BPI Home Loans vs BDO Home Loans vs Metrobank Home Loans – Which Local Bank Is Best?

BPI Home Loan vs BDO Home Loan vs Metrobank Home Loan

Buying a house is a long-term commitment. Are you financially prepared to buy one, and is it the right time to buy?

These are just some of the important questions you need to ask yourself before speaking to a home loan officer or filling out that loan application form.

Aside from that, you also need to read the fine print. Understand the terms and conditions so you will not be shocked when it’s time to pay for miscellaneous fees and charges, which include insurance premiums, handling fees, notary fees, and more.

But if you are ready to buy a home right now, let’s help you explore and compare home loans from BPI, BDO, and Metrobank to see which one offers the best rates and the most flexible terms.

Below is a preview of their fixing periods and interest rates for home acquisitions. Note that these are indicative rates and are subject to final review and assessment upon application.

Fixing Period BPI BDO Metrobank
1 year 5.88% 6.50% 5.88%
2 years 5.88% 7.25% 5.88%
3 years 5.88% 7.50% 5.88%
4 years 6.88% 8.00% 6.88%
5 years 6.88% 8.00% 6.88%

Compare BPI, BDO, and Metrobank home loan fixed rates – Which one is for you?

These banks offer an interest fixing period or fixed rate for their home loans. Choosing a term from 1 year up to 20 years will protect you from fluctuating interest rates in the market.

For example, if you choose a home acquisition package from BPI with a 5-year fixing period, your home loan interest rate will be at a fixed 6.88% for five years despite the upward movement of interest rates in the market. Once your fixing period expires, interest rates will be subject for review and changes.

BPI offers a 10, 15, and 20-year fixing periods for home acquisition, home construction, and renovation.

  • 10-year fixing period – 9.50%
  • 15-year fixing period – 10.50%
  • 20-year fixing period – 12.00%

BDO and Metrobank offer up to 5-year fixing periods only.

In summary, based on the interest rates above, BPI and Metrobank offer lower rates for a home acquisition loan compared to BDO that offers 8.00% for a 5-year fixing period.

Minimum and maximum loanable amounts of BPI, BDO, and Metrobank Home Loans

How much can you borrow from each bank? Take a look at the table below to find out depending on the type of property.

BPI BDO Metrobank
Minimum loanable amount
  • P400,000
  • P500,000 (house & lot/ townhouse/ construction and condo unit)
  • P300,000 (vacant lot)
** visit the  nearest branch for info
Maximum loanable amount
  • 70% of the appraised value of house and lot
  • 60% of the appraised value of the vacant lot or residential condo unit
  • Up to 80% of the appraised value of house & lot not to exceed P5M
  • 80% of the appraised value of house and lot, townhouse, and home construction
  • 70% of the appraised value of a condo unit
  • 70% of the appraised value of a vacant lot
  • Up to 90% of the loanable amount for properties from Metrobank accredited developers
  • 80% of the appraised value of pre-owned properties

If you’re acquiring a brand new property from Metrobank-accredited developers, such as Avida Land, Ayala Land, DMCI Project Developers Inc., Federal Land, Filinvest Land, Megaworld Corp., Rockwell, and Greenfield Development, you can avail the maximum loanable amount of up to 90% of the property value. But this is still subject to bank approval and your eligibility as a borrower.

How long can you pay for a BPI, BDO, and Metrobank Home Loan?

Refer to this table for the type of property you wish to avail of and the maximum payment for the property you wish to purchase.

Home Loan Purpose BPI BDO Metrobank
House and lot purchase 25 years 20 years 25 years
Townhouse purchase 10 years 20 years 25 years
Residential condo purchase 10 years 15 years 25 years
Vacant lot purchase 10 years 10 years 10 years

For townhouse and residential condo purchases, Metrobank offers the longest payment term for up to 25 years.

For other loan purposes such as reimbursement, renovation, or refinancing, you can visit the nearest branch of BPI, BDO, and Metrobank for the payment terms.

How to qualify for a BPI, BDO, or Metrobank Home Loan?

Most banks have a set of qualifications and eligibility requirements for home loan applications.

These include having a stable income and submitting the required documents to validate your current financial status.

For foreigners purchasing a property, banks also have their limitations and sets of requirements for submission.

Whether you are locally employed, self-employed, or working as an Overseas Filipino Worker, take a look at the following:

Min Gross Income BPI BDO Metrobank
Min total household income (employed and self-employed)

For OFWs, minimum gross income equivalent in USD for BDO

P40,000 P50,000 P40,000

BPI and Metrobank have the same minimum income requirement. But even if you meet the income requirements, you still need to consider the other qualifications and complete the documents for immediate processing.

How long does a home loan application take for each bank?

For as long as you qualify for a home loan and submit complete documentary requirements, you can get approved within five (5) working days. In some cases, it can take as long as one to two weeks.

Miscellaneous fees and charges of BPI, BDO, and Metrobank Home Loan

The appraisal fees and miscellaneous fees for each bank are as follow:

BPI BDO Metrobank
Appraisal fee P5,000
  • P5,000 (if the collateral is within 30KM radius from any BDO branch)
  • P5,500 (outside the 30KM radius)
  • P4,000 (Metro  Manila)
  • P4,500 (Countryside)
Handling fee ** Visit the branch for more info** P3,000 P3,500
Notarial fee ** Visit the branch for more info** P100 (for Metro Manila accounts only; for outside Metro Manila, depends on fee of Notary Public in the area) P200 / document
Registration Fee ** Visit the branch for more info** Varies Based on RD schedule/table
MRI (Mortgage Redemption Insurance) Varies Varies Varies
Credit Life Insurance (CLI) Premium Varies
  • Php4.75 for every Php1,000 of the loan amount (assuming standard rate for borrowers up to 49 years old) 
  • Php6.50 for every Php1,000 of the loan amount (assuming standard rate for borrowers ages 50 to 64 years old)

So, which home loan is best for you?

If you’re after the interest rates per annum based on the fixing period, BPI and Metrobank have competitive interest rates compared to BDO. But when it comes to how much you can borrow, BDO is more lenient as you can borrow for as low as P300,000 if it’s to purchase a vacant lot.

If you’re considering payment terms, Metrobank offers the longest payment term of up to 25 years, whether it’s for a house and lot, townhouse, or residential condo unit purchase.

But keep in mind that longer payment terms will affect interest rates and monthly amortization.

All of these interest rates mentioned above are indicative rates and are subject to change. We recommend that you make a visit to your nearest preferred branch for an actual computation, including insurance premiums and miscellaneous fees.

We’ve also reviewed the other home loan packages from HSBC, RCBC, and Security Bank if you’re looking for more options.

Which home loan do you think suits your financial needs for your dream home? Let us know in the comments!