EastWest Bank vs Sterling Bank: Home Loan Rate Comparison
When comparing home loan options in the Philippines, it helps to look at both large commercial banks and smaller thrift banks. EastWest Bank is a well-established commercial bank with a robust home loan product line and published competitive rates. Sterling Bank of Asia is a smaller thrift bank that offers home loans but does not widely publish rate schedules, making it harder for borrowers to compare options confidently.
Below, we've compiled everything you need to make an informed decision — including verified rates for EastWest Bank as a Nook partner bank.
| Feature | EastWest Bank | Sterling Bank of Asia |
|---|---|---|
| 1-Year Fixed Rate | 5.99% p.a. | Not publicly available |
| 3-Year Fixed Rate | 6.25% p.a. | Not publicly available |
| 5-Year Fixed Rate | 6.49% p.a. | Not publicly available |
| 7-Year Fixed Rate | 7.00% p.a. | Not publicly available |
| Home Equity Rate | 6.25% p.a. | Not publicly available |
| Minimum Monthly Income | 40,000 | Varies; not widely published |
| Typical Approval Time | ~19 days | Not publicly disclosed |
| Maximum DTI | 40% | Not publicly disclosed |
| Nook Partner Bank | ✅ Yes — apply for free | ❌ No |
Note: Interest rates are subject to change. Always verify current rates directly with the bank or through a licensed broker like Nook before making a financial decision.
Loan Purposes Supported
One of EastWest Bank's key strengths is the breadth of loan purposes it accommodates. Whether you're buying a ready-for-occupancy unit, purchasing a foreclosed property, refinancing an existing loan, or funding a renovation, EastWest Bank has a product designed for your needs.
| Loan Purpose | EastWest Bank | Sterling Bank of Asia |
|---|---|---|
| Refinancing | ✅ | Limited info available |
| Ready For Occupancy (RFO) | ✅ | Limited info available |
| Pre-Selling | ✅ | Limited info available |
| New Construction | ✅ | Limited info available |
| Renovation | ✅ | Limited info available |
| Home Equity / Loan | ✅ | Limited info available |
| Foreclosed Property | ✅ | Limited info available |
| Reselling | ✅ | Limited info available |
If you're considering refinancing in particular, EastWest Bank is a strong fit. You can also compare EastWest Bank vs Pag-IBIG home loan rates to see how it stacks up against another popular financing option for Filipino homeowners.
Who Can Apply at EastWest Bank?
EastWest Bank accepts a wide range of employment types, making it one of the more accessible lenders in the Philippines. Eligible borrowers include:
- Private employees
- Government employees
- BPO workers
- OFWs and seafarers
- Self-employed individuals
- Professionals (doctors, lawyers, CPAs, etc.)
The minimum monthly income requirement is 40,000, which is accessible for many middle-income Filipino households. Sterling Bank of Asia's eligibility criteria are not comprehensively published, which can make the application process less predictable for borrowers.
How Much Could You Save by Refinancing with EastWest Bank?
Many Filipino homeowners are currently paying interest rates of 7% to 10% per year on their existing home loans. Refinancing to EastWest Bank's 5.99% p.a. 1-year fixed rate could result in meaningful monthly savings.
Here's an illustrative example for a 3,000,000 loan with 20 years remaining:
| Scenario | Interest Rate | Est. Monthly Payment | Total Interest Paid |
|---|---|---|---|
| Current loan (typical) | 8.50% p.a. | 26,034 | 3,248,160 |
| Refinanced via EastWest Bank | 5.99% p.a. | 21,491 | 2,157,840 |
| Estimated Monthly Savings | — | 4,543 | 1,090,320 saved |
These figures are for illustrative purposes only and do not include fees or other loan costs. Use Nook's free tools to get a personalized calculation based on your actual loan balance and terms.
Curious how EastWest Bank compares with other lenders in your shortlist? Check out our Asia United Bank vs EastWest Bank comparison for another angle on the market.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker, and our service is 100% free to the borrower. When you apply for an EastWest Bank home loan through Nook, you get:
- Access to EastWest Bank's competitive partner rates, including the 5.99% p.a. 1-year fixed offer
- A dedicated mortgage advisor to guide you through the process
- Help preparing your documents for faster approval
- Comparison across multiple lenders so you always get the best deal available
- No broker fees — ever
Sterling Bank of Asia is not currently a Nook partner bank, so we are unable to facilitate applications there. However, if you're open to exploring other competitive options, Nook can help you compare across a wide panel of Philippine lenders.
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Compare My Options →Frequently Asked Questions
What is EastWest Bank's current home loan interest rate?
EastWest Bank's current home loan rates start at 5.99% p.a. for a 1-year fixed period, 6.25% p.a. for 3-year fixed, 6.49% p.a. for 5-year fixed, and 7.00% p.a. for a 7-year fixed period. These are verified partner rates available through Nook. Rates are subject to change — contact Nook or EastWest Bank directly to confirm the latest offers.
Does Sterling Bank of Asia offer home loans?
Yes, Sterling Bank of Asia is a thrift bank that offers home loan products in the Philippines. However, the bank does not widely publish its interest rates or detailed eligibility criteria, making it difficult for borrowers to compare its offers against larger commercial banks without contacting the bank directly.
Which is better for home loan refinancing — EastWest Bank or Sterling Bank?
For refinancing, EastWest Bank is the stronger option based on available data. Its 5.99% p.a. 1-year fixed rate is among the lowest in the Philippine market, and it explicitly supports refinancing as a loan purpose. Sterling Bank's refinance rates and terms are not publicly available, making it harder to assess its competitiveness.
How long does EastWest Bank take to approve a home loan?
EastWest Bank typically processes and approves home loan applications within approximately 19 days when complete documents are submitted. Applying through Nook can help streamline this process, as Nook's mortgage advisors assist with document preparation and bank coordination.
What is the minimum income requirement to qualify for an EastWest Bank home loan?
EastWest Bank requires a minimum monthly income of 40,000 for home loan applicants. This applies to a wide range of employment types including private employees, government workers, BPO employees, OFWs, seafarers, self-employed individuals, and licensed professionals.
Is Nook's mortgage broker service really free?
Yes, Nook's service is completely free for borrowers. Nook earns a referral fee from partner banks like EastWest Bank, which means you get full broker support — including rate comparison, document assistance, and application management — at no cost to you.
Can OFWs apply for an EastWest Bank home loan through Nook?
Yes. EastWest Bank accepts OFWs and seafarers as eligible borrowers for its home loan products. Nook can assist OFWs with the application process remotely, making it convenient to secure Philippine property financing even while working abroad.