Philippine banks are still charging homeowners 7% to 10% interest on home loans — but the lowest rate available right now is 5.99% p.a. Find out how much you could save by switching.
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Why this matters
If you have a housing loan in the Philippines, there's a good chance you're not on the lowest interest rate available to you. Most Filipino homeowners took out their home loan years ago — often through their developer's in-house financing or a bank they happened to use — and have never compared rates since. In 2026, the best home loan interest rates from banks like BDO, BPI, RCBC, Security Bank, and others vary significantly, and the difference between a high rate and a low rate on a 3,000,000 loan can mean hundreds of thousands of pesos over the life of your loan. Use our home loan refinance calculator to see exactly how much you could save based on your current balance and rate.
Refinancing your housing loan means transferring your existing mortgage to a new bank that offers a lower interest rate. The new bank pays off your old loan, and you continue paying — but at a lower monthly amount. With Nook, you can compare refinancing offers from over 10 Philippine banks in one place, without paying any broker fees. Nook's service is completely free for borrowers. Before you apply, it's worth understanding what documents and requirements Philippine banks ask for when you refinance, so you can prepare in advance and move quickly when you find a great rate.
The lowest housing loan interest rate currently available through Nook is 5.99% p.a. — significantly below what most homeowners are paying today. Even a reduction of 1.5 to 2.5 percentage points on a mid-sized loan can result in savings of 3,000 to 5,000 pesos every single month. Over a 15-year remaining term, that's real money that stays in your family's pocket. The application process through Nook typically takes just a few minutes online, and our team handles the bank coordination on your behalf at no cost to you.
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
The lowest housing loan interest rate currently available through Nook is 5.99% p.a., sourced from our panel of 10+ partner banks including major institutions like BDO, BPI, RCBC, and Security Bank. The best rate for you will depend on your loan amount, remaining term, property type, and credit profile. Nook compares all of these for you in one free application.
On a 3,000,000 loan with a remaining term of 20 years, switching from 8.50% to 5.99% saves approximately 3,869 pesos per month — or over 46,000 pesos per year. The exact savings depend on your current rate, outstanding balance, and new loan term. Use Nook's free calculator to get a personalised estimate based on your actual numbers.
There are closing costs involved in refinancing — typically including appraisal fees, documentary stamp tax, and registration fees — but these are one-time costs that are almost always recovered within the first year or two of lower monthly payments. Nook's brokering service itself is 100% free to the borrower; we are paid by the bank when your loan is approved. You can learn more about what to expect in terms of fees in our guide to home loan refinance closing costs in the Philippines.
Yes — many homeowners who originally financed through Pag-IBIG (HDMF) or a developer's in-house financing are eligible to refinance to a commercial bank at a lower rate, provided they meet the bank's standard requirements such as a good payment history, regular income, and sufficient remaining equity. Nook can assess your eligibility quickly and match you with the best available offer from our bank panel.
The refinancing process in the Philippines typically takes 4 to 8 weeks from application to loan release, depending on the bank and how quickly documents are submitted. Nook streamlines the process by guiding you through each step and liaising with the bank on your behalf. Getting your documents ready in advance is the best way to avoid delays — see our full checklist of refinancing requirements to prepare ahead of time.
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