Refinance Home Loan Philippines 2026: Which Banks Accept Transfers & Best Rates

Refinancing Your Home Loan in the Philippines: The Complete 2026 Guide

If you took out a home loan in the Philippines more than two or three years ago, there is a very good chance you are paying more interest than you need to. Philippine home loans typically carry a fixed rate for an initial period — usually one, two, or three years — and then reprice to whatever the bank's prevailing rate is at that time. For many homeowners, that repricing moment never triggers a conversation about switching lenders. It should.

This guide covers everything you need to know about refinancing a home loan in the Philippines in 2026: which banks accept loan transfers, what rates you can realistically expect, what documents you will need, how long the process takes, and how to calculate whether a refinance makes financial sense for your situation.

What Is Home Loan Refinancing?

Refinancing means replacing your existing home loan with a new loan — either from your current bank or, more commonly, from a different bank offering better terms. The new lender pays off your outstanding balance, and you begin making monthly payments to them instead, ideally at a lower interest rate.

In the Philippines, this is sometimes called a loan transfer or balance transfer, and the process is more straightforward than many homeowners expect. You do not sell your home. You do not restart your amortisation from zero in terms of equity already built. You simply restructure the debt on better terms.

Why Refinance in 2026?

The case for refinancing right now is compelling for several reasons. First, rates have become more competitive. Through a broker like Nook, qualified borrowers can access rates as low as 5.99% per annum. Second, many homeowners who locked in loans between 2019 and 2022 are now on repriced rates of 8%, 9%, or even 10% — sometimes without realising it. Third, awareness of refinancing as an option has historically been low in the Philippines, meaning a significant number of homeowners are leaving real money on the table every single month.

Consider a concrete example. Suppose you have an outstanding home loan balance of 4,000,000 pesos with 20 years remaining. At your current rate of 9% per annum, your monthly payment is approximately 35,989 pesos. If you refinance to 5.99% per annum, your new monthly payment drops to approximately 27,884 pesos. That is a monthly saving of roughly 8,105 pesos — or more than 97,260 pesos per year. Over five years, that is nearly 486,300 pesos staying in your pocket instead of going to the bank.

Which Banks Accept Home Loan Transfers in the Philippines?

Most major Philippine banks have a refinancing or loan transfer program. Here is an overview of the key players and what to know about each.

BDO Unibank

BDO is the largest bank in the Philippines by assets and one of the most active home loan lenders. Their refinancing program is available to borrowers with existing loans from other banks, and they will generally consider loans with at least one to two years of on-time payment history. BDO's fixed rate periods typically range from one to five years, after which the loan reprices. Learn more about BDO home loan refinancing, including current rates and requirements.

BPI (Bank of the Philippine Islands)

BPI is another highly active refinance lender and is known for competitive rates on loan transfers. They accept applications from borrowers whose loans are held at other banks, including government lenders. BPI offers a range of fixed-rate periods and has a relatively streamlined appraisal process. See how BPI home loan refinancing works and how much you could save.

Metrobank

Metrobank offers home loan refinancing with fixed-rate options typically ranging from one to five years. They tend to be competitive on rates for high-value properties and borrowers with strong credit profiles. Processing times are similar to other major banks — typically 30 to 45 banking days.

Security Bank

Security Bank has been aggressive in the home loan market and often offers promotional rates to attract loan transfers. They accept transfers from most other Philippine banks and are worth including in any comparison. Read our detailed guide on Security Bank home loan refinancing.

RCBC

Rizal Commercial Banking Corporation accepts home loan transfers and offers competitive rates, particularly for mid-range loan amounts. They have a dedicated home loan team and can process applications efficiently when documentation is complete.

UnionBank

UnionBank has invested heavily in its digital banking infrastructure and offers a reasonably smooth application experience for refinance applicants. Their rates are competitive and they accept transfers from most major lenders.

PNB (Philippine National Bank)

PNB offers home loan refinancing and is particularly accessible to overseas Filipino workers (OFWs) who may have loans from other institutions. They have branches in major cities and dedicated home loan officers.

EastWest Bank

EastWest Bank is a smaller but competitive option for refinancing, with rates that can be attractive particularly for loans in the 1,500,000 to 5,000,000 peso range. They tend to be more flexible on some eligibility criteria.

PSBank

PSBank, a subsidiary of Metrobank, offers home loan refinancing with straightforward terms. They are a solid option for borrowers looking for simplicity and the backing of a well-established banking group.

Pag-IBIG (HDMF)

Pag-IBIG offers refinancing exclusively for Pag-IBIG members, and their rates are often among the lowest available — though the program has specific eligibility requirements including contribution history and member status. If you are currently paying a bank loan and are an active Pag-IBIG member, it is worth checking whether you qualify to transfer to a Pag-IBIG housing loan.

What Are the Current Refinance Rates in the Philippines?

