Makati is home to some of the Philippines' most valuable condominium properties — and some of its most expensive home loans. If you took out your condo loan two or more years ago, there is a very good chance you are paying an interest rate between 7% and 10% p.a. while the best refinance rates available in 2026 start at just 5.99% p.a. On a 3,000,000 peso loan, that difference can mean savings of more than 200,000 pesos over the remaining life of your mortgage.
This guide walks you through every step of refinancing a Makati condo loan in 2026 — from checking your eligibility and gathering documents, to submitting your application and receiving your new loan proceeds. Whether you are refinancing with your current bank or switching to a new lender, the refinancing process in the Philippines follows a clear sequence that you can navigate confidently with the right preparation. Nook, the Philippines' first digital mortgage broker, makes the entire process free for borrowers and handles the bank comparisons on your behalf.
Refinancing a condo loan means replacing your existing home loan with a new loan — either from a different bank or from your current lender under new terms. The goal is almost always to secure a lower interest rate, which reduces your monthly amortisation and the total interest you pay over the life of the loan.
For a Makati condo specifically, refinancing works the same way as any residential property refinancing. The new lender pays off your outstanding balance with your old bank, takes over the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) as collateral, and issues you a fresh loan agreement at the new rate. You then make monthly payments to the new lender. The key difference with condos versus house-and-lot properties is that the title is a CCT rather than a TCT, and some lenders apply slightly different appraisal and loan-to-value policies for high-rise units.
Yes, Makati condominiums are among the most refinance-friendly properties in the Philippines. Because Makati is a prime CBD location with strong and stable property values, most major banks — including BDO, BPI, Metrobank, Security Bank, RCBC, and Chinabank — are willing to lend against them at competitive rates and with high loan-to-value (LTV) ratios, often up to 70% to 80% of the appraised value.
There are a few property-level factors lenders check. The condo project must be from a reputable developer, the building must not have any legal encumbrances, and the unit must be fully turned over and titled (CCT must already be in your name). Pre-selling units or properties still under a developer's master title are generally not eligible for bank refinancing. If your CCT is clean and in your name, a Makati condo is an excellent candidate for refinancing.
The best time to refinance is when the gap between your current interest rate and the best available market rate is large enough to offset the one-time costs of refinancing. As a rule of thumb, a difference of at least 1 percentage point makes refinancing worth considering. In 2026, with refinance rates starting at 5.99% p.a. and many borrowers still paying 7.5% to 9.5%, the gap is frequently 2 percentage points or more — making this one of the most favourable refinancing environments in recent years.
Beyond the rate gap, timing also depends on your loan age. Most banks impose a lock-in period of one to three years during which you cannot refinance without paying a prepayment penalty, typically 2% to 3% of the outstanding balance. If your lock-in period has ended or is ending soon, that is your clearest signal to start comparing offers. You should also factor in how many years remain on your loan — the more years left, the more total interest you can save by refinancing now rather than later.
The savings depend on your outstanding balance, the rate difference, and your remaining loan term. Here are three concrete examples using common Makati condo loan scenarios, comparing a current rate of 8.5% p.a. against a refinanced rate of 5.99% p.a.:
Example 1 — Loan balance of 2,500,000 pesos, 20 years remaining: Monthly payment drops from approximately 21,725 pesos to approximately 17,895 pesos — a monthly saving of 3,830 pesos. Total interest saved over 20 years: approximately 919,200 pesos.
Example 2 — Loan balance of 4,000,000 pesos, 18 years remaining: Monthly payment drops from approximately 34,070 pesos to approximately 28,120 pesos — a monthly saving of 5,950 pesos. Total interest saved over 18 years: approximately 1,284,000 pesos.
Example 3 — Loan balance of 6,500,000 pesos, 15 years remaining: Monthly payment drops from approximately 63,955 pesos to approximately 54,785 pesos — a monthly saving of 9,170 pesos. Total interest saved over 15 years: approximately 1,650,600 pesos.
In all three cases, the one-time cost of refinancing (typically 60,000 to 150,000 pesos depending on loan size) is recovered within six to eighteen months of lower payments. After that breakeven point, every month of savings is pure benefit to you.
