First Metro Investment vs RCBC: At a Glance
First Metro Investment Corporation (FMIC) is the investment banking arm of Metrobank Group, best known for capital markets, securities, and corporate finance — not retail home loans. RCBC (Rizal Commercial Banking Corporation), on the other hand, is a full-service commercial bank with a dedicated retail home loan product line, a nationwide branch network, and a well-established mortgage refinancing program. For homeowners comparing these two for refinancing purposes, the competitive landscape is notably uneven.
| Feature | First Metro Investment | RCBC |
|---|---|---|
| Primary Focus | Investment banking | Full-service commercial banking |
| Retail Home Loans | Limited / referral-based | Yes — dedicated product line |
| Indicative Fixed Rate (1-yr) | Not publicly listed | ~6.75% – 7.50% p.a. |
| Indicative Fixed Rate (3-yr) | Not publicly listed | ~7.25% – 8.00% p.a. |
| Loan Term | Up to 20 years | Up to 20 years |
| Minimum Loan Amount | ~3,000,000 | ~1,000,000 |
| Processing Fee | Not publicly disclosed | ~10,000 – 15,000 (varies) |
| Branch Network | Limited (investment focus) | Nationwide |
| Online Application | Limited | Available |
| Best Rate via Nook | 5.99% p.a. — better than both | |
Interest Rate Deep Dive
Interest rates are the single most important factor when refinancing a home loan. Even a 1% difference on a 3,000,000 loan over 20 years can mean hundreds of thousands of pesos in savings or losses over the life of your mortgage.
First Metro Investment does not publicly advertise retail home loan rates in the same way that commercial banks do. Because FMIC is primarily an investment bank, borrowers seeking home loans through the Metrobank Group are typically directed to Metrobank itself rather than FMIC directly. This lack of transparency makes direct rate comparison difficult for ordinary homeowners.
RCBC publishes indicative home loan rates and offers a clear product structure. Their fixed-rate periods range from 1 to 5 years, after which loans reprice to their prevailing rate. Based on current market data, RCBC's 1-year fixed rates start at approximately 6.75% p.a., with longer fixed periods carrying slightly higher rates. After the fixed period, borrowers are exposed to repricing risk — meaning your rate (and monthly payment) can increase significantly.
By contrast, Nook's best available refinance rate is 5.99% p.a. — meaningfully lower than RCBC's indicative starting rates. On a 3,000,000 loan over 20 years, the difference between 5.99% and 7.50% translates to approximately 28,000 – 32,000 in annual savings, or over 560,000 across the full loan term.
Sample Savings Illustration
| Loan Amount | Rate | Est. Monthly Payment (20 yrs) | Total Interest Paid |
|---|---|---|---|
| 3,000,000 | 7.50% (RCBC indicative) | ~24,170 | ~2,800,800 |
| 3,000,000 | 5.99% (Nook best rate) | ~21,490 | ~2,157,600 |
| Your potential savings | ~2,680/month | ~643,200 over 20 yrs | |
Fees and Charges Compared
Beyond interest rates, the true cost of a home loan refinance includes a range of one-time and recurring fees. Here's how First Metro Investment and RCBC compare on costs:
| Fee Type | First Metro Investment | RCBC |
|---|---|---|
| Processing / Application Fee | Not publicly disclosed | ~10,000 – 15,000 |
| Appraisal Fee | Varies | ~3,500 – 5,000 |
| Notarial Fee | Varies | ~1,000 – 3,000 |
| Mortgage Registration Fee | Varies | Based on loan amount |
| Annual Service Fee | Not disclosed | None typically |
| Prepayment Penalty | Not disclosed | ~2% – 3% within fixed period |
| Documentary Stamp Tax | Regulated (standard) | Regulated (standard) |
When refinancing, it's important to factor in all upfront costs to calculate your true break-even point. Nook's advisors help you model this for free — showing you exactly how many months it takes to recover closing costs through your monthly savings.
If you're also evaluating newer digital lenders alongside traditional banks, our GoTyme vs SB Finance home loan comparison offers useful context on how fintech lenders are disrupting traditional fee structures.
Eligibility and Application Experience
Refinancing your home loan requires meeting lender eligibility criteria. Here's a practical comparison of what to expect from each institution:
| Criteria | First Metro Investment | RCBC |
|---|---|---|
| Filipino citizen / permanent resident | Required | Required |
| Minimum Age | ~21 years old | 21 years old |
| Maximum Age at Loan Maturity | ~65 years old | 65 years old |
| Minimum Gross Monthly Income | Not publicly stated | ~40,000 (employed) |
| Employment Type Accepted | Employed, self-employed | Employed, self-employed, OFW |
| OFW Eligibility | Limited | Yes |
| Online Application | Limited | Available via website |
| Processing Time | ~3 – 6 weeks | ~3 – 5 weeks |
RCBC has a notable advantage for OFW borrowers — a significant portion of the Philippine home loan market. First Metro Investment's retail home loan accessibility is comparatively limited given its institutional investment banking focus.
