BPI vs Security Bank Home Loan: At a Glance
Both BPI Family Savings Bank and Security Bank are Nook partner banks, meaning you can apply to either — or both — through Nook's free digital mortgage broker service. Below, we compare every key dimension so you can make a confident, informed decision.
Note: Interest rates are subject to change. Always verify current rates directly with the bank or through Nook before making a decision.
Interest Rate Comparison
Rates are the single biggest driver of your monthly payment and total loan cost. Here's how BPI and Security Bank stack up across fixed-rate periods:
| Rate Type | BPI Family Savings Bank | Security Bank | Winner |
|---|---|---|---|
| 1-Year Fixed | 6.70% p.a. | 6.99% p.a. | BPI ✓ |
| 5-Year Fixed | 6.50% p.a. | 6.75% p.a. | BPI ✓ |
| Home Equity | 6.70% p.a. | 7.50% p.a. | BPI ✓ |
BPI Family Savings Bank wins on rates across all three categories. The gap is most pronounced on Home Equity loans — BPI's 6.70% vs. Security Bank's 7.50% is a full 0.80 percentage point difference, which can add up to significant savings over a 15–25 year loan term.
How Much Can Lower Rates Actually Save You?
To illustrate the real-world impact, consider a P3,000,000 home loan on a 20-year term under a 5-year fixed rate:
| Bank | Rate | Est. Monthly Payment | Total Interest (5 Years) |
|---|---|---|---|
| BPI Family Savings Bank | 6.50% | approx. 22,368 | approx. 442,080 |
| Security Bank | 6.75% | approx. 22,737 | approx. 464,220 |
| Savings with BPI | 0.25% | approx. 369/month | approx. 22,140 over 5 years |
On a P5,000,000 loan, that savings gap over 5 years would roughly double to over P36,000 — real money that stays in your pocket. For a deeper look at how these two banks compare specifically on refinancing, see our BPI vs Security Bank refinancing rate comparison.
Approval Speed & Processing Time
When you're buying a property with a deadline, or refinancing to lock in a lower rate before it changes, processing time matters enormously.
| Factor | BPI Family Savings Bank | Security Bank |
|---|---|---|
| Typical Approval Time | 52 days | 23 days |
| Processing Advantage | — | ~29 days faster ✓ |
Security Bank's 23-day typical approval is one of the fastest among major Philippine banks — and a clear advantage over BPI's 52-day average. If you're racing to meet a transfer-of-title deadline, securing a developer spot, or simply want faster certainty, Security Bank has a meaningful edge here.
That said, "typical" approval times can vary based on the completeness of your documents, property type, and current application volumes. Applying through Nook helps streamline the process for both banks by ensuring your documents are complete and properly prepared before submission.
Eligibility & Income Requirements
| Requirement | BPI Family Savings Bank | Security Bank |
|---|---|---|
| Minimum Monthly Income | P40,000 | P50,000 |
| Maximum DTI Ratio | 40% | 40% |
| Accepted Employment Types | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
BPI's P40,000 minimum monthly income threshold is more accessible than Security Bank's P50,000 requirement — a meaningful difference for borrowers in the middle-income bracket. Both banks cap your Debt-to-Income (DTI) ratio at 40%, meaning your total monthly debt obligations (including the new home loan payment) should not exceed 40% of your gross monthly income.
One notable difference: Security Bank explicitly accepts Freelancers as an employment type, which BPI Family Savings Bank does not list. If you're a freelancer, Security Bank may be your more straightforward path to approval.
Loan Purposes Covered
| Loan Purpose | BPI Family Savings Bank | Security Bank |
|---|---|---|
| Refinancing | ✓ | ✓ |
| Ready for Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| New Construction | ✓ | ✓ |
| Home Equity / Loan | ✓ | ✓ |
| Renovation | ✓ | ✓ |
| Reselling | ✓ | ✓ |
| Foreclosed Property | ✓ | ✓ |
Both banks cover the full spectrum of home loan purposes, so no matter what type of transaction you're financing, you'll find a suitable product at either institution.
Which Is Better for Refinancing?
If you're an existing homeowner looking to refinance your current home loan, both banks are strong options — but the calculus shifts depending on what you're optimizing for.
- Choose BPI if: You want the lowest possible interest rate, especially on a 5-year fixed term (6.50%) or Home Equity product (6.70%), and your monthly income is between P40,000 and P50,000.
- Choose Security Bank if: You need faster approval (23 days vs. 52 days), you're a freelancer, or you're comfortable with a slightly higher rate in exchange for speed and convenience.
