Home Loan Philippines Interest Rate Comparison: All Banks 2026

Home Loan Philippines Interest Rate Comparison: All Banks 2026

If you have a home loan in the Philippines, the interest rate you're paying right now could be costing you tens of thousands — or even hundreds of thousands — of pesos more than necessary. With rates varying significantly across banks, and many homeowners locked into rates set years ago, 2026 is one of the most important years to do a proper home loan Philippines interest rate comparison.

This guide breaks down what the major Philippine banks are currently offering, how fixed and variable rates work, and how to figure out whether you're paying too much.

How Home Loan Interest Rates Work in the Philippines

Philippine home loans typically use a fixed-then-floating structure. You lock in a fixed rate for an initial period — usually 1, 2, 3, 5, or 10 years — after which the bank reprices your loan at a new rate based on prevailing market conditions. That repricing moment is when many homeowners get an unpleasant surprise.

For example, if you took out a home loan in 2019 or 2020 at a promotional 5-year fixed rate, that fixing period may now be over. Your bank has likely repriced you to a floating rate that could be anywhere from 7% to 10% per annum. You may not have even noticed — the change often appears quietly on your monthly statement.

Fixed vs. Variable Rates: What's the Difference?

• Fixed rate: Your interest rate stays the same for a set period. Predictable monthly payments. Better for budgeting.
• Variable rate: Your rate moves with market benchmarks (like PDST-R2 or the bank's base lending rate). Can go up or down after the fixed period ends.
• Re-pricing risk: The biggest danger for Filipino homeowners. When your fixed period ends, your bank sets a new rate — and they almost never offer you the best one available.

2026 Home Loan Interest Rates: What the Major Banks Are Offering

Below is a general guide to the interest rate ranges being offered by major Philippine banks in 2026 for new home loan applications. Note that actual rates depend on loan amount, loan-to-value ratio, your credit profile, and the fixing period chosen. These are indicative ranges for a 1-year fixed period, unless otherwise noted.

BDO Home Loan Interest Rate

BDO is the Philippines' largest bank and one of the most popular choices for home financing. Their rates for new borrowers in 2026 typically start around 6.50% to 7.25% p.a. for a 1-year fixed period. Longer fixing periods (3–5 years) tend to be priced between 7.50% and 8.50%. BDO offers competitive rates for high-value loans above 5,000,000 and for borrowers with strong credit history.

BPI Home Loan Interest Rate

Bank of the Philippine Islands (BPI) is known for its streamlined digital application process. BPI's indicative rates in 2026 range from approximately 6.75% to 7.50% p.a. for 1-year fixing, and 7.75% to 8.75% for 3–5 year periods. BPI frequently runs promotional rates for specific property developers, so it's worth checking if your property qualifies.

Metrobank Home Loan Interest Rate

Metrobank offers competitive rates particularly for mid- to high-value properties. Their 2026 indicative rates start at around 6.88% to 7.50% p.a. on a 1-year fix. Metrobank is also one of the few banks that actively markets refinancing packages, making them worth considering if you're switching from another lender.

Security Bank Home Loan Interest Rate

Security Bank has positioned itself as a competitive alternative to the Big Three. Their 2026 rates are broadly in the 7.00% to 7.75% p.a. range for short fixing periods, with some promotional offers dipping below 7% for qualified borrowers on selected loan amounts.

RCBC Home Loan Interest Rate

RCBC (Rizal Commercial Banking Corporation) offers home loans starting at around 7.00% to 7.50% p.a. for a 1-year fix in 2026. They are known for flexible terms and are worth comparing, especially for properties in provincial areas where some larger banks have less coverage.

PNB Home Loan Interest Rate

Philippine National Bank (PNB) offers rates generally in the 7.25% to 8.00% range. PNB has historically been strong in OFW home loan products, with dedicated programs for overseas Filipino workers.

UnionBank Home Loan Interest Rate

UnionBank's fully digital approach extends to their home loan products. Indicative rates in 2026 start at around 7.00% to 7.50% p.a. Their end-to-end digital process can make approvals faster than traditional bank channels.

EastWest Bank Home Loan Interest Rate

EastWest Bank offers home loan rates generally ranging from 7.25% to 8.00% p.a. They tend to be more flexible on income documentation, which can benefit self-employed borrowers.

