Just got approved? See the condo appliance checklist

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 checked 2 Sep, updated 29 Sep 2026

Quick answer (updated 29 September 2026):Pag-IBIG is cheapest, at a 4.50% promo rate for the first three years on loans up to ₱4.9 million. Bank 5-year fixed rates run about 7.25% at BDO (desk quotes, 3 September), 8.00% at BPI and 8.25% at Security Bank. On a ₱3 million loan over 20 years, that is about ₱18,979 a month for the first three years at Pag-IBIG's promo rate, against ₱23,711 to ₱25,562 at the banks' 5-year fixes (principal and interest only).

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 million in interest over the first five years. BDO has no published 5-year rate right now — its 6.50% ad expired 31 March 2026 — and two independent desk quotes taken 3 September 2026 landed at 7.25%, about ₱1.70 million. BPI's 7.25% promo closed to new applications on 31 August, so new applicants pay its 8.00% standard, about ₱1.89 million. Security Bank's official 5-year rate rose to 8.25% on 28 September 2026, about ₱1.95 million, the most of the four.

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 the lowest 1-year rate. It has no published 5-year lock right now, only desk quotes. BPI's 7.25% promo closed to new applications on 31 August, so it now quotes 8.00% for 5 years. 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 (8.25%) and caps the term at 20 years.

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 they won't beat 4.50%, 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%	7.25% locked (desk quote)	8.00% standard	8.25% locked
Interest in 5 years	₱1.40 million	₱1.70 million	₱1.89 million	₱1.95 million
Extra vs. Pag-IBIG	—	+₱299,000	+₱485,000	+₱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: BDO's fee promo books by 30 Sep 2026 and Pag-IBIG's promo rate needs an application by 31 Dec 2026. BPI's promo closed to new applications on 31 Aug 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 4.50% / 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 checked 2 September 2026. Promo status, the Pag-IBIG bands and the BSP rate were re-checked 28 September 2026, and Pag-IBIG's repricing rates on 29 September 2026. These change when a promo ends or the BSP meets, so 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.

What Changed Since 2 September

The BSP raised its policy rate to 5.0% on 27 August 2026, its latest hike this year, and said it is prepared to act again. The next Monetary Board meeting is 22 October 2026. Bank rates tend to follow, so lock a fixed rate sooner rather than later, and expect a repricing at year 3 or 5 to come in higher.
BPI Dream More closed to new applications on 31 August 2026. Only files received in August can still book the 7.25% 5-year rate, by 30 November 2026. New applicants get the standard 8.00%, and the cost tables below now use it.
BDO's fee-waiver and free fire insurance promo ends 30 September 2026. After that, ask the desk whether a new promo replaced it.
Security Bank raised its 5-year fix to 8.25% (from 7.75% on 2 September), with 1-year at 7.25% and 3-year at 7.75%, per its 28 September 2026 rate table. Its page now lists terms up to 20 years.
Pag-IBIG's 4.50% band now runs up to ₱4.9 million (July 2026 revision, per the Philippine News Agency). The June releases said ₱2.5 million. A ₱3M or ₱4M loan now qualifies for 4.50%, not 5.75%.

Before You Apply

Get four dated quotes in the same week, using the same loan amount, property type, and term. The 5-year and 10-year rates are often missing from the homepage.
Watch the promo deadlines. BPI Dream More took applications 1–31 August 2026 only (August files 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, the loan term, and a promo lock-in are three different clocks. A 5-year fix on a 20-year loan is still paid over 20 years. At year 5, the remaining balance reprices at the new rate, and interest you already paid is not recalculated. A promo lock-in, like BDO's 5-year fee-waiver lock, is a separate clawback on early payoff. It is not a rate schedule.
Ask Pag-IBIG what year 4 costs. The promo lasts three years. Have them print the year-4 amortization at 6.50%, 7.125% and 7.75% (its 5-, 10- and 15-year repricing rates).
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.
Ask about total transfer and turnover costs separately from the down payment. Beyond documentary stamp tax, transfer tax, and registration, many developers also bill move-in fees, utility meter deposits, and advance association dues at turnover. On developers like DMCI, one buyer's actual turnover billing for all of these combined came close to 10% of the property price. That figure is buyer-reported, not a published schedule, so get the exact peso amount in writing before you reserve a unit.

