparison
Interest rates are the single biggest factor in your home loan cost. Here's how EastWest Bank and RCBC stack up on their fixed-rate offerings available through Nook:
| Fixed Period | EastWest Bank | RCBC |
|---|---|---|
| 1-Year Fixed | 5.99% p.a. | 7.00% p.a. |
| 3-Year Fixed | 6.25% p.a. | N/A |
| 5-Year Fixed | 6.49% p.a. | N/A |
| 7-Year Fixed | 7.00% p.a. | N/A |
| Home Equity | 6.25% p.a. | 8.00% p.a. |
Note: Interest rates are subject to change. Please verify current rates with Nook or the respective bank before making any financial decisions.
EastWest Bank offers a significantly wider selection of fixed-rate periods, giving borrowers more flexibility to lock in a rate that matches their financial planning horizon. RCBC's published rates through Nook are limited to a 1-year fix and a home equity product, and both are priced higher than their EastWest equivalents.
Monthly Repayment Comparison
To illustrate the real-world impact of these rate differences, here's a monthly repayment comparison for a P4,000,000 home loan over 20 years at each bank's 1-year fixed rate:
| Scenario | Loan Amount | Rate | Term | Est. Monthly Payment |
|---|---|---|---|---|
| EastWest Bank | 4,000,000 | 5.99% p.a. | 20 years | 28,615 |
| RCBC | 4,000,000 | 7.00% p.a. | 20 years | 31,023 |
At EastWest Bank's 5.99% rate, you save approximately 2,408 per month compared to RCBC's 7.00% — that's 28,896 per year, or over 577,920 across a 20-year term. For homeowners currently paying 8% or more, the savings from refinancing to EastWest's 5.99% rate can be even more dramatic.
Calculations are estimates based on a standard amortizing loan. Actual repayments may vary based on bank fees, insurance, and other charges.
Eligibility and Approval Requirements
Before applying, it's important to know whether you qualify. Here's how EastWest Bank and RCBC compare on key eligibility criteria:
| Criteria | EastWest Bank | RCBC |
|---|---|---|
| Minimum Monthly Income | P40,000 | P50,000 |
| Maximum Debt-to-Income Ratio | 40% | 30% |
| Typical Approval Time | 19 days | 49 days |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, OFW/Seafarer, Self-Employed, Professional |
EastWest Bank is the more accessible option across the board. Its lower minimum income threshold of P40,000 opens the door to a wider range of borrowers, and its more generous DTI limit of 40% means that borrowers carrying existing obligations are more likely to qualify. Crucially, EastWest also accepts government employees and BPO workers — employment categories that RCBC does not currently accommodate through Nook.
EastWest's typical approval time of just 19 days is also a standout advantage — nearly 2.5 times faster than RCBC's 49-day average. If you need to close quickly or want to start saving sooner, EastWest is the clear choice.
Loan Purposes Supported
Both banks support a range of home loan purposes, but EastWest Bank offers a broader selection:
| Loan Purpose | EastWest Bank | RCBC |
|---|---|---|
| Refinancing | ✓ | ✓ |
| Ready For Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| Reselling | ✓ | ✓ |
| Home Equity / Loan | ✓ | ✓ |
| Foreclosed Property | ✓ | ✓ |
| New Construction | ✓ | ✗ |
| Renovation | ✓ | ✗ |
EastWest Bank supports two additional loan purposes — new construction and renovation — that RCBC does not currently offer through Nook. If you're planning to build a new home or upgrade your existing property, EastWest is your only option between the two.
Which Bank Is Better for Refinancing?
If your primary goal is to lower your monthly mortgage payments through refinancing, EastWest Bank's 5.99% p.a. 1-year fixed rate is the most competitive option available through Nook today. A homeowner currently on a 9% rate with a P4,000,000 loan balance could save well over P40,000 per year by switching to EastWest.
To see how RCBC compares to other lenders in more detail, you may also find it helpful to read our comparisons of First Metro Investment vs RCBC home loan rates and Bank of Commerce vs RCBC home loan rates, which provide additional context on how RCBC stacks up in the Philippine mortgage market.
Because both EastWest Bank and RCBC are Nook partner banks, you can apply to either — or let Nook assess your profile and recommend the best fit — through a single free application. Nook's service costs nothing to the borrower; the bank pays the referral fee.
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Compare My Options →Frequently Asked Questions
What is EastWest Bank's current home loan interest rate?
EastWest Bank's home loan rates through Nook start at 5.99% p.a. for a 1-year fixed period. Other options include 6.25% for 3-year fixed, 6.49% for 5-year fixed, and 7.00% for 7-year fixed. Home equity loans are available at 6.25% p.a. Rates are subject to change — check with Nook for the latest figures.
What is RCBC's current home loan interest rate?
RCBC's home loan rate through Nook is 7.00% p.a. for a 1-year fixed period. Home equity loans are available at 8.00% p.a. RCBC offers fewer fixed-rate period options compared to EastWest Bank. Rates are subject to change — verify with Nook before applying.
Is EastWest Bank or RCBC better for home loan refinancing?
For most borrowers focused on minimising interest costs, EastWest Bank is the stronger choice — its 5.99% p.a. 1-year fixed rate is 1.01 percentage points lower than RCBC's 7.00%. EastWest also has a lower minimum income requirement (P40,000 vs P50,000), a faster approval timeline (19 days vs 49 days), and a more flexible DTI cap (40% vs 30%). Nook can help you determine which bank is the right fit for your specific profile.
How much can I save by refinancing with EastWest Bank instead of RCBC?
On a P4,000,000 loan over 20 years, EastWest Bank's 5.99% rate results in an estimated monthly repayment of approximately 28,615 compared to 31,023 at RCBC's 7.00% rate — a saving of around 2,408 per month or roughly 28,896 per year. Over a 20-year term, that's an estimated total saving of over 577,920. Actual savings will vary based on your loan balance, remaining term, and applicable fees.
What is the minimum income required for an EastWest Bank home loan?
EastWest Bank requires a minimum monthly income of P40,000 for home loan applicants through Nook. This applies to employed individuals in the private sector, government, BPO, and OFW/seafarer categories, as well as self-employed borrowers and professionals.
What is the minimum income required for an RCBC home loan?
RCBC requires a minimum monthly income of P50,000 for home loan applicants through Nook. RCBC accepts private employees, OFWs and seafarers, self-employed individuals, and professionals — but does not currently accommodate government employees or BPO workers through this channel.
How long does it take to get approved for a home loan with EastWest Bank vs RCBC?
EastWest Bank has a typical approval timeline of around 19 days through Nook, making it one of the faster options in the market. RCBC's typical approval time is approximately 49 days — more than twice as long. If speed of approval is important to your plans, EastWest has a clear advantage.
Is Nook's home loan brokerage service really free?
Yes — Nook's service is 100% free to borrowers. Nook is the Philippines' first digital mortgage broker, and it earns a referral fee from the bank, not from you. You can compare EastWest Bank and RCBC home loan offers, get a recommendation tailored to your profile, and submit your application — all at no cost.