Filipino homeowners are paying up to 10% per year on their home loans — but the lowest rate available right now is 5.99% p.a. See how every major bank stacks up, and find out how much you could be saving.
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Why this matters
Home loan interest rates in the Philippines vary more than most borrowers realise. In 2026, fixed rates across major banks range from around 6% on the low end to over 10% for older, re-priced loans. The difference between those two extremes on a 3,000,000 peso loan over 20 years is hundreds of thousands of pesos — money that could be staying in your pocket instead of going to your bank. Banks like Security Bank, RCBC, and BPI have been among the more competitive on fixed rates, while some government-backed lenders like Pag-IBIG offer attractive entry rates for eligible borrowers. But the only way to know where you actually stand is to compare your current rate against what's available today.
That's exactly what Nook does — for free. Rather than calling five different banks and sitting through separate sales pitches, Nook lets you compare real refinance offers from multiple lenders in one place. If you're not sure how much a rate drop would actually mean in peso terms, the home loan refinance calculator makes it easy to run the numbers in under a minute. And if you're worried about paperwork, Nook's team walks you through the refinance requirements step by step so nothing catches you off guard.
Most homeowners refinance when their fixed-rate lock-in period ends — typically after 1, 3, or 5 years — because that's when banks re-price your loan, often to a much higher rate. If your loan has already been re-priced, or your lock-in is expiring soon, 2026 is a smart time to act. Nook's service costs you nothing, and the average borrower who refinances through Nook saves over 50,000 pesos a year.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
Rates shift frequently, but Security Bank, RCBC, and BPI have consistently offered some of the lowest fixed rates in recent years, with select offers dipping close to or at 6% p.a. for qualified borrowers. The best way to find the lowest rate you personally qualify for is to get compared through a broker like Nook, which checks multiple banks simultaneously. What's lowest on a rate sheet isn't always what you'll be offered — your loan amount, property type, and credit profile all matter.
For new home loans in 2026, fixed rates from major banks are generally in the 6.5% to 8.5% p.a. range depending on the fixing period chosen (1, 3, or 5 years). Borrowers on older loans that have been re-priced are often paying 8% to 10% or more. If you took out your loan more than three years ago and haven't refinanced, there's a good chance you're paying well above today's best available rate.
Banks typically review and update their published home loan rates quarterly, though they can adjust more frequently in response to Bangko Sentral ng Pilipinas (BSP) policy changes. Your personal rate, however, is locked in for whatever fixed period you agreed to at signing — after that, it floats to the bank's prevailing rate, which is almost always higher. Keeping an eye on rate trends can help you time a refinance well — the interest rate trends guide breaks down what to expect over the coming months.
Yes, refinancing does involve closing costs — typically including appraisal fees, transfer taxes, notarial fees, and sometimes a penalty from your existing bank if you're still within a lock-in period. These costs usually range from 1% to 3% of your loan amount. However, when monthly savings are significant, most borrowers recover these costs within 12 to 24 months. Nook's team can help you calculate your break-even point before you commit to anything.
Yes, Pag-IBIG (HDMF) loans can be refinanced to a private bank, and vice versa — though the process and eligibility requirements differ slightly from standard bank-to-bank refinancing. Landbank and DBP loans can also typically be refinanced. The key question is whether the rate savings outweigh the switching costs, and whether you're still within a penalty period with your current lender. Nook can assess your specific situation regardless of who your current lender is.
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