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's 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, but their rates are higher.

What Each Lender Asks For

Bank columns are from each bank's own pages on 29 September 2026. Pag-IBIG's age, savings and contact rows are from its own Regular Housing Loan page; its income-paper rows repeat the FAQ below. BPI asks every employed borrower for an ITR. BDO and Security Bank accept a payslip or certificate of employment instead.

	Pag-IBIG (HDMF)	BDO	BPI	Security Bank
Age	Not over 65 when you apply, and not over 70 when the loan ends.	At least 21, and not over 70 when the loan ends.	Not on BPI's requirements page. Ask the branch.	At least 21, and not over 65 when the loan ends. Filipino or dual citizens only.
Minimum Income	No published minimum. The monthly payment can't exceed 35% of gross income (30% on loans above ₱1.25 million).	₱50,000 gross family income a month, or the same in foreign currency.	Not on BPI's requirements page. Ask the branch.	₱50,000 gross monthly income for at least one borrower.
Time on the Job / Membership	24 monthly membership savings (a lump sum is allowed), plus passing Pag-IBIG's employment or business check.	Employed: 2 years at your current company. Self-employed: 2 profitable years in a row. Abroad: 2–3 years in a row.	Not on BPI's requirements page. Ask the branch.	Employed: 2 years continuous. Business: 3 years in business. Professionals: 2 years practicing. OFW: 2-year continuous contract.
Employed: Income Papers	Proof of income. Get the full list from the branch or Virtual Pag-IBIG.	Any one: latest ITR, certificate of employment with income, or 3 months of payslips.	ITR required, plus certificate of employment, 3 months of payslips and a signed letter letting BPI verify your job.	Any one: latest ITR, certificate of employment with pay, 3 months of payslips, or 3 months of bank statements.
Self-Employed: Income Papers	Not listed on the pages we checked. Ask the branch or Virtual Pag-IBIG.	SEC registration (if any), a non-BDO bank statement and 2 years of audited financial statements.	DTI or Mayor's permit, latest ITR with audited financial statements, 6 months of bank statements, and at least 3 major suppliers and 3 major clients as trade references.	Latest ITR (BIR 1701 for sole proprietors), 1 year of audited financial statements, 3 months of bank statements, and lease or rental contracts if applicable.
OFW: Income Papers	Authenticated contract or certificate of employment, remittance records (last 3 months), a passport, and a consularized or apostilled SPA.	Any one: 3 months of remittances, 3 months of payslips, certificate of employment with income, or crew contract. Name a loan administrator if you're abroad when you apply.	Latest contract, proof of remittance, crewing manager details (seafarers), and an attorney-in-fact, preferably next of kin.	Any two: 3 months of payslips or bank statements, certificate of employment with pay (issued in the last 6 months), contract, allotment slip, or sea service certificate.
Contact	8-724-4244 (8-Pag-IBIG) contactus@pagibigfund.gov.ph Pag-IBIG Fund on Facebook	(02) 8888-0000 Abroad: +800-8-CALLBDO (dial your country's exit code first) BDO on Facebook	(+632) 889-10000 (24 hours) BPI on Facebook BPI contact page	(02) 8887-9188 facebook.com/SecurityBank

Every bank also wants a filled-out application form and a valid ID (BPI asks for two, and Security Bank's must be government-issued with a photo). Security Bank wants a PSA CENOMAR if you're single or a PSA marriage certificate if you're married. BDO asks for the marriage contract if you're married. Buying resale or from a developer the bank hasn't accredited adds a copy of the title, the tax declaration and an appraisal fee at BDO and BPI (₱5,000 at BPI). Security Bank lists these for every loan. Pag-IBIG also turns you down if you have a Short-Term Loan in arrears, or a past Pag-IBIG housing loan that was foreclosed, cancelled or bought back.

