BPI vs Security Bank: Interest Rate Comparison
Both banks are Nook partner banks, meaning you can apply to either — or both — through Nook at zero cost. Here's how their published rates stack up:
| Fixed Period | BPI Family Savings Bank | Security Bank |
|---|---|---|
| 1-Year Fixed | 6.70% p.a. | 6.99% p.a. |
| 5-Year Fixed | 6.50% p.a. | 6.75% p.a. |
| Home Equity | 6.70% p.a. | 7.50% p.a. |
BPI Family Savings Bank has the lower rate across every category. For a borrower refinancing a 3,000,000 loan over 20 years, the difference between a 6.50% and 6.75% five-year fixed rate translates to roughly 4,000–5,000 in monthly savings compared to what most homeowners are currently paying at 8–9% with their existing bank. Note that interest rates are subject to change — always verify current rates directly with the bank or through your Nook advisor.
Approval Speed and Processing Time
One of the most meaningful differences between these two banks is how quickly they process applications.
- Security Bank has a typical approval timeline of 23 days — among the fastest of any bank in the Philippines. If you're in a time-sensitive transaction or simply want certainty sooner, this is a major advantage.
- BPI Family Savings Bank typically takes around 52 days for approval. This is still within a normal range for Philippine home loans, but borrowers who need to move quickly may find Security Bank more suitable.
If approval speed is less of a concern and you want the lowest rate possible, BPI's longer timeline is a worthwhile trade-off.
Income Requirements and Eligibility
| Criteria | BPI Family Savings Bank | Security Bank |
|---|---|---|
| Minimum Monthly Income | 40,000 | 50,000 |
| Maximum DTI Ratio | 40% | 40% |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
BPI's lower income threshold of 40,000 per month makes it accessible to a broader range of Filipino borrowers. Security Bank sets its floor at 50,000, which may exclude some applicants — but it does accept freelancers, a category BPI does not explicitly cover. Both banks share the same maximum debt-to-income ratio of 40%.
Loan Purposes Covered
Both banks cover a comprehensive range of home loan purposes:
- Refinancing
- Ready for Occupancy (RFO)
- Pre-Selling
- New Construction
- Renovation
- Home Equity
- Foreclosed Properties
- Reselling
There is no meaningful difference in loan purpose coverage between the two banks. Whether you're refinancing an existing loan or purchasing a new property, both BPI Family Savings Bank and Security Bank can accommodate your needs through Nook.
Real Savings Example: Refinancing a 3,000,000 Loan
To put the rate difference in concrete terms, here's what a borrower refinancing 3,000,000 over 20 years would pay under each bank's 5-year fixed rate, compared to a typical existing rate of 8.50%:
| Scenario | Rate | Est. Monthly Payment | Total Interest Over 20 Years |
|---|---|---|---|
| Existing Loan (typical) | 8.50% | ~26,035 | ~3,248,400 |
| BPI Family Savings Bank | 6.50% | ~22,385 | ~2,372,400 |
| Security Bank | 6.75% | ~22,774 | ~2,465,760 |
Refinancing to BPI could save approximately 3,650 per month versus your current loan — that's over 876,000 in total interest savings over the life of the loan. Security Bank still delivers substantial savings of around 3,261 per month. Both options are dramatically better than staying on a high legacy rate. These figures are illustrative estimates; your actual payments will depend on your specific loan terms and the bank's assessment.
How Nook Makes This Decision Easier
Nook is the Philippines' first digital mortgage broker, and our service is completely free to borrowers. Instead of applying to BPI and Security Bank separately — filling out duplicate paperwork and chasing multiple bank officers — Nook lets you submit one application and get matched to the best offer available.
Both BPI Family Savings Bank and Security Bank are Nook partner banks, so we have direct relationships with their home loan teams. Our advisors can help you assess which bank fits your income profile, timeline, and loan purpose — and guide you through the entire process from submission to approval.
You might also find it helpful to compare Security Bank with BDO if you're still weighing your options, or see how BPI stacks up against Maybank Philippines for a broader picture of the market.
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Compare My Options →Frequently Asked Questions
Which bank has a lower home loan rate — BPI or Security Bank?
BPI Family Savings Bank currently offers lower rates across all fixed periods. Their 1-year fixed rate is 6.70% p.a. versus Security Bank's 6.99% p.a., and their 5-year fixed rate is 6.50% p.a. versus Security Bank's 6.75% p.a. For home equity loans, BPI is also lower at 6.70% versus Security Bank's 7.50%. Rates are subject to change — verify current rates through Nook or directly with the bank.
Which bank approves home loans faster — BPI or Security Bank?
Security Bank is significantly faster, with a typical approval timeline of 23 days. BPI Family Savings Bank typically takes around 52 days. If you need a decision quickly — for example, if you're in an active property transaction — Security Bank may be the better choice despite its slightly higher rates.
What is the minimum income requirement for a BPI home loan versus Security Bank?
BPI Family Savings Bank requires a minimum monthly income of 40,000, while Security Bank requires at least 50,000 per month. If your income falls between these two figures, BPI may be your best option among the two banks. Both banks cap borrower debt-to-income ratio at 40%.
Can freelancers apply for a home loan at BPI or Security Bank?
Security Bank explicitly accepts freelancers as an eligible employment type. BPI Family Savings Bank does not list freelancers among its accepted employment categories, though self-employed and professional borrowers are accepted. If you are a freelancer, Security Bank through Nook is likely the more suitable option.
Can I use BPI or Security Bank to refinance my existing home loan?
Yes, both BPI Family Savings Bank and Security Bank offer home loan refinancing. Refinancing is one of the primary loan purposes supported by both banks. If you're currently paying 7% or higher on your existing home loan, refinancing through either bank could result in significant monthly savings. Nook's service helps you compare both options and apply for free.
Is it free to apply for a home loan through Nook?
Yes. Nook's mortgage brokering service is 100% free to borrowers. You pay nothing to Nook for comparing rates, getting matched to a bank, or being assisted through the application process. Nook earns a referral fee from the bank upon successful loan approval — this does not affect the rate or terms you receive.
How much can I save by refinancing from 8.50% to BPI's 6.50% rate?
On a 3,000,000 loan over 20 years, refinancing from 8.50% to BPI Family Savings Bank's 5-year fixed rate of 6.50% could reduce your monthly payment by approximately 3,650 and save you over 876,000 in total interest over the life of the loan. Your actual savings will vary based on your remaining loan balance, term, and the bank's final offer.