Interest Rates Comparison
BDO Unibank (Nook Partner Bank)
- 1-Year Fixed Rate: 6.00%
- Home Equity Rate: 6.00%
- Verified rates through Nook's partnership
Metrobank
- Standard Rates: Approximately 7-9%
- Promotional Rates: May vary by campaign
- Rates are approximate and subject to change
Eligibility Requirements
| Requirement | BDO | Metrobank |
|---|---|---|
| Minimum Monthly Income | P50,000 | P30,000 - P50,000 |
| Maximum Debt-to-Income | 40% | 35-40% |
| Employment Types | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, OFW, Self-Employed |
| Loan Purposes | Home Equity, Foreclosed, New Construction, Pre-Selling, RFO, Renovation, Reselling | Home Purchase, Construction, Refinancing |
Processing and Approval
BDO (via Nook)
- Typical Approval Time: 30 days
- Documentation: Streamlined through Nook
- Application Process: Free broker assistance
- Rate Verification: Guaranteed partner rates
Metrobank (Direct)
- Typical Approval Time: 30-45 days
- Documentation: Standard bank requirements
- Application Process: Direct to bank
- Rate Verification: Subject to bank assessment
Potential Savings Analysis
For a typical P3,000,000 loan over 20 years, here's how the rates compare:
BDO at 6.00%
- Monthly Payment: P21,516
- Total Interest: P2,163,840
Metrobank at 8.00%
- Monthly Payment: P25,093
- Total Interest: P3,022,320
- Monthly: P3,577 less
- Total Interest Savings: P858,480
These calculations demonstrate why choosing the right lender matters significantly for your long-term financial health.
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Compare My Options →Frequently Asked Questions
Which bank offers better home loan rates - BDO or Metrobank?
BDO currently offers better rates through Nook's partnership at 6.00% for both 1-year fixed and home equity loans, compared to Metrobank's typical 7-9% range. This rate difference can result in substantial savings over the loan term.
What are the income requirements for BDO vs Metrobank home loans?
BDO requires a minimum monthly income of P50,000, while Metrobank's requirements typically range from P30,000 to P50,000 depending on the loan product. Both banks accept various employment types including private employees, government workers, and OFWs.
How long does approval take for BDO vs Metrobank home loans?
BDO typically processes applications in 30 days when applied through Nook, while Metrobank's processing time ranges from 30-45 days. The Nook partnership with BDO provides additional support throughout the application process.
Can I refinance my existing home loan from Metrobank to BDO?
Yes, you can refinance your Metrobank home loan to BDO to take advantage of lower interest rates. Through Nook's free service, you can access BDO's competitive 6.00% rates and potentially save thousands of pesos monthly on your mortgage payments.
What documents are needed for BDO vs Metrobank home loan applications?
Both banks require similar documentation including income proof, employment certificates, bank statements, and property documents. However, applying through Nook for BDO loans provides streamlined document processing and dedicated support to ensure your application is complete and properly submitted.
Are there any fees when applying for BDO home loans through Nook?
No, Nook's service is completely free for borrowers. You get access to BDO's competitive partner rates and professional mortgage broker assistance at no cost, making it an attractive option compared to applying directly to any bank.