Home Loan Interest Rates in the Philippines: 2026 Bank-by-Bank Breakdown
If you took out a home loan two, five, or even ten years ago, there's a strong chance you're paying more interest than you need to. Philippine banks have been competing aggressively for mortgage business, and the rates available in 2026 look very different from what most existing borrowers locked in during their original purchase.
This guide gives you a comprehensive, no-jargon look at what the major Philippine banks are offering in 2026 — and, more importantly, how to figure out whether you're leaving money on the table every month.
Why Home Loan Rates in the Philippines Work Differently Than You Think
Before diving into the numbers, it helps to understand how Philippine mortgage pricing actually works. Unlike a fully fixed 25-year rate you might see in the US or UK, Philippine banks typically offer a fixed rate repricing period — usually 1, 2, 3, 5, or 10 years — after which your loan reprices to whatever the bank's prevailing rate is at that time.
This means two things. First, if your fixed period has ended, you could be sitting on a much higher rate than new customers are getting right now. Second, even if you're mid-period, you can often refinance to a new bank and restart the clock at a lower rate.
2026 Home Loan Interest Rates: Major Philippine Banks at a Glance
The table below reflects indicative rates for new home loan applications as of 2026. Actual rates depend on your loan amount, loan-to-value ratio, property type, and relationship with the bank. Always request a formal quotation before making decisions.
BDO Unibank
BDO is the country's largest bank and one of the most active home loan lenders. In 2026, BDO's fixed rates start at approximately 6.50% p.a. for a 1-year fixing, rising to around 7.75%–8.25% p.a. for a 5-year fixed period. BDO is known for its wide branch network and relatively streamlined processing, which makes it a popular first stop for borrowers.
BPI (Bank of the Philippine Islands)
BPI consistently prices its home loans competitively and has invested heavily in its digital mortgage application process. Indicative 2026 rates range from 6.25% p.a. for a 1-year fix to around 7.50%–8.00% p.a. for 5 years fixed. BPI also offers a competitive 3-year fixed option that many borrowers find hits the sweet spot between certainty and cost.
Security Bank
Security Bank has been one of the more aggressive pricers in the Philippine mortgage market and is frequently among the lowest-rate options for qualified borrowers. In 2026, Security Bank's rates start as low as 6.25% p.a. (1-year fix), with 5-year fixed options in the 7.25%–7.75% range. Security Bank tends to be particularly competitive for loan amounts above 3,000,000.
Metrobank
Metrobank offers a broad range of home loan products and is one of the country's top mortgage lenders by volume. Their 2026 rates sit at approximately 6.50% p.a. for 1-year fixed and 7.75%–8.25% p.a. for 5-year fixed. Metrobank is known for being accommodating with self-employed borrowers, which BPI and BDO can sometimes be stricter on.
RCBC (Rizal Commercial Banking Corporation)
RCBC has sharpened its home loan proposition significantly and is worth including in any rate comparison. Indicative 2026 rates: 6.25%–6.50% p.a. for 1-year fixed, rising to 7.50%–8.00% p.a. for 5 years. RCBC also offers competitive rates for overseas Filipino workers (OFWs), a demographic that many other banks still under-serve.
UnionBank
UnionBank's fully digital approach extends to its home loan product, and the bank has been competitive in certain segments in 2026. Rates typically start around 6.75% p.a. (1-year fix), with 5-year fixed rates in the 7.75%–8.25% range. UnionBank's end-to-end digital processing is a genuine advantage for tech-comfortable borrowers.
PNB (Philippine National Bank)
PNB offers home loans with rates broadly in line with the market: approximately 6.50%–6.75% p.a. for 1-year fixed and 7.75%–8.25% p.a. for 5 years fixed. PNB has a strong presence in provinces and is a practical option for borrowers purchasing properties outside Metro Manila.
Chinabank (China Banking Corporation)
Chinabank has been quietly competitive in the mortgage space and is often overlooked in rate comparisons. In 2026, indicative rates start at around 6.50% p.a. (1-year fix), with 5-year rates around 7.75%–8.00% p.a.. Worth including in your shortlist, especially if you already bank with them.
EastWest Bank
EastWest Bank targets a retail-focused segment and offers home loan rates starting at approximately 6.75% p.a. for 1-year fixed, with 5-year fixed rates around 8.00%–8.50% p.a.. Processing times can vary, but EastWest is a viable option particularly for condominiums and mid-range residential properties.
Pag-IBIG (HDMF)
Pag-IBIG deserves special mention because it operates differently from commercial banks. For members, Pag-IBIG's home loan rates are among the most affordable in the market, with rates starting as low as 5.375% p.a. for loans up to 450,000 and around 6.50%–8.00% p.a. for larger amounts depending on the fixing period. The catch: maximum loan amounts are lower than commercial banks, and qualification criteria are different. If you're eligible, Pag-IBIG is worth seriously exploring.
