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Housing Loan Rates Guide

Housing Loan Rates Philippines 2026: BPI vs BDO vs Security Bank vs Pag-IBIG

By Dennis Nunez (Profit Scout Team)SourcesSep 2026Rates as of: 2 September 2026

The Verdict

Pag-IBIG costs the least in interest if you are a member and can wait for takeout.On a ₱5,000,000 loan over 20 years, Pag-IBIG's 2026 promo (5.75% for three years, then a 6.50% reset) costs about ₱1.40 millionin interest over the first five years. BDO's advertised 6.50% 5-year lock costs about ₱1.52 million. BPI's 7.25% 5-year promo costs about ₱1.70 million. Security Bank's published 8.25% 5-year rate costs about ₱1.95 million.

Figures are principal plus interest only. Every lender also bills Mortgage Redemption Insurance / Borrower's insurance and Fire Insurance on top.

Which Buyer Are You?

Local first-time buyer

Start with Pag-IBIG if you have 24 monthly contributions and the project qualifies for takeout. Use BDO for a 5-year fixed payment with no year-4 increase. Use BPI if you can book its promo by 30 November 2026. Security Bankadvertises the fastest approval (as fast as 5 banking days — though BDO's own copy also claims 5 working days in Metro Manila) but publishes the highest 5-year rate of the four.

OFW buyer

Pag-IBIG is still cheaper, and you can start from abroad via Virtual Pag-IBIG with a consularized or apostilled SPA. OFW first-timers also qualify for the 3% Expanded 4PHrate on socialized units — house-and-lot up to ₱950,000, condo up to ₱1.8 million (confirm current DHSUD ceiling). Banks accept OFW income with a contract, remittances, and an SPA — but won't beat 5.75% or 3%.

5-Year Interest on ₱5,000,000 (20-Year Term)

	Pag-IBIG	BDO	BPI	Security Bank
Rate, years 1–5	5.75% → 6.50%	6.50% locked	7.25% locked	8.25% locked
Interest in 5 years	₱1.40 million	₱1.52 million	₱1.70 million	₱1.95 million
Extra vs. Pag-IBIG	—	+₱115,000	+₱299,000	+₱547,000

See the full rate table for all fixing periods →

Before you apply

Get four dated quotes in the same week — same amount, property type, and term.
Watch the deadlines: BPI books by 30 Nov 2026, BDO's fee promo by 30 Sep 2026, Pag-IBIG's promo rate by 31 Dec 2026.
A fixing period is not the loan term — a 5-year fix on a 20-year loan still resets at year 5.
Ask what Pag-IBIG's year-4 payment looks like — the 5.75% promo only lasts three years.
On every quote, ask for both insurance lines by name and how each premium is collected.

Got approved? Furnish the unit next.

Once the loan clears, buy appliances from a written list instead of guessing at the mall — cabinet limits, aircon HP caps, and heater rules that catch new condo owners off guard.

Open the Condo Appliance Checklist

Rates as of 2 September 2026. These change when a promo ends or the BSP meets — confirm the number in writing before you reserve a unit.

This page is informational. It is not financial advice and not an offer to lend. The rate you get depends on income, your CIC record, the title, and the lender's evaluation.

Before You Apply

Get four dated quotes in the same week — same loan amount, same property type, same term. The 5-year and 10-year rates are often missing from the homepage.
Watch the promo deadlines. BPI Dream More: apply 1–31 August 2026, book by 30 November 2026. BDO fee promo: book by 30 September 2026. Pag-IBIG 4.5% / 5.75% promo: apply by 31 December 2026.
A fixing period is not the loan term. A 5-year fix on a 20-year loan is still paid over 20 years — after year 5 the rate is reset.
Ask Pag-IBIG what year 4 costs. The 5.75% promo lasts three years, not five. Have them print the year-4 amortization at 6.25%, 6.50%, and 7.125%.
On every quote, ask for two insurance lines by name: Mortgage Redemption Insurance / Borrower's insurance and Fire Insurance. Ask whether each premium is cash at takeout, added to principal, or billed with the monthly amortization.

