Most Filipino homeowners are paying 7% to 10% interest on their home loan — but the lowest rate available today is 5.99% p.a. Here's how every major bank stacks up, and how you can switch for free.
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Why this matters
If you took out a home loan in the Philippines more than two years ago, there's a strong chance your current interest rate no longer reflects what the market can offer you. Banks like BDO, BPI, Metrobank, Security Bank, PNB, RCBC, and others all reprice their loan products regularly — but they rarely call you to offer a better deal. That's why comparing home loan interest rates across banks in 2026 is one of the smartest financial moves a Filipino homeowner can make. Even a 1% reduction on a 3,000,000 loan can translate to hundreds of thousands of pesos saved over the life of your loan.
Nook is the Philippines' first digital mortgage broker, and we've done the legwork of comparing rates across all major banks so you don't have to. The best refinance rate currently available through our panel is 5.99% p.a. — well below the 7% to 10% that most homeowners are currently paying. You can use our home loan refinance calculator to see exactly how much you could save based on your specific loan amount, remaining term, and current rate. There are no fees to use Nook — our service is 100% free to borrowers.
Switching banks for a better rate — known as refinancing — is more straightforward than many homeowners expect, though it does involve some paperwork and standard closing costs. Before you apply, it helps to understand what documents and requirements Philippine banks typically ask for so you can move quickly once you find the right rate. Nook guides you through every step of the process, from comparing offers to submitting your application, making it as simple as possible to put more money back in your pocket every month.
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 change frequently and vary depending on your loan amount, term, and borrower profile, so no single bank is always cheapest for everyone. Through Nook, you can access the lowest currently available rate of 5.99% p.a. — we compare offers across BDO, BPI, Metrobank, Security Bank, RCBC, PNB, and more to find your best match. The fastest way to find out which bank will give you the best rate is to apply through Nook for free.
You can visit each bank's website individually, but published rates often exclude conditions and repricing terms that significantly affect your total cost. A smarter approach is to use a mortgage broker like Nook, which compares multiple bank offers on your behalf in one application. This saves you time, avoids multiple credit checks, and ensures you're comparing apples to apples.
If your current rate is above 7% and you have at least 10 years remaining on your loan, refinancing is almost always worth exploring. On a 3,000,000 loan, moving from 8.50% to 5.99% saves over 3,000 pesos per month — that's real money that compounds over time. Use the savings calculator to run your own numbers before deciding.
Refinancing typically involves closing costs such as appraisal fees, documentary stamp tax, registration fees, and notarial fees — usually totalling 1% to 3% of the loan amount. These are one-time costs that are quickly offset by your monthly savings in most cases. Nook's service itself is completely free to borrowers; we are compensated by the banks, not by you.
The refinancing process in the Philippines typically takes 4 to 8 weeks from application to loan release, depending on the bank and how quickly you can submit documents. Nook helps streamline this by guiding you on exactly what's needed and following up with the bank on your behalf. Getting your documents ready in advance is the single biggest factor in speeding up approval.
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