Updated November 7, 2026. Choosing a mortgage loan is the longest financial decision a Chilean family makes: 20, 25 or 30 years of monthly payments. To compare on a level field, we used the official simulator of the Financial Market Commission (CMF, Mortgage Loan Simulator, checked on November 7, 2026), where banks themselves report their rate, their CAE (annual equivalent cost) and their fees for a standard product. On a UF 3,000 loan over 20 years, the lowest CAE was Santander's, 4.62%, and the highest Itaú's, 5.58%. The difference in the monthly payment is CLP 62,340 a month, almost CLP 14,961,600 over the full term.
View the data as a table
| Lowest CAE (Santander) | 4.62% |
| Highest CAE (Itaú) | 5.58% |
| Market average rate | 4.07% |
| Payment gap | $62,340 |
Best mortgage loans 2026: rate and CAE by bank
The CMF simulator compares the most common structure in Chile: a non-endorsable mortgage loan in UF at a fixed rate. The standard product finances 75% of the value of a home in Santiago and includes mortgage life and fire insurance in the payment (or fire plus earthquake when the lender does not offer fire alone). Rates are the standard ones: they exclude discounts for having a checking account, agreements or promotions. The table ranks the 10 institutions that reported the product for UF 3,000 over 20 years (about CLP 123,854,490 with the UF of CLP 41,284.83 on November 7, 2026).
| Institution | Annual rate | CAE | Payment with insurance | Data as of |
|---|---|---|---|---|
| Santander | 4.00% | 4.62% | CLP 785,650 | 08/28/2026 |
| BancoEstado | 4.55% | 4.83% | CLP 797,623 | 02/06/2026 |
| Banco Internacional | 4.68% | 5.02% | CLP 808,770 | 06/04/2026 |
| Bci | 4.94% | 5.02% | CLP 810,008 | 11/05/2026 |
| Bice | 4.90% | 5.06% | CLP 812,073 | 10/28/2025 |
| Coopeuch | 4.80% | 5.07% | CLP 811,660 | 11/03/2026 |
| Banco de Chile | 4.78% | 5.10% | CLP 813,311 | 10/30/2026 |
| Banco Falabella | 4.68% | 5.17% | CLP 816,614 | 12/30/2024 |
| Scotiabank | 4.73% | 5.50% | CLP 842,623 | 10/15/2026 |
| Itaú | 5.02% | 5.58% | CLP 847,990 | 10/09/2026 |
Source: CMF, Mortgage Loan Simulator, checked on November 7, 2026. UF 3,000 loan over 20 years, non-endorsable, fixed rate. The last column is the date each institution last updated its data in the simulator: Banco Falabella last reported in December 2024 and Bice in October 2025, so their current terms may differ.
Interest rate and CAE are not the same
The interest rate is the price of money; the CAE also adds insurance and transaction costs and expresses them as an annual rate. That is why the ranking changes. Banco Falabella reports one of the lowest rates (4.68%), but its CAE rises to 5.17% because its mortgage life insurance costs UF 0.375 a month, the most expensive in the sample. Bci, by contrast, charges 4.94% and ends with a CAE of 5.02%, because its reported life insurance is only UF 0.0216. Scotiabank has a 4.73% rate and a 5.50% CAE.
View the data as a table
| Annual rate (%) | CAE (%) | |
|---|---|---|
| Santander | 4% | 5% |
| BancoEstado | 5% | 5% |
| Banco Internacional | 5% | 5% |
| Bci | 5% | 5% |
| Bice | 5% | 5% |
| Coopeuch | 5% | 5% |
| Banco de Chile | 5% | 5% |
| Banco Falabella | 5% | 5% |
| Scotiabank | 5% | 6% |
| Itaú | 5% | 6% |
That is why the CMF advises always comparing the CAE and the total cost of credit, which banks must disclose in the summary sheet of every quote. Mortgage-related insurance can be bought from another insurer if it meets the required coverage, and that choice can move the CAE by several tenths of a point.
How the mortgage changes with the term
Extending the term lowers the payment, but not every lender quotes every term in the simulator: 10 report 15 and 20 years, 9 report 25 years and only 6 report 30 years (Santander, BancoEstado, Bci, Coopeuch, Banco Falabella and Itaú). On UF 3,000, the lowest payment with insurance goes from CLP 785,650 over 20 years to CLP 686,980 over 25 years and CLP 623,814 over 30 years, Santander's in all three cases.
| Term | Lenders quoting | Lowest CAE | Highest CAE | Lowest payment |
|---|---|---|---|---|
| 15 years | 10 | 4.52% (Santander) | 5.53% (Itaú) | CLP 942,946 |
| 20 years | 10 | 4.62% (Santander) | 5.58% (Itaú) | CLP 785,650 |
| 25 years | 9 | 4.58% (Santander) | 5.60% (Itaú) | CLP 686,980 |
| 30 years | 6 | 4.54% (Santander) | 5.62% (Itaú) | CLP 623,814 |
Source: CMF, Mortgage Loan Simulator, checked on November 7, 2026. UF 3,000 loan, payment with mortgage life and fire insurance.
View the data as a table
| Santander | BancoEstado | Bci | Coopeuch | Banco Falabella | Itaú | |
|---|---|---|---|---|---|---|
| 15 years | 4.52% | 4.85% | 4.86% | 5.09% | 5.22% | 5.53% |
| 20 years | 4.62% | 4.83% | 5.02% | 5.07% | 5.17% | 5.58% |
| 25 years | 4.58% | 4.82% | 5.00% | 5.06% | 5.11% | 5.60% |
| 30 years | 4.54% | 4.81% | 5.03% | 5.05% | 5.08% | 5.62% |
The cost of a longer term lies in interest. Over 30 years the payment is lower, but you pay 360 installments instead of 240. With Santander's offer, the total paid in installments (with insurance) rises from about UF 4,567 over 20 years to about UF 5,440 over 30 years, a Pauta Financiera calculation using the simulator's UF payments. Anyone still saving for the down payment can check how much a term deposit earns in the meantime.