For homeowners currently paying 8% or higher on their existing home loan, refinancing to either bank's rates through Nook could save tens of thousands of pesos annually. You can also explore how these two banks compare against a third option in our BPI vs Metrobank vs Security Bank three-way comparison.
Estimated Refinancing Savings (vs. 8% Existing Rate)
| Loan Amount | Current Rate | BPI Rate (5-Yr Fixed) | Security Bank Rate (5-Yr Fixed) | Monthly Savings w/ BPI | Monthly Savings w/ Security Bank |
|---|---|---|---|---|---|
| P2,000,000 | 8.00% | 6.50% | 6.75% | approx. 1,680 | approx. 1,400 |
| P3,000,000 | 8.00% | 6.50% | 6.75% | approx. 2,520 | approx. 2,100 |
| P5,000,000 | 8.00% | 6.50% | 6.75% | approx. 4,200 | approx. 3,500 |
Estimates based on 20-year remaining term. Actual savings will vary based on your remaining balance, term, and applicable bank fees. Rates subject to change.
Applying Through Nook: Free for Borrowers
Nook is the Philippines' first digital mortgage broker — and our service is completely free to borrowers. When you apply through Nook, you get:
- Access to both BPI Family Savings Bank and Security Bank (plus other partner lenders) in a single application
- A dedicated mortgage advisor who prepares and reviews your documents before submission
- Side-by-side rate and approval comparisons so you can choose the best offer
- No broker fees — Nook is compensated by the bank, not you
Whether you're buying your first home, refinancing an existing loan, or tapping your home equity, comparing both banks through Nook takes the guesswork out of finding the best deal.
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Compare My Options →Frequently Asked Questions
Which bank has lower home loan rates — BPI or Security Bank?
BPI Family Savings Bank currently offers lower rates across all fixed-rate periods. BPI's 5-year fixed rate is 6.50% p.a. vs. Security Bank's 6.75% p.a., and BPI's Home Equity rate is 6.70% vs. Security Bank's 7.50%. That said, rates are subject to change, so always verify the latest rates through Nook or directly with the bank before applying.
Which bank approves home loans faster — BPI or Security Bank?
Security Bank is significantly faster, with a typical approval time of 23 days compared to BPI's 52 days. If you're working against a property purchase deadline or want to lock in your rate quickly, Security Bank has a clear advantage in processing speed.
What is the minimum income requirement for BPI vs Security Bank home loans?
BPI Family Savings Bank requires a minimum monthly income of P40,000, while Security Bank requires P50,000. Both banks cap your Debt-to-Income (DTI) ratio at 40%. BPI's lower income threshold makes it more accessible for borrowers earning between P40,000 and P49,999 per month.
Can freelancers apply for a home loan at BPI or Security Bank?
Security Bank explicitly accepts freelancers as an eligible employment type, making it a strong option for independent workers. BPI Family Savings Bank's listed employment types include Private, Government, BPO, OFW/Seafarer, Self-Employed, and Professional — freelancers may want to confirm eligibility directly or apply through Nook, which can advise on the best-fit lender for your employment situation.
Is it worth refinancing my home loan with BPI or Security Bank?
If your current home loan rate is 7.5% or higher, refinancing to BPI's 6.50% or Security Bank's 6.75% 5-year fixed rate could generate significant monthly savings. On a P3,000,000 loan with 20 years remaining at 8%, switching to BPI's rate could save you approximately P2,520 per month. Nook's free refinancing service can show you your exact projected savings based on your current loan details.
Can I apply to both BPI and Security Bank at the same time?
Yes — and this is actually one of the key benefits of applying through Nook. As a free digital mortgage broker, Nook can submit your application to multiple partner banks simultaneously, letting you compare actual approval offers side by side before committing. There's no cost to you and no obligation to accept any offer.
What loan purposes do both BPI and Security Bank cover?
Both BPI Family Savings Bank and Security Bank support the same wide range of loan purposes: refinancing, home purchase (RFO and pre-selling), new construction, home equity, renovation, reselling, and foreclosed properties. Neither bank limits you to a narrow set of transaction types.
How does Nook's service work, and is it really free?
Nook is the Philippines' first digital mortgage broker. You submit one application and Nook's advisors match you with the best-fit partner banks, prepare your documents, and manage the process through approval. Nook's service is 100% free to borrowers — Nook is paid a referral fee by the bank upon successful loan disbursement, so there's no cost to you at any stage.