Which Buyer Are You?

Local first-time buyer. Banks look at debt-to-income — often near 40% of gross household income — and your CIC record. Pag-IBIG caps the monthly amortization at 35% of gross income on loans up to ₱1.25 million and 30% above ₱1.25 million. A ₱2M–₱4M Metro Manila condo or house-and-lot is what this buyer is usually financing — that is not the national average loan size (see FAQ).

OFW buyer. Income is the overseas contract and remittance records, not a local payslip. Pag-IBIG membership is mandatory for OFWs covered by an OEC. You can file while abroad. Banks accept the same documents with an SPA — their rates are higher.

The Comparison, in One Table

Figures below are published or advertised as of 2 September 2026. They are not a promise that you will be offered that number.

	Pag-IBIG (HDMF)	BDO	BPI	Security Bank
1-year fix	Board 5.75%. The 2026 promo is 5.75% for three years on a ₱5M loan, not a one-year product.	May 2026 board PDF: 6.50% new clients / 6.25% existing BDO clients. Early-2026 ads also showed 6.00%.	Promo 6.50% (minimum ₱1 million). Standard page 7.00%.	Official table has listed 6.99%. A later check of the same page showed 7.25%. Confirm on securitybank.com. Solar 1-year listed 6.75%–7.00%.
3-year fix	Promo 4.50% above socialized housing up to the low-cost ceiling of ₱2.5 million (June 2026 press). Board 6.25%.	May 2026 board: 8.00% new / 7.75% existing.	Standard page 7.75%.	Official table has listed 7.25%. A later check showed 7.75%. Confirm on the site.
5-year fix	Board 6.50%. The promo does not lock five years — it locks three, then you choose the next board rate.	Early-2026 ads: 6.50%. The September page highlights waived fees, not the 5-year rate — ask for the 5-year figure at pre-qualification.	Promo 7.25%. Standard page 8.00%.	Official table has listed 7.75%. A later check showed 8.25%. Confirm on the site.
10-year and longer	Board 7.125% (10-year), 8.50% (20-year), 9.75% (30-year).	Early-2026 ads: 8.50% for 10 years.	Standard page 10.25% (10-year), 10.50% (15-year), 12.00% (20-year).	10-year is often not on the main table. Some brokers have quoted about 9.00%. Ask.
Maximum loan	₱10 million per member. You may add up to two co-borrowers.	Up to about 80–90% of appraised value or selling price. No ₱10 million statutory cap.	Minimum ₱400,000. Up to 90% of property value on the official housing page.	Minimum ₱1,000,000. Up to 90%of an accredited developer's selling price.
Maximum term	30 years. The loan must mature by age 70.	Ads: up to 25 years.	Official page: up to 30 years. Some product notes still say 20–25. Condos and vacant lots are often shorter.	Up to 25 years. Not more than 65 at maturity.
Down payment	Expanded 4PH socialized units: published 100% financing / ₱0 down on qualifying ceilings. Other guides cite up to 95% financing below ₱2.5 million and 90% at ₱2.5 million and above. Check the HDMF circular for your property.	Commonly 10–20%. September 2026 promo: waived fees up to ₱25,000 plus free first-year Fire Insurance on ready-for-occupancy homes. Minimum loan ₱1 million, minimum term 5 years, 5-year lock-in.	Official page: down payment as low as 10%. Promo: ₱5,000 waived bank fees per ₱1 million (cap ₱170,000) plus ₱5,000 first appraisal.	10% down when the bank finances 90% of an accredited developer price. Combined monthly income floor ₱50,000.
MRI / Borrower's insurance	Required. Pays the outstanding Pag-IBIG loan if the insured borrower dies or is totally/permanently disabled. Excess goes to the heirs. Premium is usually in the monthly amortization.	Required. Pays the outstanding BDO loan on death or total permanent disability of the insured borrower.	Required. Same cover — outstanding principal paid if the insured borrower dies or is permanently disabled, including from an accident. Premium is usually monthly or yearly. After a large prepayment, BPI recomputes the premium. All-In Financing does not list this premium as an item added to principal — ask the desk.	Required. Same function. Confirm premium and collection method on the quote.
Fire Insurance	Required on the collateral. Separate from MRI.	Required. September 2026 promo: free first-year Fire Insurance on RFO homes if you book by 30 September 2026.	Required. All-In Financing can add first-year Fire Insurance plus processing, registration, DST, and notarial fees to the principal. Dream More promo: up to ₱2,000,000 free home-content cover if Fire Insurance is taken with BPI MS.	Required on the collateral. Confirm whether year 1 is cash or bundled with amortization.
Processing time	Guides cite 20–45 business days from complete documents to release. Virtual Pag-IBIG can start the file. Takeout still waits on appraisal and title.	Older BDO copy: approval in 5 working days in Metro Manila, 10 in the provinces. Brokers cite about 30 days to finish the file.	Brokers cite about 52 days. The official page does not promise a timeline.	Official claim: approval as fast as 5 banking days once documents are complete.
Best if	You want the lowest rate and can wait. You have 24 contributions, or you can pay the shortfall in a lump sum. OFWs can file abroad.	You want the lowest bank 5-year or 10-year rate advertised in 2026.	You can book the 7.25% 5-year promo by 30 November 2026. Skip the 10-year fix at 10.25%. You want first-year Fire Insurance folded into principal.	You need a decision in days and will accept a higher 5-year rate.
2026 deadline	Apply for 4.50% / 5.75% by 31 December 2026.	Book the fee and fire promo by 30 September 2026.	Book Dream More by 30 November 2026.	Last 6.75% 5-year promo ended 31 March 2026.