Philippine banks require documents in three categories: personal/identity documents, income documents, and property documents. Here is a full checklist for 2026:
Personal and identity documents:
- Valid government-issued IDs (two copies — passport, driver's licence, UMID, or SSS ID)
- Accomplished loan application form (provided by the bank or Nook)
- Marriage certificate (if applicable)
- Tax Identification Number (TIN)
Income documents (for employed applicants):
- Certificate of Employment stating tenure, position, and monthly salary
- Latest three months' pay slips
- Latest ITR (BIR Form 2316 or 1700) with BIR stamp
- Latest three to six months' bank statements
Income documents (for self-employed or business owners):
- DTI or SEC registration
- Latest two years' audited financial statements
- Latest ITR (BIR Form 1701) with BIR stamp
- Latest six months' bank statements
Property documents:
- Original Condominium Certificate of Title (CCT) — the bank will request this directly from your current lender
- Certified true copy of CCT from the Registry of Deeds
- Tax Declaration for the unit
- Latest Real Property Tax (Ameyo) receipts
- Condominium association dues payment receipts (some banks require these)
- Loan statement of account from your current bank showing outstanding balance
- Mortgage Redemption Insurance (MRI) policy details
Nook provides borrowers with a personalised document checklist so nothing is missed before submission.
Here is the complete process from start to finish:
Step 1 — Calculate your potential savings (Week 1). Use Nook's free calculator or speak with a Nook advisor to estimate your monthly and total savings based on your current balance, rate, and remaining term. This confirms whether refinancing makes financial sense for your specific situation.
Step 2 — Check your lock-in period (Week 1). Review your existing loan agreement or call your current bank to confirm whether you are still within the lock-in period. If a prepayment penalty applies, factor this into your savings calculation. In many cases, the long-term savings still far exceed the penalty amount.
Step 3 — Compare bank offers (Weeks 1–2). Nook submits your profile to multiple Philippine banks simultaneously and presents you with competing offers ranked by total cost of loan. You compare rates, fixing periods, fees, and terms — all in one place, for free.
Step 4 — Choose a lender and submit formal application (Weeks 2–3). Once you select the best offer, Nook helps you complete the formal application form and prepares your document package. The completed application is submitted to the bank.
Step 5 — Bank processing and property appraisal (Weeks 3–7). The bank reviews your application, orders a property appraisal of your Makati condo unit, and conducts credit assessment. This stage typically takes three to five weeks. Nook tracks the status on your behalf and follows up with the bank as needed.
Step 6 — Loan approval and offer letter (Weeks 7–9). The bank issues a formal Letter of Guarantee or loan offer letter specifying the approved amount, interest rate, fixing period, and all fees. Review this carefully before signing.
Step 7 — Loan release and title transfer (Weeks 9–12). Upon your acceptance, the new bank issues a Manager's Check to pay off your old bank. Your old bank releases the CCT and cancels the original mortgage annotation. The new bank's mortgage is annotated on the CCT. Your new, lower monthly payments begin.
The total timeline is typically 8 to 12 weeks from application to first new payment.
Most major Philippine commercial banks refinance Makati condominium loans. Here is an overview of what each lender generally offers:
BDO Unibank — One of the most active home loan refinancers. Offers competitive rates, wide branch network in Makati, and accepts most reputable developers' projects. Fixing periods from 1 to 20 years available.
BPI (Bank of the Philippine Islands) — Known for fast processing and strong digital onboarding. Competitive rates with flexible repayment terms up to 20 years.
Metrobank — Offers a broad range of fixing options. Strong in Makati CBD lending. Often competitive on rates for prime properties.
Security Bank — Frequently cited for competitive refinance rates and relatively faster approval timelines compared to larger banks. Loan amounts up to 80% LTV for prime Makati condos.
RCBC — Good option for borrowers with slightly non-standard income profiles (e.g., OFWs with multiple income sources). Accepts foreign currency income documentation.
Chinabank — Competitive on pricing, particularly for loan amounts above 3,000,000 pesos. Less widely known but worth including in comparisons.
PSBank and EastWest Bank — Smaller players that sometimes offer sharper rates on select properties to build volume. Worth comparing.
Pag-IBIG (HDMF) — If you are a Pag-IBIG member, Pag-IBIG home loan refinancing is also an option and can offer very low rates, particularly for lower loan amounts. However, Pag-IBIG has stricter property eligibility criteria and longer processing times than commercial banks.