The Comparison, in One Table

Figures below are published or advertised as of 2 September 2026, except Security Bank's rates and term, which are from its 28 September 2026 table. They are not a promise that you will be offered that number.

	Pag-IBIG (HDMF)	BDO	BPI	Security Bank
1-year fix	No 1-year option. Pag-IBIG's shortest repricing period is 5 years (6.50%). The 2026 promo is fixed for the first three years: 4.50% up to ₱4.9 million, 5.75% over ₱4.9 million up to ₱10 million.	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%.	Regular Home Loan table, 28 September 2026: 7.25% (earlier checks showed 6.99%). Solar Mortgage 7.00%.
3-year fix	Promo 4.50% above socialized housing up to ₱4.9 million (July 2026 revision; June press said ₱2.5 million), 5.75%over ₱4.9 million up to ₱10 million. No 3-year board. Pag-IBIG's repricing periods are 5, 10, 15, 20, 25 or 30 years; ask which rate applies from month 37.	May 2026 board: 8.00% new / 7.75% existing.	Standard page 7.75%.	Regular Home Loan table, 28 September 2026: 7.75%. Solar Mortgage 7.50%.
5-year fix	Board 6.50% (5-year repricing period). The promo only locks three years; ask which repricing rate applies from month 37.	Old ad rate 6.50% (permit FTEB-246400: 6.00% 1-yr / 6.50% 5-yr / 8.50% 10-yr) expired 31 March 2026. Do not repeat that 6.50% as current. The live permit, FTEB-253233 (book by 30 September 2026), covers waived fees only. There is no published 5-year rate. Two independent desk quotes taken 3 September 2026, one from BDO itself, landed at 7.25% fixed 5 years. That number came from a desk quote. It has not been filed as an official rate.	Promo 7.25%. Standard page 8.00%.	Regular Home Loan table, 28 September 2026: 8.25% (1-year 7.25%, 3-year 7.75%). Solar Mortgage 8.00%. Earlier checks showed 7.75%, so the table has moved up.
10-year and longer	Board 7.125% (10-year), 7.75% (15-year), 8.50% (20-year), 9.125% (25-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 20 years (official page, 28 September 2026). 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%. Permit FTEB-253233, book by 30 September 2026: registration fees waived up to ₱25,000 (appraisal fee too, for online applications only) plus free first-year Fire Insurance on ready-for-occupancy homes (not pre-selling units or construction loans). Minimum loan ₱1 million, minimum term 5 years. Not open to foreign borrowers or to a new loan that pays off an existing BDO home loan. The 5-year lock-in charges back the waived fees and year-1 fire premium on full pre-termination or early payment within 5 years. It also charges back the year-1 fire premium if you renew fire insurance in years 2–5 anywhere other than BDO Insurance & Reinsurance Brokers. Outside the promo, BDO's base pre-term fee is a flat ₱3,500 processing charge, with no penalty.	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 coverage: the outstanding principal is paid if the insured borrower dies or becomes 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 how it is collected.	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 1-year rate. There is no published 5-year lock, so confirm the rate in writing before you sign.	You filed a Dream More application in August and can book the 7.25% 5-year rate by 30 November 2026. New applicants get the standard 8.00%. Skip the 10-year fix at 10.25%. You want first-year Fire Insurance added to your loan amount.	You need a decision in days and will accept the highest 5-year rate of the four (8.25%) and a 20-year maximum term.
2026 deadline	Apply for 4.50% / 5.75% by 31 December 2026.	Fee and fire promo ends 30 September 2026. Ask if a new one replaced it.	Dream More applications closed 31 August 2026. August files book 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 again on the day you apply.

Promo clocks. BDO FTEB-253233: book by 30 September 2026. BPI Dream More FTEB-264128: applications ran 1–31 August 2026 only, and those files book by 30 November 2026(re-checked 28 September 2026 on BPI's promo page). Printed rates are 1-year 6.50% / 2-year 7.00% / 5-year 7.25%, minimum ₱1 million, minimum 10-year term on acquisition. Pag-IBIG's 4.50% / 5.75% three-year promo: apply by 31 December 2026. Security Bank's last promo, 6.75% 5-year, already ended 31 March 2026. There is no active promo, and no DTI filing number on file for it. Its 5-year rate is now the standard 8.25% table (28 September 2026). DTI does not publish bank rates. It only stamps the promo filing. A permit number is not a rate, so get the actual number in writing.

