Most Filipino homeowners with a house and lot loan are paying too much every month. See amortization tables for every major loan amount — and find out if refinancing at 5.99% p.a. could cut your bill significantly.
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Why this matters
When you take out a house and lot loan in the Philippines, your monthly amortization depends on three things: your loan amount, your interest rate, and your remaining loan term. On a ₱3,000,000 loan over 20 years at 8.50% — a rate many homeowners are currently paying across banks like BDO, BPI, and Metrobank — your monthly payment works out to around 26,035. But at 5.99% p.a., that same loan costs only 22,147 per month. That's nearly 4,000 pesos back in your pocket every single month, without changing anything else about your loan. You can explore how these numbers shift for your own balance using Nook's free home loan refinance calculator.
Interest rates in the Philippines are not fixed forever. Most bank home loans reprice every 1, 2, 3, or 5 years — meaning the rate you locked in when you first bought your home may have jumped significantly at your last repricing date. If you haven't reviewed your loan in the past two years, there's a strong chance a better rate is now available to you through a different lender. The difference between 8.50% and 5.99% on a ₱5,000,000 loan over 20 years is more than 6,400 pesos per month — that's over 1.5 million pesos across the life of the loan. Understanding how Philippine home loan interest rates have moved can help you time your refinance wisely.
Refinancing a house and lot loan through Nook is completely free for borrowers. Nook compares offers across multiple Philippine banks and presents you with the best available rate — currently as low as 5.99% p.a. — so you don't have to do the legwork yourself. There are no broker fees, no hidden charges, and no obligation to proceed. The entire process is handled digitally, from document submission to bank coordination, making it one of the most straightforward ways to reduce your biggest monthly expense.
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
Your monthly amortization is calculated using your principal loan amount, the annual interest rate, and your loan term in months — this is called a standard amortizing loan formula. A ₱3,000,000 loan at 8.50% over 20 years produces a fixed monthly payment of around 26,035, of which a large portion goes to interest in the early years. As you pay down the principal over time, the interest component shrinks and more of each payment goes toward reducing the balance.
Most major Philippine banks — including BDO, BPI, Metrobank, Security Bank, and RCBC — offer house and lot loan rates that typically range from 6.50% to 10% depending on the fixing period and your credit profile. Shorter fixing periods (1–2 years) tend to come with lower initial rates, while 5-year fixed rates are higher but offer more stability. Through Nook, eligible borrowers can currently access rates as low as 5.99% p.a.
Yes — refinancing means moving your existing home loan to a new lender who offers a lower interest rate, which directly reduces your monthly payment. The process involves submitting documents to the new bank, having your property reappraised, and settling any remaining balance with your current lender using the new loan. Nook handles the entire process for free and can tell you upfront whether the savings justify the switch, including any closing costs involved.
The standard requirements include a valid government-issued ID, proof of income (payslips, ITR, or audited financial statements for self-employed borrowers), your latest Statement of Account from your current lender, a copy of your Transfer Certificate of Title (TCT), and a tax declaration for the property. Some banks may request additional documents depending on your employment type or loan amount. You can find the full list on Nook's home loan refinance requirements page.
Refinancing involves one-time closing costs that typically include appraisal fees, documentary stamp tax, registration fees, and sometimes a bank processing fee — these generally total between 2% and 3% of the loan amount. However, these costs are usually recovered within 12–18 months of lower monthly payments, after which you're purely saving money. Nook's service is 100% free to borrowers — you can also learn more about what to expect on our refinance closing costs guide.
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