Home Loan Interest Rates in the Philippines: A Complete 2026 Comparison
If you have a home loan in the Philippines, there is a very good chance you are paying more interest than you need to. Most Filipino homeowners are locked into rates between 7% and 10% per year — rates they accepted years ago without realizing how much they would cost over the full life of their loan. In 2026, the best available refinance rate through Nook is 5.99% p.a., which means the gap between what most people pay and what they could pay has never been wider.
This guide breaks down home loan interest rates across all major Philippine banks, explains how rates are structured, and shows you exactly how much you could save by switching to a better deal.
How Philippine Bank Home Loan Rates Are Structured
Before comparing rates, it helps to understand how Philippine banks price their home loans. Most banks offer fixed-rate periods — typically 1, 2, 3, 5, or 10 years — after which the rate reprices to whatever the bank's prevailing rate is at that time. This means the rate you sign up with today will not necessarily be the rate you pay for the life of your loan.
This repricing structure is one of the most important things Filipino borrowers overlook. A loan that starts at 6.5% in 2021 may have repriced to 8.5% or higher by 2024 — and many homeowners never even noticed because the bank simply adjusted their monthly amortization without a clear explanation.
Fixed Rate vs. Variable Rate
- Fixed-rate period: Your interest rate is locked in for a set number of years (1, 2, 3, 5, or 10). Your monthly payment stays predictable during this window.
- Variable rate (after fixing): After your fixed period ends, your rate adjusts based on the bank's benchmark. In a rising rate environment, this can significantly increase your monthly payment.
- Annual repricing: Some banks offer a low teaser rate for year one, then reprice annually. These loans carry the most risk of payment shock.
2026 Home Loan Interest Rate Comparison by Bank
Below is a comparison of indicative home loan interest rates from major Philippine banks as of 2026. Rates vary based on loan amount, loan-to-value ratio, fixing period, and borrower profile. Always confirm the exact rate with the bank before applying.
BDO Unibank
BDO is the largest bank in the Philippines by assets and one of the most popular choices for home loans. Their rates for a 5-year fixed period typically range from approximately 7.25% to 8.50% p.a. BDO offers fixing periods of 1, 2, 3, 5, and 10 years, with longer fixing periods generally carrying higher rates.
BPI (Bank of the Philippine Islands)
BPI is known for competitive home loan rates and a relatively streamlined application process. Their 5-year fixed rates generally fall in the range of 7.00% to 8.25% p.a. BPI also offers a 1-year fixed option at lower entry rates, though these reprice frequently.
Metrobank
Metrobank's home loan rates are broadly similar to BDO and BPI. Expect 5-year fixed rates in the range of 7.25% to 8.50% p.a. Metrobank is a strong choice for borrowers purchasing from developers with existing tie-ups, which can unlock special in-house rates.
Security Bank
Security Bank has positioned itself as one of the more competitive lenders for home loan refinancing. Their rates for refinance transactions often come in slightly lower than the big three, with 5-year fixed rates sometimes available below 7.25% p.a. for strong borrower profiles.
PNB (Philippine National Bank)
PNB offers home loan rates that are broadly in line with the market, typically 7.50% to 8.75% p.a. for 5-year fixed terms. PNB has a strong presence for OFW borrowers and offers dedicated OFW home loan products.
RCBC
RCBC's home loan rates typically range from 7.25% to 8.50% p.a. for standard fixing periods. They are an active player in refinancing and can sometimes offer promotional rates for refinance applications submitted through brokers.
UnionBank
UnionBank has been actively growing its home loan portfolio and offers competitive rates, particularly for tech-savvy borrowers comfortable with a more digital application process. Rates generally range from 7.00% to 8.25% p.a.
Chinabank
China Banking Corporation offers home loan rates that are competitive, particularly for borrowers in Metro Manila. 5-year fixed rates typically range from 7.25% to 8.50% p.a.
PSBank
PSBank (Philippine Savings Bank, the thrift banking subsidiary of Metrobank) offers home loans with rates broadly in line with its parent, typically 7.25% to 8.50% p.a. for 5-year fixed terms.
Pag-IBIG (HDMF)
Pag-IBIG remains one of the most affordable home loan options for eligible Filipino workers. Their rates start from as low as 5.75% p.a. for loans up to 750,000 pesos, stepping up to around 6.50% to 7.00% p.a. for larger loan amounts. Pag-IBIG loans come with their own eligibility requirements and contribution conditions, but for qualified borrowers they represent excellent value.
EastWest Bank
EastWest Bank offers competitive home loan rates, typically 7.50% to 8.75% p.a. for 5-year fixed periods. They are particularly active in the mid-market segment.