The Real Question: What Are You Currently Paying?
Knowing what new borrowers are getting is only half the equation. The more important number is the rate on your existing loan — because that's what determines whether refinancing makes sense for you.
Our research shows that a significant portion of existing Philippine home loan borrowers are paying somewhere between 7% and 10% per annum — rates that were locked in during higher-rate environments or that crept up after a repricing event. Meanwhile, the best refinance rate currently available through Nook is 5.99% p.a.
Let's put that in real numbers. Suppose you have a remaining balance of 4,000,000 and 20 years left on your loan.
- At 8.00% p.a., your monthly repayment is approximately 33,458
- At 5.99% p.a., your monthly repayment drops to approximately 28,618
- That's a monthly saving of roughly 4,840 — or over 58,000 per year
Over five years, that's nearly 290,000 back in your pocket, before even accounting for the reduction in total interest paid over the life of the loan. Use our home loan refinance calculator to run these numbers with your own balance, rate, and remaining term.
What Drives the Rate You're Offered?
Banks don't give everyone the same rate. Several factors influence where your offer lands within a bank's published range:
Loan-to-Value (LTV) Ratio
The more equity you have in your property, the less risk the bank is taking — and the better rate they're likely to offer. Borrowers refinancing with an LTV below 70% typically access sharper pricing than those closer to 80% or 90%.
Loan Amount
Larger loan amounts often attract better rates. A loan of 5,000,000 will generally price better than one of 1,500,000, because the bank earns more absolute interest revenue even at a lower rate.
Income Profile and Employment Type
Banks distinguish between salaried employees (lower risk in their models) and self-employed borrowers. OFWs are treated differently again. If your income documentation is clean and consistent, you're in a stronger negotiating position.
Fixing Period Chosen
Shorter fixing periods (1–2 years) almost always carry lower rates than longer ones (5–10 years). But shorter fixes mean you'll reprice sooner — which can be a risk or an opportunity depending on where rates go.
Existing Relationship with the Bank
If you're a payroll client, have significant deposits, or hold other products with a bank, you may be able to negotiate a relationship discount of 0.25%–0.50% off the published rate. Always ask.
How to Compare Home Loan Rates the Right Way
Comparing headline interest rates is a start, but it doesn't give you the full picture. Here's what to look at when evaluating competing offers:
- Effective interest rate vs. nominal rate: Some banks quote a rate that looks low but charge fees that inflate the true cost. Ask for the effective annual rate (EAR) or total interest cost over the fixed period.
- Repricing rate after fixed period: What happens when your fixing ends? Some banks offer attractive teaser rates but reprice aggressively afterward. Ask what the repricing benchmark is.
- Processing and appraisal fees: These typically range from 5,000 to 15,000 depending on the bank. Factor this into your comparison.
- Prepayment penalties: If you want to pay down your loan faster, check whether the bank charges a penalty for early repayment within the fixed period. Most Philippine banks do.
- Documentary requirements: A lower rate from a bank with complex requirements might not be worth the hassle. Turnaround time matters, especially in refinancing scenarios.
Is 2026 a Good Time to Refinance?
Timing a refinance perfectly is nearly impossible — and usually not necessary. The more useful question is whether the savings from refinancing today outweigh the costs of switching. If you're currently paying 7.5% or more and have at least 5 years remaining on your loan, the numbers almost certainly work in your favor.
The key cost to weigh is the break-even point: how many months of lower repayments it takes to recover the one-time costs of refinancing (legal fees, documentary stamp tax, registration fees, and any bank charges). For most Philippine refinancers, this break-even falls somewhere between 12 and 30 months. If you plan to stay in your home beyond that point, refinancing is rational. You can calculate your personal break-even using our refinance break-even calculator.
How Nook Helps You Find the Best Rate
Nook is the Philippines' first digital mortgage broker. Instead of approaching each bank individually — filling out separate forms, waiting for separate responses, and trying to compare apples to oranges — Nook submits your profile to multiple banks simultaneously and presents you with competing offers in one place.
The entire process is free for borrowers. Nook earns a referral fee from the bank you ultimately choose, which means there's no cost, no markup, and no conflict of interest built into the rates you see. You get the bank's direct rate — the same one you'd get walking into a branch — but with the advantage of having multiple banks competing for your business at the same time.
For homeowners who are refinancing, this is particularly powerful. A 0.50% rate difference on a 5,000,000 loan over 20 years translates to hundreds of thousands of pesos in total interest. Having banks compete for your loan — rather than accepting the first offer you receive — is one of the most financially impactful things you can do in 2026.