Sources: BPI Housing Loan page, Dream More Deals promo, and All-In Financing page; BDO Home Loan Interest Rates Summary PDF (May 2026) and BDO Home Loan promo mechanics; Security Bank Home Loan page; Pag-IBIG Fund and June 2026 reports in PIA, Philippine Star, Manila Times, Inquirer, and SunStar. Security Bank's table has not matched from one page load to the next — check it on the day you apply.

Pag-IBIG Amount Tiers

As published in June 2026 press (Manila Times, Philippine Star, Inquirer, SunStar):

Loan / price band	2026 promo rate	How long it stays fixed
Expanded 4PH socialized (house-and-lot up to ₱950,000; condominium up to ₱1.8 million in the same releases; some later notes use ₱2 million)	3.00%	First 5 years. Early Bird: first 30,000 borrowers get 10 years. All OFW first-time buyers can qualify on income. Local first-timers have income screens — NCR ₱47,856/mo, outside NCR ₱34,686/mo, on April 2026 PIA copy.
Above socialized, up to the low-cost ceiling of ₱2.5 million (some later write-ups say ₱4.9 million — use the HDMF circular)	4.50%	3 years
Above that ceiling, up to ₱10 million	5.75%	3 years

A ₱3 million first-time condominium is 5.75%, not 4.50%. A ₱1.8 million first-time unit can still be 4.50%. Do not use the ₱5 million math on a ₱1.8 million loan.

5-Year Cost on ₱5,000,000 (20-Year Term)

This is a model. It is principal plus interest only — it excludes MRI / Borrower's insurance, Fire Insurance, and fees. Pag-IBIG is 5.75% for years 1–3, then 6.50% for years 4–5.

	Pag-IBIG	BDO	BPI	Security Bank
Rate, years 1–5	5.75% for 3 years, then 6.50%	6.50% locked	7.25% locked	8.25% locked
Monthly, years 1–3	₱35,104	₱37,279	₱39,519	₱42,603
Monthly, years 4–5	₱37,013	₱37,279	₱39,519	₱42,603
Interest in 5 years	₱1.40 million	₱1.52 million	₱1.70 million	₱1.95 million
Extra interest vs. Pag-IBIG	—	+₱115,000	+₱299,000	+₱547,000
Balance after 5 years	₱4.25 million	₱4.28 million	₱4.33 million	₱4.39 million

If the loan is paid over 10 years instead of 20, interest in the first five years is ₱1.20 million (Pag-IBIG 5.75% then 6.50%), ₱1.31 million (BDO 6.50%), ₱1.47 million (BPI 7.25%), and ₱1.69 million (Security Bank 8.25%).

