Chinabank vs Security Bank: Home Loan Rate Comparison
When Filipino homeowners start comparing home loan options, Chinabank and Security Bank often come up as two reputable choices. Both are well-established Philippine commercial banks — but there are meaningful differences in rate transparency, loan flexibility, and the overall borrower experience. Here's what you need to know.
| Feature | Chinabank | Security Bank |
|---|---|---|
| 1-Year Fixed Rate | ~7.50%–9.00% (estimated) | 6.99% |
| 5-Year Fixed Rate | ~7.75%–9.50% (estimated) | 6.75% |
| Home Equity Rate | Not publicly listed | 7.50% |
| Min. Monthly Income | Varies by branch | 50,000 |
| Typical Approval Time | 30–45 days (estimated) | 23 days |
| Max DTI Ratio | Not publicly disclosed | 40% |
| Nook Partner Bank | No | Yes |
Note: Chinabank rates shown are approximate estimates based on publicly available market information and are subject to change. Always verify current rates directly with Chinabank. Security Bank rates are verified through Nook's partner bank data and are current as of the latest update, but are also subject to change.
Monthly Payment Comparison: Chinabank vs Security Bank
To illustrate the real-world impact of these rate differences, let's look at estimated monthly payments on a 3,000,000 peso home loan over a 20-year term using different fixed-rate periods.
| Scenario | Chinabank (est. 8.50%) | Security Bank (6.75%) | Monthly Savings |
|---|---|---|---|
| 3,000,000 / 20 years | ~26,035 | ~22,784 | ~3,251 |
| 5,000,000 / 20 years | ~43,392 | ~37,974 | ~5,418 |
| 7,000,000 / 20 years | ~60,749 | ~53,163 | ~7,586 |
Over a 5-year fixed period on a 5,000,000 peso loan, that monthly savings of approximately 5,418 pesos adds up to over 325,000 pesos — simply by choosing the lower rate. This is exactly why homeowners currently paying above 7.50% should seriously explore refinancing options.
Loan Purpose Coverage
One area where Security Bank stands out is the breadth of loan purposes they support. As a Nook partner bank, Security Bank's verified loan purposes include:
- Refinancing existing home loans
- Ready For Occupancy (RFO) property purchases
- Pre-selling property purchases
- Reselling / secondary market properties
- New construction
- Home renovation
- Home equity (cash-out against property)
- Foreclosed property acquisition
Chinabank also offers home loans for purchase and refinancing, but their product lineup and specific eligibility criteria are less publicly detailed, meaning borrowers often need to visit a branch or speak with a loan officer to get concrete figures — adding friction to an already complex process.
Employment Types Accepted
Security Bank through Nook accepts a wide range of employment types, which is important given the diversity of Filipino workers:
- Private sector employees
- Government employees
- BPO workers
- OFWs and Seafarers
- Self-employed individuals
- Professionals (doctors, lawyers, etc.)
- Freelancers
This broad eligibility makes Security Bank one of the more accessible options for Filipinos who don't fit the traditional salaried employee profile. If you're an OFW comparing options, it's also worth reading our Landbank vs Security Bank comparison which covers government-backed loan alternatives in more detail.
Rate Transparency: A Key Differentiator
One of the most frustrating parts of shopping for a home loan in the Philippines is that many banks — including Chinabank — do not prominently publish their current interest rates online. This forces borrowers to call branches, submit inquiry forms, and wait for callbacks before they can even begin comparing options.
Security Bank, as a Nook partner bank, has verified published rates that you can act on immediately. When you apply through Nook, there are no broker fees, no hidden charges, and no need to chase multiple bank representatives. Nook submits your application and advocates on your behalf — for free.
If you're also considering government-backed financing, our Philippine Veterans Bank vs Security Bank comparison is a helpful resource for eligible borrowers.
Should You Refinance from Chinabank to Security Bank?
If you currently have a home loan with Chinabank and your current interest rate is above 7.00%, refinancing to Security Bank through Nook could make strong financial sense. Here's a quick checklist to consider:
- Your current rate is above 7.00%: Security Bank's 5-year fixed rate of 6.75% could immediately lower your monthly payment.
- You have at least 12 months of on-time payments: Most banks require a clean repayment track record before approving a refinance.
- Your outstanding loan balance is at least 1,500,000 pesos: Refinancing smaller balances may not justify the transaction costs.
- Your property is in good standing: No legal encumbrances or title disputes.
- Your monthly income is at least 50,000 pesos: This is Security Bank's minimum income requirement.
The best refinance rate currently available through Nook is 5.99% p.a. — significantly lower than what most Filipino homeowners are currently paying. Even if you don't qualify for the very lowest rate, moving from 8.50% to 6.75% on a 5,000,000 peso loan saves you over 5,400 pesos every single month.
Not sure which bank suits you?
Nook compares offers from 15+ banks for free. See your personalised options.
Compare My Options →Frequently Asked Questions
What is the current interest rate for a Chinabank home loan?
Chinabank does not prominently publish its current home loan rates online. Based on general market data, rates are typically estimated in the 7.50%–9.50% range depending on the fixed-rate period, loan amount, and borrower profile. We recommend contacting Chinabank directly or speaking with a Nook mortgage broker to get an exact quote and compare it against verified partner bank rates.
What is Security Bank's current home loan interest rate?
Security Bank's current verified rates through Nook are: 6.99% for a 1-year fixed period and 6.75% for a 5-year fixed period. For home equity loans, the rate is 7.50%. These rates are subject to change, so it's best to apply through Nook to confirm the latest rates at the time of your application.
Can I refinance my Chinabank home loan to Security Bank?
Yes, you can refinance an existing Chinabank home loan to Security Bank. The process involves paying off your outstanding Chinabank balance using proceeds from the new Security Bank loan, then making payments to Security Bank at the new (lower) interest rate. Through Nook, the entire refinancing process is handled for you at zero cost — Nook earns a referral fee from the bank, not from you.
How long does it take to get approved for a Security Bank home loan?
Security Bank's typical approval timeline through Nook is approximately 23 days. This is faster than the industry average and significantly quicker than the 30–45 day estimates often associated with Chinabank's home loan processing. Having all your documents ready — including income documents, property title, and tax declarations — helps ensure the fastest possible approval.
Is Nook's mortgage brokering service really free?
Yes, Nook's service is completely free for borrowers. Nook is compensated through a referral arrangement with partner banks like Security Bank. You receive the same bank rate you would get by applying directly, but with the added benefit of Nook's expert guidance, document preparation support, and application management — all at no cost to you.
What is the minimum income requirement to get a Security Bank home loan?
Security Bank requires a minimum monthly income of 50,000 pesos. This applies to a wide range of employment types including private sector employees, government workers, BPO employees, OFWs, seafarers, self-employed individuals, professionals, and freelancers. Chinabank's minimum income requirements vary and are not publicly listed, so you would need to inquire directly.
How much can I save by switching from Chinabank to Security Bank?
Savings depend on your current rate and loan balance. For example, if you have a 5,000,000 peso outstanding balance and are currently paying 8.50% with Chinabank, refinancing to Security Bank's 5-year fixed rate of 6.75% could reduce your monthly payment by approximately 5,418 pesos. Over the 5-year fixed period, that's potential savings of over 325,000 pesos. Use Nook's refinance calculator to get a personalized estimate.