Filipino condo owners with a PHP 3 million home loan are saving over 58,000 per year by switching to Nook's best refinance rate of 5.99% p.a. — and it costs nothing to find out if you qualify.
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Why this matters
If you bought a mid-tier condo in Metro Manila — whether in Mandaluyong, Pasig, Quezon City, or the BGC fringe — there's a good chance your original home loan was locked in at a rate between 8% and 9.5%. That made sense at the time, but the lending landscape has shifted. Through Nook, qualified borrowers can now access rates as low as 5.99% p.a., which on a 3,000,000 loan balance with 20 years remaining translates to a monthly payment reduction of roughly 4,850 — every single month. Over the life of your remaining loan, that's nearly 873,000 staying in your pocket instead of going to the bank.
Refinancing a condo is slightly different from refinancing a house-and-lot, and it pays to understand the nuances. Banks assess condominium units against the developer's reputation, the building's age, and the floor area — all factors that can affect how much they're willing to lend and at what rate. Nook works with over a dozen Philippine banks including BDO, BPI, Security Bank, and RCBC to find the most competitive offer for your specific unit. If you're navigating this for the first time, our first-time refinance guide walks you through exactly what to expect, step by step.
The process through Nook is 100% free to you as the borrower. We handle the bank comparisons, the paperwork coordination, and the follow-ups — so you don't have to take time off work or visit multiple branches. Whether you're a salaried professional, a freelancer, or even an OFW managing your property remotely, Nook has helped borrowers in all situations secure better rates. The only question worth asking is: how much longer are you willing to overpay?
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
Yes, condominium units are eligible for home loan refinancing just like house-and-lot properties, but banks do apply additional criteria such as the building's age, the developer's track record, and the remaining condominium certificate of title (CCT) status. Most major banks in the Philippines — including BPI, BDO, and Security Bank — will refinance condo units that are already titled and fully turned over. Nook assesses your unit's eligibility upfront so you're not surprised later in the process.
Based on a loan balance of 3,000,000 with 20 years remaining, moving from a rate of 8.50% to 5.99% reduces your monthly payment from approximately 27,816 to 22,966 — a saving of 4,850 per month or 58,200 per year. Over the full remaining term, that compounds to around 873,000 in total interest savings. Your actual figures will vary depending on your exact balance, remaining term, and the rate you qualify for.
You'll generally need your Condominium Certificate of Title (CCT), the latest Statement of Account from your current bank, proof of income (payslips or ITR for the past two years), a government-issued ID, and your tax declaration or real property tax receipts. If you're self-employed, the requirements are slightly different — check out our guide on refinancing for self-employed borrowers for a full breakdown. Nook will give you a personalised checklist once you submit your basic details.
Nook's service is completely free to borrowers — we are compensated by the bank you choose, not by you. However, there are standard third-party costs involved in any refinance such as appraisal fees, notarial fees, transfer taxes, and registration fees, which typically range from 1% to 2% of the loan amount. On a 3,000,000 loan, these one-time costs are usually recovered within six to twelve months given the monthly savings, making refinancing well worth it for most borrowers.
The typical refinancing timeline runs between 30 to 60 working days from application to loan release, depending on the bank and how quickly documents are submitted and verified. Condo loans can sometimes take slightly longer than house-and-lot refinances because banks need to verify the building's title and insurance status. Nook actively manages the process on your behalf, following up with the bank so delays don't fall through the cracks on your end.
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