Interest Rate Comparison
BPI Family Savings Bank
- 1-Year Fixed: 6.70%
- 5-Year Fixed: 6.50%
- Home Equity: 6.70%
UnionBank
- 1-Year Fixed: 7.00%
- Home Equity: 7.00%
BPI Family Savings Bank clearly offers more competitive rates, with their 5-year fixed rate at 6.50% being particularly attractive for borrowers seeking rate stability. The 0.30-0.50% difference may seem small but translates to substantial savings over a 20-year loan term.
Monthly Payment Comparison
For a typical P3,000,000 refinance loan over 20 years:
BPI Family Savings Bank (6.50%)
P22,386/month
Total Interest: P2,372,640
UnionBank (7.00%)
P23,265/month
Total Interest: P2,583,600
Monthly Savings with BPI: P879
Total Interest Savings: P210,960
Eligibility Requirements
| Requirement | BPI Family Savings Bank | UnionBank |
|---|---|---|
| Minimum Monthly Income | P40,000 | P30,000 |
| Maximum DTI Ratio | 40% | 50% |
| Employment Types | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Typical Approval Time | 52 days | Not specified |
UnionBank wins on accessibility with a lower income requirement and higher allowable DTI ratio, making it more inclusive for middle-income borrowers.
Loan Purposes Supported
BPI Family Savings Bank
- Foreclosed Properties
- Home Equity
- New Construction
- Pre-Selling
- Ready For Occupancy (RFO)
- Refinancing
- Renovation
- Reselling
UnionBank
- Foreclosed Properties
- Home Equity
- New Construction
- Pre-Selling
- Ready For Occupancy (RFO)
- Renovation
- Reselling
Both banks offer comprehensive loan purposes, with BPI Family Savings Bank specifically highlighting refinancing as a supported option.
Why Choose Nook for Your Application
Both BPI Family Savings Bank and UnionBank are trusted Nook partner banks, which means you can access their competitive rates through our free digital platform. When you apply through Nook, you benefit from:
- Free broker service - no fees to you
- Streamlined application process
- Expert guidance throughout
- Rate comparison across multiple lenders
For borrowers considering other major banks, you might also want to explore BPI vs Security Bank refinancing options to ensure you're getting the best possible deal.
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Compare My Options →Frequently Asked Questions
Which bank offers better rates between BPI and UnionBank?
BPI Family Savings Bank offers better rates with their 5-year fixed rate at 6.50% compared to UnionBank's 7.00% rate. This 0.50% difference can save you approximately P879 monthly on a P3,000,000 loan.
What are the minimum income requirements for BPI vs UnionBank housing loans?
BPI Family Savings Bank requires a minimum monthly income of P40,000, while UnionBank has a lower requirement of P30,000, making it more accessible for middle-income borrowers.
Can I apply for both BPI and UnionBank loans through Nook?
Yes, both BPI Family Savings Bank and UnionBank are Nook partner banks. You can apply for loans from either bank through Nook's digital platform completely free of charge, with expert guidance throughout the process.
What's the maximum debt-to-income ratio allowed by each bank?
BPI Family Savings Bank allows up to 40% DTI ratio, while UnionBank is more flexible with up to 50% DTI ratio, making UnionBank more accommodating for borrowers with higher existing debt obligations.
How long does loan approval typically take with these banks?
BPI Family Savings Bank typically processes approvals within 52 days. UnionBank's processing time varies, but applying through Nook's streamlined process can help expedite applications for both banks.
Do both banks support refinancing existing home loans?
Yes, both BPI Family Savings Bank and UnionBank support refinancing. BPI explicitly lists refinancing as a supported loan purpose, while UnionBank also accommodates refinance applications through Nook's platform.