Bank of Commerce home loan: rates, requirements and how to apply

Bank of Commerce home loan rates change with the market and are usually offered as a fixed rate for a chosen period before moving to a repricing rate. Your exact rate depends on the fixing term, loan amount and your financial profile. Rather than relying on a single advertised number, Nook checks BOC's current pricing for your situation and compares it against 20+ banks at the same time, so you can see whether Bank of Commerce or another lender gives you the sharpest rate.

Bank of Commerce home loan requirements normally cover three areas: your identity, your income and the property. Expect valid government IDs, a completed application and civil-status documents where relevant. Employed applicants usually provide a certificate of employment, recent payslips and an income tax return; self-employed applicants may need business registration, financial statements, tax returns and bank statements; OFWs may need an employment contract, proof of remittances and a Special Power of Attorney. Property documents can include the title or CCT/TCT, tax declaration, contract to sell and plans or cost estimates for construction. The exact checklist depends on the loan purpose and borrower profile. See Nook's home-loan document guide or ask Nook for a lender-specific checklist before lodging.

A calculator can estimate Bank of Commerce home loan monthly amortisation, but it cannot confirm the rate or amount the lender will approve. A useful estimate needs the loan amount, interest rate, repayment term and fixing period; borrowing power also depends on income, existing debts, age and the property's appraised value. Test different rates and terms with Nook's free monthly repayment calculator, then use the borrowing-power calculator. Treat the result as a planning estimate until Bank of Commerce completes credit assessment and property valuation.

They may be able to, provided they meet Bank of Commerce's current credit, age, income and property criteria. OFWs are commonly asked for a verified employment contract, passport or IDs, proof of salary and remittances, and sometimes a Special Power of Attorney for a Philippine representative. Self-employed borrowers usually need business registration, tax returns, financial statements and bank statements showing stable cash flow. Requirements vary by occupation, country of employment and loan purpose. Nook can compare Bank of Commerce with other lenders whose policies fit non-standard income and help assemble the right evidence. Nook's OFW home-loan guide explains the usual process.

Bank of Commerce will set a maximum loan-to-value ratio based on the borrower, property and loan purpose. The loan is normally calculated against the lower of the selling price or appraised value, so the cash contribution is not always just the advertised percentage. For example, if a lender finances up to 80% of value, the borrower generally funds at least 20% plus any gap when the appraisal is below the purchase price. You should also keep separate funds for taxes, registration and loan charges. Nook confirms the current Bank of Commerce limit for your case and compares it with other lenders before you commit.

There is no guaranteed Bank of Commerce approval time. Initial credit assessment can begin once the application and income documents are complete, but final approval may also depend on employment or business verification, credit checks, property appraisal, title review and any conditions the lender sets. An incomplete or inconsistent document set is one of the most common causes of delay. Nook checks the file before submission, follows up on outstanding items and keeps the borrower updated, but the final decision and timing remain with Bank of Commerce. If timing matters, read Nook's home-loan approval guide before applying.

Budget for more than the down payment. Depending on the property and loan, costs can include appraisal, bank processing or handling charges, documentary stamp tax, notarial and registration fees, mortgage registration, fire insurance and mortgage redemption or life insurance. A refinancing or loan take-out can also involve cancellation, transfer and possible prepayment charges from the existing lender. Some costs may be financed or discounted during a promotion, but this should be confirmed in writing. Ask for an itemised disclosure showing the rate, monthly amortisation, one-off fees and total amount payable so you can compare Bank of Commerce with other lenders on an all-in basis.

Bank of Commerce is one of the Philippines' progressive commercial banks and has been in operation since 1963. Its head office is at San Miguel Properties Centre, #7 St. Francis Street, Mandaluyong City. The bank offers a wide range of products and services including deposits and cash management, corporate and consumer banking, credit cards, e-banking, trade and remittances — and consumer loans such as home loans, auto loans and small business loans, which Nook can arrange for you.

The easiest way is to pre-qualify with Nook in about 3 minutes at flow.nook.com.ph. Answer a few questions and a dedicated Nook loan consultant prepares and lodges your Bank of Commerce housing loan application, gathers your documents and chases the bank for updates until you're approved. You don't fill in bank forms or queue at a branch — Nook does the whole application for you, and it's 100% free because banks pay Nook a commission only once your loan is released.

Yes. Bank of Commerce (BOC) is one of the banks Nook works with, so you can apply for a BOC home loan through Nook for free. A dedicated Nook loan consultant prepares your full application, submits it to Bank of Commerce and handles every follow-up for you — and at the same time compares BOC against 20+ banks so you only proceed if it is genuinely your best-fit lender. You never deal with the bank directly or visit a branch.