Mortgage closing costs: what you pay once
Besides the payment, each lender charges a title search, notary fees and an appraisal up front. In the simulator they range from UF 7.67 at BancoEstado (CLP 316,655) to UF 14 at Banco Internacional (CLP 577,988), where the title search alone costs UF 8.5. They exclude stamp tax and registration at the Real Estate Registrar, which depend on each transaction, according to the CMF. Use the search box to find a lender.
| Santander | 3.50 | 3.50 | 2.88 | 9.88 |
| BancoEstado | 2.92 | 2.50 | 2.25 | 7.67 |
| Banco Internacional | 8.50 | 3.00 | 2.50 | 14.00 |
| Bci | 3.79 | 3.64 | 2.59 | 10.02 |
| Bice | 6.20 | 3.20 | 3.50 | 12.90 |
| Coopeuch | 4.17 | 3.00 | 2.98 | 10.15 |
| Banco de Chile | 4.50 | 3.20 | 2.90 | 10.60 |
| Banco Falabella | 4.17 | 3.00 | 2.98 | 10.15 |
| Scotiabank | 5.60 | 3.00 | 2.25 | 10.85 |
| Itaú | 4.28 | 3.00 | 2.50 | 9.78 |
Does your bank, mortgage lender or developer finance homes? Reach people comparing their loan on Pauta Financiera.
See advertising optionsWhat changes with the amount: UF 2,000, 3,000 and 5,000
Some lenders cut the rate on larger loans. Coopeuch reports 4.80% up to UF 3,000 and 4.50% at UF 5,000, so its 25-year CAE falls from 5.06% to 4.76% and it moves to second place. Bci does the opposite on small loans: at UF 2,000 over 25 years its rate rises to 5.49% and its CAE to 5.56%, versus 5.00% at UF 3,000. Santander keeps a 3.98% rate across all three amounts over 25 years.
| Institution | CAE UF 2,000 | CAE UF 3,000 | CAE UF 5,000 |
|---|---|---|---|
| Santander | 4.58% | 4.58% | 4.58% |
| BancoEstado | 4.82% | 4.82% | 4.80% |
| Bci | 5.56% | 5.00% | 5.00% |
| Coopeuch | 5.06% | 5.06% | 4.76% |
| Banco de Chile | 5.14% | 5.08% | 5.03% |
| Bice | 5.25% | 5.10% | 5.00% |
| Banco Internacional | 5.11% | 5.11% | 5.11% |
| Banco Falabella | 5.11% | 5.11% | 5.11% |
| Itaú | 5.60% | 5.60% | 5.60% |
Source: CMF, Mortgage Loan Simulator, checked on November 7, 2026. 25-year term. Scotiabank did not report the 25-year term.
Official benchmarks: average and maximum rate
The simulator's offers sit above the market average. According to the Central Bank, UF housing loans were granted in September 2026 at an average rate of 4.07%, a figure that includes customers with discounts and negotiated terms. The legal ceiling is the maximum conventional rate, which since October 15, 2026 is 5.68% for inflation-indexed loans above UF 2,000 and 6.48% up to UF 2,000 (CMF). The history of the average rate and how to calculate a payment are in our guide to mortgage rates and simulators.
Anyone buying a new home worth up to UF 4,000 can apply for the rate subsidy under Law 21,748, which cuts it by up to 60 basis points; the CMF itself points this out in its simulator. And before requesting quotes it is worth checking your own record: banks look at registered debts, which anyone can see for free in their CMF debt report.
How to shop for a mortgage step by step
The CMF simulator is a starting point, but the final offer depends on each bank's assessment: income, job stability, down payment, payment history and whether the person is already a customer. The practical approach is to request a formal quote from at least three institutions with the same amount, term and rate type, and compare in each the CAE, the payment with insurance, the closing costs and the total cost of credit, all shown on the summary sheet.
With two or three summary sheets in hand, the difference can be negotiated: a few tenths of a point on the rate or cheaper insurance cover much of the closing costs. And the decision is not forever: Chile's financial portability law lets borrowers later move the loan to another institution if a better offer appears, although refinancing carries its own appraisal, notary and registration costs.
Which option suits which profile
- Those seeking the lowest standard cost: Santander and BancoEstado have the lowest CAEs at every term they report.
- Loans of UF 5,000 or more: Coopeuch lowers its rate to 4.50% and ranks second on CAE (membership required).
- 30-year terms: only six institutions quote it in the simulator; others may offer it through their own channels.
- Customers with a checking account or employer agreement: simulator rates are standard; the real offer may be lower, so ask for the summary sheet to compare the CAE.
Frequently asked questions about mortgage loans
Which bank has the cheapest mortgage in 2026?
In the CMF simulator checked on November 7, 2026, Santander reported the lowest CAE (4.62% on UF 3,000 over 20 years), followed by BancoEstado (4.83%).
What is the average mortgage rate today?
4.07% a year in UF in September 2026, according to the Central Bank, the latest figure published as of November 7, 2026.
What is the CAE of a mortgage?
The annual equivalent cost: an annual rate that includes interest, mandatory insurance and fees. It lets you compare offers with different insurance and charges.
What is the payment on a UF 3,000 loan over 20 years?
Between CLP 785,650 and CLP 847,990 a month with insurance, depending on the lender, using the UF of November 7, 2026 and the standard rates in the CMF simulator.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
