Lowest Home Loan Rates in the Philippines 2026: Bank-by-Bank Comparison

Lowest Home Loan Rates in the Philippines 2026: A Bank-by-Bank Comparison

If you already have a home loan, there is a good chance you are paying more than you need to. Most Filipino homeowners are locked into rates between 7% and 10% per annum — rates that made sense when they first signed their loan documents but may now be significantly higher than what the market offers. This guide breaks down where rates actually stand in 2026, how the major banks compare, and what you can do today to make sure you are on the best possible deal.

What Counts as a "Low" Home Loan Rate in the Philippines?

Philippine home loan rates are almost always fixed for an initial period — typically 1, 2, 3, or 5 years — and then re-price at whatever the bank's prevailing rate is at the time of repricing. This means the rate you signed up for years ago may have already repriced upward once or twice, quietly increasing your monthly payment or extending your loan term without much fanfare.

As of 2026, the most competitive fixed rates available through refinancing start at around 5.99% per annum for a 1-year fixed period, with 3- and 5-year fixed options available in the 6.5% to 7.5% range depending on the bank, loan amount, and your credit profile. If you are currently paying above 7.5%, you are almost certainly overpaying relative to what is available in the market right now.

Bank-by-Bank Rate Comparison

Below is a general comparison of the indicative home loan rates offered by the major Philippine banks in 2026. These are published or recently quoted rates for refinancing and new home purchase loans. Actual rates will depend on loan amount, loan-to-value ratio, fixing period, and borrower profile.

BDO Unibank

BDO is the largest bank in the Philippines by assets and one of the most active home loan lenders. Their rates for refinancing typically start around 6.50% to 7.25% p.a. for a 1-year fixed period. BDO offers fixing periods of 1, 2, 3, 5, 10, 15, and 20 years, making them popular with borrowers who want long-term rate certainty. Their processing is relatively thorough and approval timelines can run 3 to 6 weeks.

BPI (Bank of the Philippine Islands)

BPI is consistently one of the more competitive banks for home loan refinancing. Their 1-year fixed rates have recently been quoted in the 6.25% to 6.88% p.a. range. BPI is known for a relatively streamlined application process and reasonable documentary requirements. They are a strong option for salaried employees and business owners alike.

Security Bank

Security Bank has been aggressively growing its home loan portfolio and regularly offers promotional rates. Their 1-year fixed refinance rates have been quoted as low as 5.99% p.a. in recent periods — making them one of the lowest in the market. They offer competitive terms for loan amounts of 2,000,000 and above, and their turnaround times are generally faster than the larger banks.

RCBC (Rizal Commercial Banking Corporation)

RCBC offers competitive rates, particularly for borrowers refinancing larger loan amounts. Their rates typically sit in the 6.50% to 7.50% p.a. range for fixed periods of 1 to 5 years. They are a solid option for OFWs and self-employed borrowers who may find the documentation requirements at bigger banks more restrictive.

Metrobank

Metrobank is one of the three largest banks in the country and offers a full suite of home loan products. Their refinancing rates are typically in the 6.75% to 7.50% p.a. range. While not always the cheapest, Metrobank's brand reliability and wide branch network make them a popular choice for borrowers who value convenience and institutional stability.

PNB (Philippine National Bank)

PNB offers competitive rates that generally range from 6.50% to 7.25% p.a. for 1- to 3-year fixed periods. They are a good option for borrowers who have existing banking relationships with PNB and for those refinancing government-assisted loans. PNB also has a dedicated OFW lending program.

UnionBank

UnionBank has a more digital-forward approach to lending and has been offering rates in the 6.75% to 7.50% p.a. range. Their home loan products are solid but their primary home loan volumes are lower than the big three, which can sometimes mean slightly less competitive pricing for standard refinance cases.

Chinabank (China Banking Corporation)

Chinabank is a strong option, particularly for Chinese-Filipino borrowers and for those with properties in Metro Manila and key urban centers. Their rates are competitive, typically in the 6.50% to 7.25% p.a. range, and their processing teams have a reputation for being responsive.

EastWest Bank

EastWest Bank has been growing its mortgage portfolio steadily. Their home loan rates generally fall in the 6.88% to 7.75% p.a. range. They are a reasonable option for refinancing mid-sized loans in the 2,000,000 to 5,000,000 range.

PSBank

PSBank (a subsidiary of Metrobank) offers home loans with rates typically in the 7.00% to 8.00% p.a. range. Their products tend to be simpler and may suit borrowers looking for straightforward terms without extensive rate shopping.