Pag-IBIG Amount Tiers

As published in June 2026 press (Manila Times, Philippine Star, Inquirer, SunStar), with the 4.50% band updated to Pag-IBIG's July 2026 revision (Philippine News Agency, 7 July 2026):

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, per April 2026 PIA copy.
Above socialized, up to ₱4.9 million (July 2026 revision; the June releases said ₱2.5 million)	4.50%	3 years
Above ₱4.9 million, up to ₱10 million	5.75%	3 years

Under the July band, a ₱3 million or ₱4 million loan is 4.50%, not 5.75%. The ₱5 million model below is 5.75% because it sits above ₱4.9 million. Do not use the ₱5 million math on a ₱3 million loan: see the monthly payment table.

Monthly Payment on ₱2M, ₱3M and ₱4M

Most first-time buyers borrow ₱2M–₱4M, so here is the monthly principal plus interest at each lender's current 5-year-or-promo rate. Pag-IBIG's 4.50% covers all three amounts (the band now runs up to ₱4.9 million) but only for the first 3 years. The bank rates hold for 5. MRI, Fire Insurance and fees are extra.

Loan, Term	Pag-IBIG 4.50% (Yrs 1–3)	BDO 7.25% (Desk Quote)	Security Bank 8.25%	BPI 8.00% (Standard)
₱2M, 20 years	₱12,653	₱15,808	₱17,041	₱16,729
₱3M, 20 years	₱18,979	₱23,711	₱25,562	₱25,093
₱4M, 20 years	₱25,306	₱31,615	₱34,083	₱33,458
₱2M, 25 years	₱11,117	₱14,456	Max term 20 years	₱15,436
₱3M, 25 years	₱16,675	₱21,684	Max term 20 years	₱23,154
₱4M, 25 years	₱22,233	₱28,912	Max term 20 years	₱30,873

On ₱3M over 20 years, Pag-IBIG saves about ₱4,700 a month against BDO's desk quote for the first 3 years. After month 36 the Pag-IBIG rate resets to the board rate you choose, so ask for that year-4 figure too (see Before You Apply). Same declining-balance formula as the ₱5M table below.

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

This is a model. It only covers principal plus interest. It leaves out MRI / Borrower's insurance, Fire Insurance, and fees. Pag-IBIG is 5.75% for years 1–3, then 6.50% (its 5-year repricing rate) for years 4–5.

	Pag-IBIG	BDO	BPI	Security Bank
Rate, years 1–5	5.75% for 3 years, then 6.50% (resets month 37)	7.25% locked, desk quote (resets month 61)	8.00% standard (resets month 61). The 7.25% promo closed 31 Aug.	8.25% locked (resets month 61)
Monthly, years 1–3	₱35,104	₱39,519	₱41,822	₱42,603
Monthly, years 4–5	₱37,013	₱39,519	₱41,822	₱42,603
Interest in 5 years	₱1.40 million	₱1.70 million	₱1.89 million	₱1.95 million
Extra interest vs. Pag-IBIG	—	+₱299,000	+₱485,000	+₱547,000
Cash paid in 5 years (P+I)	₱2.15 million	₱2.37 million	₱2.51 million	₱2.56 million
Principal retired	₱751,000	₱671,000	₱624,000	₱609,000
Balance after 5 years	₱4.25 million	₱4.33 million	₱4.38 million	₱4.39 million

Corrected 3 September 2026. BDO's advertised 6.50%was permit FTEB-246400, which expired 31 March 2026. At that rate, the 5-year numbers would have been ₱37,279/month, ₱1.52 million interest, +₱115,000 vs. Pag-IBIG, and a ₱4.28 million balance. It is not a live rate. Do not quote it. Security Bank's table showed 7.75% for 5 years at the 2 September check. At that rate the 5-year numbers would be ₱41,047/month, ₱1.82 million interest and +₱423,000 vs. Pag-IBIG. Its 28 September table shows 8.25%, which the table above now uses. If you filed a BPI Dream More application in August, your 7.25% booking matches the BDO column: ₱39,519/month and ₱1.70 million interest.