Rates in 2026 vary by bank, loan amount, loan-to-value ratio, and borrower profile. As a general guide:

• Best available rate (through Nook): 5.99% per annum
• Typical bank range for loan transfers: 6.25% to 8.50% per annum
• Common repriced rates borrowers are currently paying: 8% to 10% per annum

Rates are typically fixed for an initial period of one, two, three, or five years. After that period, the loan reprices to the bank's prevailing rate. This is why many homeowners find themselves in need of refinancing every few years — and why it pays to review your rate proactively rather than waiting for the bank to notify you.

Who Qualifies for Home Loan Refinancing?

Eligibility criteria vary by bank, but most lenders look for the following:

• Age between 21 and 65 years old at the time of loan maturity
• Philippine citizen or foreign national with a Filipino spouse (some banks have restrictions for foreign nationals)
• Stable income — either employed with at least two years of tenure, or self-employed with at least two to three years of profitable operation
• Clean credit history — no missed payments, no defaults, no active legal cases involving the property
• Existing loan with at least 12 to 24 months of consistent payment history
• Property with a clean title (no adverse claims or liens beyond the existing mortgage)
• Loan-to-value ratio within the bank's acceptable range — typically no more than 80% of the property's current appraised value

OFWs are also eligible and can often apply through their spouse or attorney-in-fact in the Philippines, provided documentation is properly notarised or apostilled.

What Documents Do You Need?

The document requirements for refinancing are similar to those for a new home loan. Expect to prepare the following:

• Valid government-issued IDs (two forms)
• Proof of income: latest three months' payslips and certificate of employment (for employed applicants); ITR and audited financial statements for the past two to three years (for self-employed)
• Latest three to six months' bank statements
• Marriage certificate (if applicable)
• Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) — the bank will request the original from your current lender once approved
• Tax Declaration for the property
• Latest real estate tax receipts
• Statement of account or loan statement from your current lender showing outstanding balance and payment history
• Mortgage Redemption Insurance (MRI) or fire insurance documents

If you work with Nook, your dedicated advisor will give you a personalised checklist and review your documents before submission to minimise back-and-forth with the banks.

How Long Does the Refinancing Process Take?

From application to releasing of funds, refinancing in the Philippines typically takes 45 to 90 banking days. The process generally follows this sequence:

• Weeks 1–2: Document collection and submission to the chosen bank
• Weeks 2–4: Bank credit evaluation and property appraisal
• Weeks 4–6: Loan approval and issuance of Letter of Guarantee or Approval Letter
• Weeks 6–10: Coordination between old and new lender, release of title, annotation of new mortgage
• Weeks 10–13: Registration with the Registry of Deeds, release of funds to pay off existing loan

During this period, you continue paying your existing loan as normal. Once the new bank releases funds and your old loan is fully settled, you begin paying the new lender.

What Are the Costs of Refinancing?

Refinancing is not entirely free — there are some one-time costs involved that you should factor into your savings calculation. These typically include:

• Appraisal fee: 3,500 to 7,000 pesos, depending on the bank and property location
• Processing fee: Some banks charge this; others waive it for loan transfers
• Documentary Stamp Tax (DST): 1.5 per 200 pesos of the loan amount
• Notarial fees: Varies by notary and document volume
• Registration fees: Charged by the Registry of Deeds based on the loan amount
• Penalty from existing lender: Some banks charge a prepayment or early termination penalty, typically 2% to 5% of the outstanding balance, if the loan is within its fixed-rate period. Check your existing loan contract carefully.

In many cases, total one-time costs range from 30,000 to 80,000 pesos depending on loan size. If your monthly savings are 8,000 pesos, you recover those costs within 4 to 10 months — and everything after that is pure savings.

How Nook Makes Refinancing Easier

Nook is the Philippines' first digital mortgage broker. Instead of approaching banks one by one — filling out multiple forms, waiting in queues, and comparing offers manually — you apply once through Nook and receive competitive offers from multiple lenders. Nook's advisors handle the paperwork coordination, follow up with the banks on your behalf, and ensure your application is presented in the best possible light.

Critically, Nook's service is completely free to the borrower. There is no fee for using Nook's platform or advisory services. Nook is compensated by the bank when a loan is successfully completed — the same way a real estate agent is paid by the seller, not the buyer.

Is Refinancing the Right Move for You?

Refinancing makes strong financial sense when the interest rate reduction is significant enough that your monthly savings recover the one-time costs within a reasonable period — typically within two years. As a rule of thumb:

• If you are currently paying 7.5% or more and have more than 10 years remaining on your loan, refinancing almost certainly makes sense
• If your outstanding balance is above 2,000,000 pesos, even a 1% rate reduction generates substantial monthly savings
• If your fixed-rate period is expiring within the next 6 months, now is the right time to start comparing options — not after repricing
• If you are within a fixed-rate period and your existing bank charges a prepayment penalty, calculate the penalty against your projected savings to confirm the net benefit

The best way to know for certain is to get an actual offer. With Nook, that process starts with a simple online form and a conversation with an advisor — no commitment, no cost, and no pressure.