If Pag-IBIG resets to 7.125% in year 4 instead of 6.50%, five-year interest on the 20-year ₱5 million loan becomes ₱1.46 million — still less than BPI at 7.25%.

MRI / Borrower's Insurance, and Fire Insurance

These are the two insurance lines on a housing-loan cost sheet. They are not interchangeable.

Mortgage Redemption Insurance / Borrower's insurance covers the borrower. If the insured borrower dies or is permanently disabled — including from an accident — the insurer pays the lender the outstanding principal. The family is not left paying the loan. Coverage starts at the loan amount and falls as the balance is paid down. Premium depends on age, loan size, and term. This is not salary insurance — a short hospital stay or job loss is not what it pays.

Fire Insurance covers the house or unit. It pays for fire damage to the collateral — it does not pay the loan if the borrower cannot work after an accident.

On BPI, All-In Financing can add first-year Fire Insurance to the principal together with processing and handling, mortgage registration, documentary stamp tax, and notarial fees. BPI's sample on that page: ₱3,000,000 over 240 months at 7.00% — regular takeout ₱90,000 cash fees and ₱23,258.97/month; All-In ₱0 upfront fees and ₱23,956.74/month. Limits: purchase from a partner top developer, household income at least ₱40,000, term 1–20 years, loan ₱400,000 up to 90% of property value, at least 10% down. From year 2 you still pay Fire Insurance unless the branch sets another arrangement. BPI's All-In page does not list MRI as an item added to principal — ask the desk how that premium will be collected.

BDO's September 2026 promo gives free first-year Fire Insurance on ready-for-occupancy homes if the loan is booked by 30 September 2026. Pag-IBIG and Security Bank both require the same two lines; collection method is on the quote.

FAQ

Which bank has the lowest housing loan rate in the Philippines right now?

Pag-IBIG, not a commercial bank. As of 2 September 2026, the lowest published rate on a ₱5,000,000 loan is Pag-IBIG's 5.75% fixed for three years (apply by 31 December 2026), then 6.50% if you choose the 5-year board at reset. Among the three banks, BDO's advertised 6.50% 5-year and 6.00%–6.50% 1-year rates are the lowest. BPI's current promo is 6.50% for one year and 7.25% for five years if you book by 30 November 2026. Security Bank's published 5-year rate is 7.75%–8.25%. Ask for the rate in writing — the website figure is only a starting point.

Pag-IBIG vs bank housing loan — which is better for an OFW?

Pag-IBIG is better on the rate and on filing from abroad. An OFW with 24 monthly contributions — a lump-sum payment of the shortfall is allowed — can start the file on Virtual Pag-IBIG. Send a POLO- or embassy-authenticated contract, the last three months of remittances, and a consularized or apostilled special power of attorney so someone in the Philippines can sign. OFW first-time buyers can also use the 3% Expanded 4PH rate on socialized units — Pag-IBIG's own example is ₱4,005/month on a ₱950,000 house-and-lot over 30 years. A bank will take the same OFW file and charge 6.50%–8.25% for a 5-year fix. Use a bank if the title or developer cannot go through Pag-IBIG, or if you need the loan released in days rather than weeks.

What's the typical/average housing loan amount and term for a Filipino buyer?

Pag-IBIG's 2025 releases are the only hard average in this market: ₱140.54 billion to 90,727 members, or about ₱1.55 million per borrower. That average is pulled down by 7,056 Expanded 4PH units (₱7.63 billion, about ₱1.08 million each) and 4,811 units at the 4.5% promo (₱6.2 billion, about ₱1.29 million each) — it is not the typical Metro Manila first-time bank loan. That buyer is usually financing a ₱2 million–₱4 million condo or house-and-lot. Pag-IBIG's maximum term is 30 years, and that is the term in its own examples. Banks more often approve 15–25 years — BDO ads say 25, Security Bank says 25, BPI's housing page lists up to 30 with shorter caps on some condos and lots. Do not assume a 30-year bank term unless the approval letter says 30.