What a 1% Rate Difference Actually Costs You
Many borrowers underestimate how much a seemingly small rate difference compounds over the life of a long-term loan. Here is a concrete example using a loan of 3,500,000 pesos over 20 years:
- At 8.00% p.a.: Monthly payment of approximately 29,265 pesos. Total interest paid over 20 years: approximately 3,523,600 pesos.
- At 6.99% p.a.: Monthly payment of approximately 27,125 pesos. Total interest paid over 20 years: approximately 3,010,000 pesos.
- At 5.99% p.a.: Monthly payment of approximately 25,080 pesos. Total interest paid over 20 years: approximately 2,519,200 pesos.
The difference between paying 8.00% and 5.99% on a 3,500,000-peso loan over 20 years is more than 1,000,000 pesos in interest savings. That is not a rounding error — that is a meaningful financial difference that changes what your family can do with money each month. Use our home loan refinance calculator to run the numbers for your specific loan.
Why Most Homeowners Are Overpaying
There are several structural reasons why Filipino homeowners tend to stay in high-rate loans long after better options become available.
1. Inertia and loyalty to existing banks
Many borrowers feel a sense of loyalty to the bank that approved their original loan, or simply assume that switching banks is too complicated. In reality, refinancing in the Philippines has become significantly more streamlined, especially when working with a mortgage broker who handles the comparison and application process on your behalf.
2. Lack of awareness at repricing
When a fixed-rate period ends, banks are required to notify borrowers — but the notification is often a short letter or email that does not clearly explain the rate change or its financial impact. Many homeowners simply accept the new rate without realizing they have the right to refinance.
3. No single place to compare rates
Until recently, comparing home loan rates across Philippine banks required visiting or calling each bank individually, then trying to compare offers with different terms, fees, and conditions. This friction made shopping around feel more difficult than it was worth. Platforms like Nook now make it possible to compare real rates from multiple banks in one place, for free.
When Does Refinancing Make Sense?
Refinancing is not the right move for every borrower in every situation. Here are the conditions where it typically makes the most financial sense:
- Your current interest rate is 7.00% or higher and you have more than 5 years remaining on your loan.
- Your fixed-rate period is about to end and you expect the repriced rate to be higher than current market rates.
- You have built up equity in your property and could qualify for a better loan-to-value ratio.
- Your income or credit profile has improved since you took out your original loan.
- You want to consolidate debt or access equity in your property.
The key metric to check is your break-even point — how many months it takes for your monthly savings to offset the upfront cost of refinancing (typically processing fees, appraisal, and documentary stamp tax). If you plan to stay in the property long enough to break even, refinancing almost always makes financial sense when the rate difference is 1% or more.
How to Get the Best Home Loan Rate in the Philippines
Getting the lowest possible rate requires preparation. Here is what matters most to Philippine banks when pricing a home loan:
- Loan-to-value (LTV) ratio: The lower your LTV — meaning the more equity you have relative to the property value — the lower the rate banks will typically offer. Aim for below 70% LTV if possible.
- Income stability: Employed borrowers with payslips from established companies get the best rates. Self-employed borrowers can still qualify but may face slightly higher rates or stricter documentation requirements.
- Loan amount: Larger loan amounts sometimes attract slightly better rates because the bank earns more absolute interest.
- Fixing period chosen: Shorter fixing periods (1-2 years) typically have lower headline rates but reprice sooner. Longer fixing periods (5-10 years) cost more upfront but provide payment certainty.
- Bank relationships: Payroll accounts, existing deposits, or investment relationships with a bank can sometimes unlock better pricing.
For a full breakdown of what drives rates in 2026, see our guide on home loan interest rates in the Philippines.
The Role of a Mortgage Broker
A mortgage broker like Nook works with multiple banks simultaneously to find the best rate for your specific situation. Unlike going directly to a bank — where you only see that bank's products — a broker presents your application to multiple lenders and lets them compete for your business. This competition is what drives the rate down.
Nook's service is completely free to the borrower. The broker is compensated by the bank that wins the loan, which means you get professional rate-shopping without paying anything extra. The rate you get through Nook is the same as — or better than — the rate you would get going to the bank directly, because banks price broker-referred loans competitively to win the deal.
Next Steps
If your home loan interest rate is above 7% — and you have been paying for at least two years — it is worth taking 10 minutes to find out what rate you could qualify for today. The potential savings over the remaining term of your loan are almost certainly larger than you expect. Start by running your numbers through our refinance calculator, then let Nook's team compare rates from all major banks on your behalf, at no cost to you.