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%), ₱1.47 million (BDO at its 7.25% desk quote, since its 6.50% ad has expired), ₱1.63 million (BPI at its 8.00% standard rate), and ₱1.69 million (Security Bank at 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. That is still less than BDO at 7.25%.

Which Way Are Rates Moving?

These are the same rate changes cited above, pulled into one table, on a true 5-year-fix basis. This is not a forecast. It shows what each lender's own published rate or desk quote did between its last promo and the current check (2–3 September 2026 for BDO and Pag-IBIG, 28 September 2026 for Security Bank). BPI is not in this table: the guide has no confirmed prior 5-year figure to compare against, only its closed 7.25% promo vs. the 8.00% standard page.

The driver: the BSP has been raising its policy rate. The Monetary Board raised it by 25 basis points to 5.0% on 27 August 2026, citing inflation it now expects to average 6.1% this year, and said it is prepared to act again. The next meeting is 22 October 2026. Bank home-loan rates tend to move the same direction, which is why the 5-year fixes below went up. A rate you lock now is protected until its reset date.

Lender	5-Year Fix, Before	5-Year Fix, Now	What Changed
BDO	6.50% (permit FTEB-246400, expired 31 Mar 2026)	~7.25% (desk quote, 3 Sep 2026)	Up. There is no filed 5-year rate right now. The live promo only waives fees.
Security Bank	6.75% promo (ended 31 Mar 2026)	8.25% (standard table, 28 Sep 2026)	Up, twice: from the 6.75% promo to 7.75% at the 2 Sep check, then to 8.25% by 28 Sep.
Pag-IBIG	6.50% board (this guide, comparison table 5-year fix)	6.50% board (unchanged)	No change on a true 5-year basis. The 4.50% / 5.75% promo (apply by 31 Dec 2026) is not a 5-year rate. It locks 3 years; ask which repricing rate applies after that.

BDO and Security Bank 5-year rates have moved up since March 2026. Pag-IBIG's 5-year board rate hasn't moved. Its edge is the 3-year promo, not a cheaper 5-year fix. Don't compare the promo tiers against the banks' 5-year figures above. See “Pag-IBIG Amount Tiers” for the promo on its own terms.

Locking a Rate? Budget the Furnishing Too.

The rate lock is one number. The furnishing budget is another. Set that budget before you sign. The loan offer won't tell you what actually fits the unit.

Open the Condo Appliance Checklist

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 becomes permanently disabled (including from an accident), the insurer pays the lender the outstanding principal. The family does not have to keep 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. It does not cover a short hospital stay or job loss.

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 is ₱90,000 cash fees and ₱23,258.97/month. All-In is ₱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 Fund, a government fund rather than a bank. As of 29 September 2026, Pag-IBIG charges a 4.50% promo rate on loans up to ₱4.9 million and 5.75% on loans above ₱4.9 million up to ₱10 million, both fixed for the first three years (apply by 31 December 2026). Among the banks, 5-year fixed rates are about 7.25% at BDO (desk quotes taken 3 September 2026; it has no published 5-year rate), 8.00% at BPI (its 7.25% promo closed to new applications on 31 August 2026) and 8.25% at Security Bank (its 28 September 2026 table), the highest of the four. BDO's 1-year rate of 6.25% for existing clients to 6.50% for new clients, per its May 2026 rate sheet, is the lowest bank figure if you only want a 1-year fix. Ask for the rate in writing. The website figure is only a starting point.

What are the requirements for a housing loan in the Philippines?