Can an OFW get a Pag-IBIG housing loan without being physically in the Philippines?

Yes. Start on Virtual Pag-IBIG. You need active membership, 24 monthly savings, age not over 65 at application and 70 at maturity, a clean Pag-IBIG credit record, and the income to carry the amortization. From abroad add a passport, a POEA-, POLO-, or embassy-authenticated employment contract or certificate of employment and compensation, remittance proof — lenders commonly ask for the last three months — and a special power of attorney that is consularized or apostilled, naming your representative in the Philippines. An SPA signed locally and never authenticated is a common reason an OFW file stalls. You do not have to fly home for the first submission.

How much down payment do I need for a ₱3,000,000 housing loan?

At a bank advertising 10% down, cash equity is ₱300,000 plus documentary stamp tax, notarial fees, appraisal, MRI, and Fire Insurance — budget ₱350,000–₱450,000 unless a promo waives fees or first-year Fire Insurance is added to principal. BDO's current promo waives up to ₱25,000 and can include free first-year Fire Insurance on RFO homes. BPI's promo waives ₱5,000 per ₱1 million (₱15,000 on ₱3 million) plus a ₱5,000 first appraisal, and All-In Financing can fold first-year Fire Insurance and those bank fees into the loan so they are not cash at takeout. A ₱3,000,000 Pag-IBIG loan sits above the ₱2.5 million low-cost line, so other guides point to about 10% equity, or ₱300,000, unless the project is an accredited 4PH unit at a lower cap — Expanded 4PH socialized units are the exception, with published 100% financing and ₱0 down on those ceilings. Use the appraisal, not the brochure.

How to Decide

Check how many Pag-IBIG monthly contributions you have. If you are short of 24, pay the difference before you reserve a unit.
Ask the developer in writing whether the project can be taken out by Pag-IBIG. If it cannot, compare the three banks only.
In the same week, request quotes from the Pag-IBIG housing desk — including the year-4 payment at 6.25%, 6.50%, and 7.125% — then BDO pre-qualification, BPI (booking deadline 30 November 2026), and Security Bank.
On each quote, require the two insurance lines by name: MRI / Borrower's insurance and Fire Insurance. Ask whether each premium is cash, added to principal, or billed monthly.
Compare five-year interest, fees, insurance, and how many weeks to a letter of guarantee. Do not stop at the rate on the flyer.
After approval, buy appliances from a written list. See the condo appliance checklist.

References and Disclaimer

Rates and promo dates checked 2 September 2026 against:

BPI — Housing Loan for a New Home rate table; Housing Loan Dream More Deals promo; All-In Financing page (first-year Fire Insurance and bank fees added to principal); MRI as a required housing-loan line item
BDO — Home Loan Interest Rates Summary PDF (May 2026); Home Loan promo mechanics, extended to 30 September 2026 (waived fees and free first-year Fire Insurance on RFO)
Security Bank — Home Loan page. The rate table has not been consistent across page loads
Pag-IBIG Fund / PIA / Philippine Star / Manila Times / Inquirer / SunStar June 2026 promo releases; Pag-IBIG 2025 housing-loan releases of ₱140.54 billion to 90,727 members
OFW process — Virtual Pag-IBIG; Lamudi and Respicio OFW checklists for the SPA, remittances, and authenticated contract

This is not a loan offer and not personal financial advice. Published rates change without notice. The amortization table uses a declining balance at the stated nominal rates. MRI / Borrower's insurance, Fire Insurance, and late-payment charges are extra. Confirm every number with the lender that will hold the mortgage.

Got approved? Furnish the unit next.

Once the loan clears, buy appliances from a written list instead of guessing at the mall — cabinet limits, aircon HP caps, and heater rules that catch new condo owners off guard.

Open the Condo Appliance Checklist