Philippine banks advertise home loan rates from 6% to 10% — but the rate you're actually paying may be far higher than what's available today. Nook compares every major bank for free so you don't have to.
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Why this matters
If you took out a home loan in the Philippines between 2018 and 2023, there's a strong chance your interest rate has repriced upward — and you may not have noticed. Most Philippine banks offer fixed rates for only 1, 2, or 3 years, after which your loan rolls onto a variable rate that typically sits between 8% and 10% per annum. Meanwhile, the best refinance rate available through Nook today is 5.99% p.a. That gap translates directly into thousands of pesos leaving your pocket every single month. Use our home loan refinance calculator to see exactly how much you could be saving based on your actual balance and remaining term.
So which Philippine bank has the lowest home loan interest rate right now? The honest answer: it depends on your loan amount, property type, income profile, and how long you want your rate fixed. BDO, BPI, Metrobank, Security Bank, RCBC, UnionBank, Chinabank, PNB, PSBank, EastWest Bank, and Pag-IBIG all offer competitive rates — but they each have different lock-in periods, repricing schedules, and eligibility criteria. A rate advertised at 6.25% for 1 year may end up costing you more than a 6.75% rate fixed for 5 years, once you factor in where rates are heading. Nook pulls live offers from all major banks simultaneously so you can compare apples to apples, not bank marketing to bank marketing. You can also review Philippine home loan interest rate trends to understand whether locking in now makes sense for your situation.
The good news: switching to a lower rate is more straightforward than most homeowners think, and Nook's service is completely free to borrowers. We handle the bank comparisons, paperwork coordination, and application process on your behalf — you just choose the offer that works best for you. Whether you're with a private bank or a government lender like Pag-IBIG, refinancing could cut your monthly repayment significantly and shave years off your total loan cost. The only question worth asking is: how much have you been overpaying?
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 by loan amount, term, and borrower profile, so there's no single answer — but the lowest rate currently available through Nook is 5.99% p.a. from a partner bank. The best way to find your lowest rate is to let Nook compare all major banks against your specific loan details for free.
Most Philippine banks offer a fixed rate for an initial period of 1, 2, 3, or 5 years, after which your loan reprices to the bank's prevailing rate — which is typically higher. This is why many borrowers who took out loans several years ago are now paying 8% to 10%, even if they started at a lower rate. Refinancing resets your rate at today's competitive levels.
Even a 1% to 2% rate reduction on a loan of 3,000,000 or more can save you over 40,000 pesos per year — which adds up to hundreds of thousands over a 15 to 20 year term. Once you account for closing costs (typically 1% to 2% of the loan amount), most borrowers break even within 12 to 24 months and save significantly after that.
Generally you'll need proof of income (payslips or ITR), your existing loan statement of account, a copy of your Transfer Certificate of Title (TCT), and your latest tax declaration. Requirements vary slightly between banks, but Nook provides a full checklist and guides you through the process. You can also review the detailed home loan refinance requirements on our site.
No — Nook's service is completely free for borrowers. Nook earns a referral fee from the bank once your refinance is successfully completed, which means you get expert guidance and full bank comparison at zero cost to you. There are no hidden charges and no obligation to proceed after seeing your offers.
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