Every bank wants a filled-out application form, a valid ID (two at BPI) and proof of income. Pag-IBIG asks for at least 24 monthly savings (a lump sum is allowed), age not over 65 when you apply and 70 when the loan ends, and no Short-Term Loan in arrears. BDO and Security Bank set a ₱50,000 minimum monthly income (BDO counts family income) and want 2 years of employment (BDO: with your current company; Security Bank: continuous). For employed borrowers, BPI requires the latest ITR, while BDO and Security Bank accept a certificate of employment or 3 months of payslips instead. Self-employed borrowers need a track record and audited financial statements: BDO wants 2 profitable years and 2 years of audited statements; Security Bank wants 3 years in business, 1 year of audited statements and the latest ITR; BPI wants an ITR with audited statements. The full table, with each lender's hotline, is under What Each Lender Asks For.

How much is the monthly amortization on a ₱3 million housing loan?

Over 20 years, a ₱3,000,000 loan costs about ₱18,979 a month for the first three years at Pag-IBIG's 4.50% promo rate, against ₱23,711 at BDO (7.25%), ₱25,093 at BPI (8.00%) and ₱25,562 at Security Bank (8.25%) on 5-year fixes. Over 25 years it drops to about ₱16,675 at Pag-IBIG, ₱21,684 at BDO and ₱23,154 at BPI. Security Bank's maximum term is 20 years. All figures are principal and interest at the starting rate: Pag-IBIG reprices after three years, the banks after five, and MRI and Fire Insurance are billed on top.

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 can start the file on Virtual Pag-IBIG. You're allowed to pay any shortfall as a lump sum. 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 7.25%–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). That's 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's page says up to 20, and 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 promo (book by 30 September 2026) waives up to ₱25,000 and can include free first-year Fire Insurance on RFO homes. BPI's Dream More waiver (₱5,000 per ₱1 million plus a ₱5,000 first appraisal) only applies to applications filed in August 2026, but All-In Financing can still add first-year Fire Insurance and bank fees to the loan instead of charging them upfront. On Pag-IBIG, a ₱3,000,000 loan is above the ₱2.5 million low-cost housing price line that other guides use for the financing cap, so they point to about 10% equity, or ₱300,000, unless the project is an accredited 4PH unit at a lower cap. That line is about how much Pag-IBIG finances, not the rate: the 4.50% promo band now runs to ₱4.9 million. 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 6.50%, 7.125% and 7.75%. Then get quotes from BDO pre-qualification, BPI (standard 8.00% for 5 years; its promo closed to new applications 31 August 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, with promo status, Pag-IBIG bands and the BSP policy rate re-checked 28 September 2026 and Pag-IBIG repricing rates on 29 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), and MRI as a required housing-loan line item
BDO: Home Loan Interest Rates Summary PDF (May 2026), and Home Loan promo mechanics page (permit FTEB-253233, re-checked 28 September 2026: extended to 30 September 2026, waived registration fees and free first-year Fire Insurance on RFO, with charge-back conditions)
Security Bank: Home Loan page, re-checked 28 September 2026 (Regular Home Loan 7.25% / 7.75% / 8.25% for 1 / 3 / 5 years; up to 20 years; minimum ₱1,000,000; GMI at least ₱50,000). The table has changed between checks, so confirm it on the day you apply
Pag-IBIG Fund, PIA, Philippine Star, Manila Times, Inquirer, and SunStar June 2026 promo releases, plus Pag-IBIG 2025 housing-loan releases of ₱140.54 billion to 90,727 members
BSP Monetary Policy Report, August 2026 (policy rate raised to 5.0% on 27 August 2026; 2026 meeting schedule with the next meeting on 22 October 2026)
Pag-IBIG 4.50% band up to ₱4.9 million: Philippine News Agency, 7 July 2026, and PIA, July 2026
Requirements table, 29 September 2026: BDO Home Loan page (Check your Qualifications and Gather Documents tabs), BPI Housing Loan requirements and Contact Us pages, Security Bank Home Loan Requirements Checklist, and Pag-IBIG Regular Housing Loan page (eligibility Q&A, contact details, and the promo and repricing-rate tables)
OFW process: Virtual Pag-IBIG, plus 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 catch new condo owners off guard.

Open the Condo Appliance Checklist