Which bank has the best mortgage rate in Chile and why it is not always the cheapest loan

Which bank has the best mortgage rate in Chile? According to the CMF mortgage loan simulator, checked on November 13, 2026, it is Banco Santander: it offers 4.00% a year on a UF 3,000 loan over 20 years, and also the lowest rate over 15, 25 and 30 years. BancoEstado is second, at 4.55% for every term. But the rate is not the total cost of the loan: some banks with low rates end up among the most expensive because of insurance.

4.00%

Best rate

Banco Santander

4.55%

Second-best rate

BancoEstado

4.94%

Highest rate

BCI

Source: CMF, mortgage loan simulator, UF 3,000 loan over 20 years, checked on Nov 13, 2026

View the data as a table

Best rate	4.00% | Banco Santander
Second-best rate	4.55% | BancoEstado
Highest rate	4.94% | BCI

Which bank has the best mortgage rate for each term

Santander leads in all four terms we reviewed, always for a UF 3,000 loan in UF at a fixed rate:

Term	Best rate	Second	Third
15 years	Santander 3.86%	Internacional 4.52%	BancoEstado 4.55%
20 years	Santander 4.00%	BancoEstado 4.55%	Internacional and Falabella 4.68%
25 years	Santander 3.98%	BancoEstado 4.55%	Falabella 4.65%
30 years	Santander 3.97%	BancoEstado 4.55%	Falabella 4.64%

For 30 years, the CMF shows offers from only six institutions.

Why the best rate is not always the cheapest loan

The interest rate only measures what the bank charges for the money. The CAE (equivalent annual cost) also adds the mandatory life and fire insurance and the transaction costs. That is why the CMF recommends, in its guide to comparing mortgage loans, looking at the CAE and not just the rate.

The difference is clear over 20 years:

• Interest rate
• CAE

Santander4%4.62%

BancoEstado4.55%4.83%

Internacional4.68%5.02%

BCI4.94%5.02%

Bice4.9%5.06%

Coopeuch4.8%5.07%

Banco de Chile4.78%5.1%

Falabella4.68%5.17%

Itaú4.92%5.48%

Scotiabank4.73%5.5%

Source: CMF, mortgage loan simulator, checked on Nov 13, 2026

View the data as a table

	Interest rate	CAE
Santander	4%	4.62%
BancoEstado	4.55%	4.83%
Internacional	4.68%	5.02%
BCI	4.94%	5.02%
Bice	4.9%	5.06%
Coopeuch	4.8%	5.07%
Banco de Chile	4.78%	5.1%
Falabella	4.68%	5.17%
Itaú	4.92%	5.48%
Scotiabank	4.73%	5.5%

Three cases show why you need to look at both figures:

• Scotiabank has the fifth-lowest rate (4.73%) but the highest CAE (5.50%). Its insurance costs UF 1.22 a month, the highest in the sample.
• Falabella shares the third-best rate (4.68%) but ranks eighth on CAE (5.17%).
• BCI has the highest rate (4.94%), but its CAE (5.02%) ties for third place, because its insurance costs only UF 0.13 a month.

How much the monthly payment changes between banks

Bank	Rate	CAE	Monthly payment with insurance, 20 years
Santander	4.00%	4.62%	CLP 786,114
BancoEstado	4.55%	4.83%	CLP 798,094
Internacional	4.68%	5.02%	CLP 809,247
BCI	4.94%	5.02%	CLP 810,486
Coopeuch	4.80%	5.07%	CLP 812,139
Bice	4.90%	5.06%	CLP 812,552
Banco de Chile	4.78%	5.10%	CLP 813,791
Falabella	4.68%	5.17%	CLP 817,096
Itaú	4.92%	5.48%	CLP 841,881
Scotiabank	4.73%	5.50%	CLP 843,121

Between the lowest and the highest payment there is CLP 57,007 a month: about CLP 13.7 million over 20 years, at today's UF. To calculate your own case, with your down payment, term and the rate you are offered, use our mortgage loan simulator.

UF⌂Free toolFree mortgage simulator: calculate your monthly paymentEnter the property value, down payment, term and rate, and instantly see your payment in UF and Chilean pesos, the interest and the yearly payment table.Use tool →

What to check before trusting the rate

Before deciding which bank has the best mortgage rate for you, check three points:

• The date of the offer. Each bank reports its terms to the CMF on different dates. In this query, Falabella's is from December 30, 2024, Bice's from October 28, 2025 and BancoEstado's from February 6, 2026. The actual offer may differ.
• Your profile. The simulator shows reference terms. The bank sets your rate based on your income, down payment and credit history, as we explain in the requirements for a mortgage loan.
• Not all are banks. Coopeuch is a savings and credit cooperative, but it appears in the simulator alongside the banks.

For the full ranking by term, with the top 3 over 15, 20, 25 and 30 years, see the best mortgage loans of November 2026. And to understand how rates have changed in recent years, read mortgage interest rates in Chile.