Most Filipino homeowners are still paying 7% to 10% interest on their housing loan — but the lowest rate available today is just 5.99% p.a. Here's how to find out if you qualify.
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Why this matters
If you've been asking which bank offers the lowest housing loan interest rate in the Philippines, you're asking exactly the right question — but the answer is more nuanced than a single bank's advertised rate. Banks like BPI, BDO, Security Bank, RCBC, and Metrobank all publish promotional rates, but these typically apply only to new borrowers during a fixed-rate period of 1 to 3 years. After that, your rate reprices — often jumping to 8%, 9%, or higher. Homeowners who took out loans 3 to 10 years ago are almost certainly paying more than today's best available rate. You can review how current Philippine bank loan interest rates compare across lenders to see where your bank stands.
This is where refinancing changes everything. Instead of waiting for your bank to offer you a better deal (which rarely happens automatically), refinancing lets you switch your existing loan to a lender offering a lower rate — potentially saving tens of thousands of pesos every single month. On a 3,000,000 loan with 20 years remaining, moving from 8.50% to 5.99% saves over 3,000 pesos monthly and more than 550,000 pesos over the life of the loan. The savings are real, and the process is more straightforward than most homeowners expect. It's worth understanding where Philippine home loan interest rates are heading in 2026 before you decide when to act.
Nook is the Philippines' first digital mortgage broker, and our service is completely free to borrowers. We work with all major Philippine banks and lenders to find the lowest rate you personally qualify for — based on your income, property, and loan balance — not just the rate advertised on a bank's website. We handle the comparison, the paperwork, and the bank coordination on your behalf. There are no hidden fees and no obligation to proceed. Whether you're with BDO, BPI, Metrobank, Security Bank, or any other lender, we can show you in minutes whether switching makes financial sense for your situation.
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
As of 2026, the lowest housing loan refinance rate available through Nook is 5.99% p.a. — but the best rate you personally qualify for depends on your loan amount, income, and the property being used as collateral. Rather than picking a single bank, Nook compares offers across BPI, BDO, Security Bank, RCBC, Metrobank, and other lenders to find your lowest possible rate.
Not always. Banks advertise their best promotional rates, which are typically fixed for only 1 to 3 years and apply to borrowers who meet specific criteria. After the fixed period ends, your rate reprices to the bank's prevailing rate — which can be significantly higher. Always ask about the re-pricing rate and schedule, not just the initial rate.
On a 3,000,000 loan with 20 years remaining, moving from 8.50% to 5.99% saves approximately 3,069 pesos per month and over 552,000 pesos in total interest. The exact savings depend on your outstanding balance, remaining term, and the rate you qualify for — Nook can calculate your personalised savings for free.
Yes, refinancing typically involves closing costs such as appraisal fees, documentary stamp tax, registration fees, and possibly a prepayment penalty from your current bank. However, on most loans, these one-time costs are recovered within 12 to 24 months of monthly savings. You can read a full breakdown of home loan refinance closing costs in the Philippines to understand what to expect.
Standard refinancing requirements include proof of income (payslips or ITR for self-employed), a copy of your Transfer Certificate of Title, your current loan statement of account, and valid government IDs. Requirements vary slightly between banks, but Nook guides you through the full checklist. You can also review the detailed home loan refinance requirements in the Philippines before you start.
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