For borrowers weighing other commercial bank options, our PBCOM vs Sterling Bank home loan comparison is another useful resource when shortlisting lenders.
Why Nook's 5.99% Rate Beats Both Banks
Nook is the Philippines' first digital mortgage broker — meaning we work with a panel of lenders to find you the best available refinance rate, completely free of charge. You don't pay Nook anything; the bank pays us a referral fee when your loan is approved.
- Best rate available: 5.99% p.a. — lower than RCBC's indicative starting rates and significantly better than undisclosed First Metro Investment pricing
- One application, multiple bank offers — no need to apply separately to each bank
- Free service — 100% free to borrowers, always
- Expert advisors — dedicated mortgage specialists guide you from application to approval
- Faster processing — streamlined digital workflow reduces back-and-forth
Whether your current loan is with RCBC, First Metro, Metrobank, BDO, or any other Philippine bank, Nook can help you refinance to a lower rate and start saving immediately.
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Compare My Options →Frequently Asked Questions
Does First Metro Investment offer retail home loans for refinancing?
First Metro Investment Corporation (FMIC) is primarily the investment banking arm of the Metrobank Group and focuses on capital markets, securities underwriting, and corporate finance. It does not prominently offer retail home loan products in the same way that commercial banks like RCBC do. Homeowners seeking Metrobank Group home loan products are typically referred to Metrobank directly. If you're comparing refinance options, RCBC and other full-service commercial banks are more practical choices — or better yet, use Nook to access the best available rate of 5.99% p.a. across multiple lenders.
What are RCBC's current home loan refinance rates?
RCBC's indicative home loan refinance rates currently range from approximately 6.75% to 8.00% p.a. depending on the fixed-rate period chosen. A 1-year fixed rate is typically at the lower end (~6.75%), while 3- to 5-year fixed periods carry higher rates (~7.25% – 8.00%). After the fixed period, your loan reprices to RCBC's prevailing rate, which introduces future payment uncertainty. Through Nook, qualified borrowers can access rates as low as 5.99% p.a. — better than RCBC's published starting rates.
How much can I save by refinancing to 5.99% from RCBC's rate?
The savings depend on your current rate and outstanding loan balance. As an example: on a 3,000,000 loan over 20 years, the difference between 7.50% and 5.99% amounts to approximately 2,680 per month, or over 643,000 in total interest savings over the life of the loan. Even if your current RCBC rate is closer to 7%, switching to 5.99% through Nook could still save you 300,000 or more in total interest. Nook's advisors can run a personalized calculation for your specific loan situation at no cost.
Can I refinance my RCBC home loan through Nook?
Yes, absolutely. Nook helps Filipino homeowners refinance existing home loans from any bank — including RCBC, BDO, BPI, Metrobank, Security Bank, and others. The process is straightforward: you submit one application through Nook, and Nook's team shops across its panel of lenders to find you the best available rate. The service is 100% free for borrowers. If you qualify for the 5.99% p.a. rate, Nook will handle the paperwork and coordination so you can start saving as quickly as possible.
What documents do I need to refinance my home loan in the Philippines?
Standard refinance documents include: valid government-issued ID, proof of income (payslips, ITR, or BIR Form 2316 for employed borrowers; audited financial statements for self-employed), latest 3–6 months bank statements, Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT), tax declaration and real property tax receipts, and your current loan statement of account. OFW borrowers typically need to also provide proof of employment abroad and remittance records. Nook's advisors will give you a complete, personalized checklist so nothing is missed.
Is refinancing worth it if I've already paid several years of my home loan?
It depends on your remaining balance, current rate, and how many years are left. In the early years of a mortgage, most of your payment goes toward interest — so refinancing early creates the biggest savings. However, even mid-loan refinancing can be worthwhile if the rate reduction is significant (e.g., dropping from 8% to 5.99%). The key metric is your break-even point: how many months of lower payments does it take to recover the closing costs of refinancing? Nook's advisors will calculate this for free, so you can make an informed decision without any pressure.
How is Nook different from applying directly to RCBC or another bank?
When you apply directly to a single bank like RCBC, you only see that bank's rate — and you have no leverage or comparison. Nook works like a mortgage broker: one application gives you access to multiple lender offers simultaneously, and Nook's advisors negotiate on your behalf to get the best rate possible. The best available rate through Nook is currently 5.99% p.a. Best of all, Nook's service is completely free to borrowers — the bank pays Nook, not you.