Rather than applying to each bank individually, Nook submits to all relevant lenders at once and brings you the best offer, saving you weeks of legwork.
Refinancing is not entirely free — there are one-time costs involved. Here is what to budget for in 2026:
Appraisal fee: 3,500 to 8,000 pesos depending on the bank and the property. This covers the bank's independent valuation of your condo unit.
Mortgage registration fee and documentary stamp tax (DST): Approximately 1% to 1.5% of the loan amount. On a 3,000,000 peso loan, expect roughly 30,000 to 45,000 pesos. This is the largest single cost in most refinancing transactions.
Notarial fees: 5,000 to 15,000 pesos depending on the complexity of documentation.
Processing fee: Some banks charge a processing or application fee of 5,000 to 10,000 pesos, though many waive this for refinance customers.
Mortgage Redemption Insurance (MRI): Annual premium, typically 0.20% to 0.40% of the outstanding balance. This is paid yearly and protects the lender in case of the borrower's death or total disability. It is not a one-time upfront cost.
Prepayment penalty from old bank: If you are within your lock-in period, your existing bank may charge 2% to 3% of your outstanding balance. On a 4,000,000 peso balance, that is 80,000 to 120,000 pesos. Always confirm this before proceeding.
Total one-time refinancing cost estimate: For a typical Makati condo loan of 3,000,000 to 5,000,000 pesos (outside lock-in), expect all-in costs of approximately 60,000 to 120,000 pesos. Given the savings potential illustrated earlier, most borrowers recover this within 12 to 18 months.
Nook's service is completely free to borrowers. Nook is compensated directly by the bank that issues your new loan — you pay nothing extra for Nook's advice, bank comparisons, or application support.
The total timeline for refinancing a Makati condo loan in 2026 is typically 8 to 12 weeks, broken down as follows:
Weeks 1–2: Preparation and bank comparison. Gathering documents, confirming lock-in status, and receiving competing bank offers through Nook.
Weeks 2–4: Formal application submission and initial bank review. Once you choose a lender, your complete application package is submitted. The bank conducts initial credit assessment.
Weeks 4–7: Property appraisal and credit evaluation. The bank sends an appraiser to visit your Makati condo unit. This is often the step that takes the most time, as banks schedule appraisals in batches.
Weeks 7–9: Loan approval and documentation signing. The bank issues a formal approval with the final loan terms. You sign the loan agreement and related documents.
Weeks 9–12: Loan release and title handover. The new bank releases funds to pay off your old bank. Your old bank cancels its mortgage annotation on the CCT. The new bank registers its mortgage. Your new monthly amortisation begins.
Faster timelines (as short as 6 weeks) are possible with complete documentation submitted upfront and responsive lenders. Delays most commonly occur when documents are incomplete, appraisals are rescheduled, or the borrower's old bank is slow to release the CCT. Nook proactively manages all of these touchpoints on your behalf.
Nook is the Philippines' first digital mortgage broker, and its service is 100% free to borrowers. Here is exactly what Nook does for you during a Makati condo refinancing:
Free savings analysis: Nook calculates your potential monthly and lifetime savings based on your actual loan details, so you know upfront whether refinancing makes sense.
Multi-bank comparison: Rather than approaching each bank individually (which takes weeks and results in multiple credit inquiries), Nook submits your profile to all relevant lenders simultaneously. You receive competing offers ranked by true cost, not just headline rate.
Document preparation support: Nook provides a personalised checklist and reviews your documents before submission to reduce back-and-forth with the bank.
Application management: Nook tracks your application status with the bank and follows up on your behalf at every stage — appraisal scheduling, credit committee review, approval issuance, and loan release.
Zero cost to you: Nook earns a referral fee from the bank that issues your new loan. This fee is built into the bank's normal cost structure and does not affect the rate or terms you receive. You pay nothing to Nook — not at any stage of the process.
If you want to understand more about how a mortgage broker works in the Philippine context, this guide explains what a Filipino mortgage broker does and how Nook helps borrowers refinance. Getting started takes less than five minutes — simply fill in your loan details on nook.com.ph and a Nook advisor will contact you within one business day.