BPI Family Savings Bank vs Union Bank

BPI vs UnionBank Housing Loan: At a Glance

Choosing between BPI Family Savings Bank and UnionBank for your housing loan or refinance comes down to more than just the headline rate. Below, we compare both banks across the factors that matter most: interest rates, fixing periods, eligibility, loan purposes, and overall flexibility. Both banks are Nook partner banks, meaning you can apply to either — or both — through Nook's free broker service with a single application.

Note: Interest rates are subject to change. Always verify current rates with the bank or through Nook before making a decision.

Interest Rate Comparison: BPI vs UnionBank

When it comes to raw interest rates, BPI Family Savings Bank has a clear edge. Its 5-year fixed rate of 6.50% p.a. is lower than UnionBank's entry-level 1-year fixed rate of 7.00% p.a. For a borrower refinancing a 3,000,000 home loan over 20 years, that difference has a meaningful impact on monthly payments and total interest paid.

Sample Monthly Payment Comparison (3,000,000 loan, 20-year term)

Based on these estimates, a borrower who refinances from a typical bank rate of 8.00% p.a. to BPI's 5-year fixed at 6.50% p.a. could save roughly 2,000 to 3,000 per month on a 3,000,000 loan — that's over 24,000 to 36,000 in savings per year. Even switching to UnionBank's 7.00% rate from a higher legacy rate represents meaningful annual savings. Use Nook's free refinance calculator to model your specific loan amount and see your estimated savings.

Calculations are illustrative estimates based on a standard amortizing loan. Actual payments will vary based on final approved rate, loan amount, term, and bank fees.

Fixing Periods: Which Bank Gives You More Options?

One of the most important — and often overlooked — factors in a housing loan comparison is the available fixing period. A longer fixed-rate period protects you from rate increases during the fixed term, giving you payment predictability and peace of mind.

BPI Family Savings Bank offers both a 1-year fixed option (6.70% p.a.) and a 5-year fixed option (6.50% p.a.). Notably, the 5-year fixed rate is actually lower than the 1-year rate — making BPI's 5-year option particularly attractive for borrowers who want both a low rate and long-term stability.

UnionBank currently offers a 1-year fixed rate at 7.00% p.a. through Nook. While this is a competitive option for borrowers who prefer flexibility to reprice after a year, it does not offer the same multi-year rate lock that BPI does.

If locking in a low rate for a longer period is a priority — especially given the uncertainty of future interest rate movements — BPI's 5-year fixed at 6.50% p.a. is a compelling choice.

Eligibility Requirements: Who Can Qualify?

Both banks serve a wide range of employment types, but their income and debt thresholds differ in ways that affect who qualifies for each.

Employment Types Accepted

Both BPI Family Savings Bank and UnionBank accept borrowers who are:

• Privately employed
• Government employees
• BPO workers
• OFWs and seafarers
• Self-employed individuals
• Licensed professionals

This broad coverage means most Filipino borrowers will meet the employment eligibility criteria at either bank.

Income and Debt Requirements

BPI Family Savings Bank requires a minimum monthly income of 40,000 and a maximum debt-to-income (DTI) ratio of 40%. This means your total monthly debt obligations — including the new housing loan payment — should not exceed 40% of your gross monthly income.

UnionBank sets a lower bar: minimum monthly income of 30,000 and a maximum DTI of 50%. This makes UnionBank more accessible for borrowers with lower incomes or those who already carry other loan obligations.

For example, a borrower earning 35,000 per month would not meet BPI's income threshold but could qualify at UnionBank. Similarly, a borrower with existing car loan or personal loan commitments that push their DTI above 40% may find UnionBank more accommodating.

Loan Purposes: What Can You Use the Loan For?

Both banks cover the most common housing loan purposes, but there is one notable difference.

A key distinction: BPI Family Savings Bank explicitly supports refinancing as a loan purpose, making it a natural choice if your goal is to move your existing home loan to a lower rate. If you are currently paying 7%, 8%, or more with another bank, BPI's refinance product — especially at 6.50% p.a. for a 5-year fix — could deliver substantial long-term savings.

For a deeper dive into how these two banks compare specifically on refinancing, see our full guide on BPI vs UnionBank home loan rates and refinancing options.

Applying Through Nook: One Application, Two Banks

Rather than applying to BPI and UnionBank separately — and undergoing two separate credit checks, document submissions, and waiting periods — Nook lets you submit a single application and get evaluated by both banks simultaneously. Nook's service is completely free to borrowers; the banks pay Nook a referral fee, so there is no cost to you.

Here is what Nook does for you:

• Checks your eligibility at BPI, UnionBank, and other partner banks
• Compares live rates across all eligible banks
• Guides you through document preparation and submission
• Provides a dedicated mortgage specialist to answer your questions
• Helps you complete the process from application to approval

The best refinance rate currently available through Nook is 5.99% p.a. — lower than both BPI's and UnionBank's advertised rates. Depending on your profile, you may qualify for an even more competitive offer. The only way to find out is to apply and let Nook do the comparison for you.

Curious how BPI and UnionBank stack up across a broader set of criteria? You can also read our comprehensive UnionBank vs BPI housing loan comparison for more detail.