Chinabank Home Loan Interest Rate

China Banking Corporation (Chinabank) offers competitive home loan rates in the 7.00% to 7.75% range. They have a strong presence in Metro Manila and key provincial cities.

Pag-IBIG (HDMF) Home Loan Interest Rate

Pag-IBIG offers the most widely accessible government-backed home loans. Their rates are structured by loan amount and fixing period, and are generally lower than commercial banks for eligible members. As of 2026, Pag-IBIG rates range from approximately 5.75% to 10.00% depending on the loan bracket and term chosen — making their lower tiers some of the most competitive in the market.

The Hidden Cost of Staying with Your Current Bank

Here's a real-world example that illustrates why comparing rates matters so much.

Suppose you took out a 5,000,000 home loan in 2020 on a 20-year term with a 5-year fixed rate of 6.50%. That 5-year fixing period ended in 2025, and your bank repriced you to their current standard variable rate of 8.50%. Your monthly payment has jumped from around 37,282 to approximately 43,391 — an increase of about 6,109 per month, or 73,308 per year.

Now imagine you refinance that same remaining balance (let's say approximately 4,400,000 after 5 years of payments) at 5.99% over the remaining 15 years. Your new monthly payment drops to around 37,130 — saving you roughly 6,261 per month compared to the 8.50% rate, or over 75,000 per year. Over the full remaining term, that's more than 1,100,000 in total interest savings.

This is exactly why understanding whether you're overpaying on your home loan interest rate is so important — and why the difference between banks isn't just academic.

What Is a Good Interest Rate for a Home Loan in the Philippines?

In 2026, a competitive home loan interest rate in the Philippines is anything below 7.00% p.a. The best refinance rates currently available through Nook are as low as 5.99% p.a. — significantly below what most homeowners with repriced loans are currently paying.

As a rough benchmark:

• Below 6.50%: Excellent — very competitive, typically only available through refinancing or promotional offers
• 6.50% – 7.25%: Good — in line with the best new loan offers from major banks
• 7.25% – 8.50%: Average — what many homeowners are paying on repriced or older loans
• Above 8.50%: High — strong case for refinancing, potential savings are significant

How to Compare Home Loan Rates Effectively

Comparing headline interest rates alone doesn't give you the full picture. Here's what else to look at:

1. Check the Annual Percentage Rate (APR)

The APR includes processing fees, insurance, and other charges on top of the base interest rate. A loan with a lower headline rate but high fees may actually cost more than one with a slightly higher rate and minimal fees.

2. Understand the Re-pricing Schedule

Ask your bank: what happens when my fixed period ends? Get the re-pricing formula in writing. Most banks reprice to a spread above a benchmark rate — knowing that spread helps you estimate future costs.

3. Factor in Switching Costs

Refinancing isn't free — there are appraisal fees, notarial fees, registration costs, and sometimes a prepayment penalty on your existing loan. Use a refinance break-even calculator to figure out how many months it takes for your monthly savings to offset those upfront costs. For most homeowners, the break-even point is between 12 and 24 months.

4. Look at Total Interest Paid, Not Just Monthly Payment

Extending your loan term to reduce your monthly payment can end up costing more in total interest even at a lower rate. Make sure you're comparing apples to apples by looking at total cost over the same remaining term.

How Nook Simplifies the Rate Comparison Process

Calling each bank individually, submitting multiple sets of documents, and waiting weeks for indicative offers is the old way of comparing home loan rates. Nook does this differently.

As the Philippines' first digital mortgage broker, Nook submits your information to multiple lenders simultaneously and brings back real, competing offers — so you can see exactly which bank will give you the best rate for your specific loan profile. The entire service is 100% free to borrowers. Nook is compensated by the bank when a loan is successfully placed, never by you.

The best refinance rate currently available through Nook is 5.99% p.a. — available to qualified borrowers with sufficient remaining loan balances and good credit standing.

Who Should Refinance in 2026?

You're a strong candidate for refinancing if:

• Your current rate is 7.50% or higher
• Your remaining loan balance is at least 1,500,000
• You have at least 5 years remaining on your loan term
• You've been making regular, on-time payments (good credit history)
• Your property value has remained stable or increased since you bought

Even if you're not sure, it costs nothing to check. The worst outcome is that you find out you're already getting a good deal — which is also valuable information.