Pag-IBIG Fund (HDMF)

Pag-IBIG remains the most affordable option for eligible members, with rates starting as low as 5.375% p.a. for loans up to 450,000 and stepping up to around 6.5% to 6.75% for loans between 750,000 and 6,000,000. The maximum loanable amount under the regular Pag-IBIG housing loan program is currently 6,000,000. For borrowers who qualify, Pag-IBIG refinancing is often the single best financial move available — but the documentary requirements and processing timelines can be longer than private banks.

What the Numbers Actually Mean for Your Monthly Payment

The difference between a 7.5% rate and a 5.99% rate may sound small in percentage terms, but the peso impact is significant over a 20-year loan. Consider a borrower with an outstanding loan balance of 4,000,000 and 20 years remaining on their term:

• At 7.5% p.a., the monthly payment is approximately 32,222
• At 5.99% p.a., the monthly payment drops to approximately 28,658
• That is a monthly saving of around 3,564 — or 42,768 per year
• Over the remaining 20-year term, the total interest saving exceeds 855,000

These figures assume a straight principal-and-interest loan with no early repayment. To see what your own numbers look like, use Nook's home loan refinance calculator — it takes about two minutes and gives you a personalized savings estimate instantly.

Why Rates Vary So Much Between Banks

Rate differences between banks are not random. They reflect several factors:

• Funding costs: Banks that hold more low-cost deposits (like current and savings accounts) can afford to lend at lower margins.
• Market strategy: Some banks are actively growing their mortgage books and price aggressively to win new loans. Security Bank's current low rates are a good example of this.
• Loan-to-value ratio: Banks price more favorably when the loan represents a smaller proportion of the property's value. A borrower with 50% equity will generally get a better rate than one with 80% LTV.
• Loan amount: Larger loans often attract better rates because the bank earns more absolute interest even at a lower margin.
• Fixing period: Shorter fixing periods (1 year) are almost always lower than longer ones (5 or 10 years) because the bank carries less interest rate risk.

The Repricing Trap: Why Your Current Rate May Be Much Higher Than You Think

One of the most common surprises for Filipino homeowners is discovering just how high their repriced rate has become. A borrower who took out a loan in 2018 at a promotional 5-year fixed rate of 5.5% may have had that rate reprice in 2023 — right as rates were rising — to a variable rate of 8% or 9%. If that sounds familiar, you are not alone. Understanding how home loan interest rates work in the Philippines is the first step to knowing whether you are being overcharged.

The good news is that refinancing resets the clock. By switching to a new bank at today's best rates, you lock in a lower rate for the next 1 to 5 years and reduce your monthly outgoing immediately.

How to Actually Get the Lowest Rate Available

Getting the best rate is not as simple as walking into a branch and asking. Banks rarely volunteer their most competitive pricing unless they sense competition. Here is what works:

1. Get multiple quotes simultaneously. A rate from one bank becomes leverage with another. The problem is that doing this yourself is time-consuming — each bank has its own application forms, document checklists, and processing teams.
2. Use a mortgage broker. Nook negotiates with multiple banks on your behalf at no cost to you. Because Nook submits volume to banks regularly, it can often unlock rates that a walk-in borrower would not be offered directly.
3. Be ready with your documents. Banks prioritize complete applications. Having your latest payslips, ITR, property documents, and existing loan statement of account ready speeds up the process and signals you are a serious borrower.
4. Understand the total cost, not just the rate. Some banks charge higher processing fees or have less favorable repricing terms. A 0.25% lower headline rate might be offset by a 50,000 processing fee if your loan is on the smaller side.

Is Refinancing Worth It? The Break-Even Question

Refinancing is almost never free — there are legal fees, notarial fees, a new mortgage registration, and sometimes a bank processing fee. These typically total between 30,000 and 80,000 depending on the loan amount and property location. The key question is: how long will it take for your monthly savings to recover those costs?

For most borrowers refinancing a loan of 3,000,000 or more with at least 10 years remaining, the break-even point is typically 18 to 36 months. After that, every month is pure saving. If you are planning to stay in your home for at least 3 more years, refinancing at today's rates almost always makes financial sense.

The Bottom Line

The lowest home loan rates in the Philippines in 2026 start at 5.99% p.a. — and they are accessible through refinancing, not just new purchases. If you are paying more than 7% today, there is a real and meaningful saving available to you. The process does not have to be complicated or expensive. Nook does the bank comparison for you, handles the negotiation, and charges you nothing for the service. The only question is how much longer you want to keep overpaying.