CIMB vs Security Bank: Home Loan Overview
When Filipino homeowners search for the best home loan or refinancing option, two names that sometimes come up are CIMB and Security Bank. However, it's important to clarify a critical difference upfront: CIMB Philippines does not currently offer a home loan product. CIMB operates in the Philippines primarily as a digital bank focused on savings accounts, personal loans, and other consumer finance products — but not mortgages or home equity loans.
Security Bank, on the other hand, is a full-service commercial bank and one of Nook's verified partner banks, offering a complete range of home loan products including refinancing, purchase loans, home equity, and construction financing. If you are comparing these two institutions specifically for a home loan, Security Bank is the only viable option of the two.
Note: All interest rates are subject to change. Always verify current rates directly with the bank or through Nook before making a financial decision.
Security Bank Home Loan Rates at a Glance
| Fixed Period | Interest Rate (p.a.) |
|---|---|
| 1-Year Fixed | 6.99% |
| 5-Year Fixed | 6.75% |
| Home Equity | 7.50% |
Security Bank's 5-year fixed rate of 6.75% p.a. is among the lowest available in the market today. For context, most Filipino homeowners are currently paying between 7% and 10% on their existing home loans — meaning a refinance to Security Bank could deliver meaningful monthly savings.
How Much Could You Save?
Consider a homeowner with an outstanding loan balance of 3,000,000 and 20 years remaining on their term, currently paying 9.00% p.a.:
- Current monthly payment at 9.00%: approximately 26,992
- New monthly payment at 6.75% (Security Bank 5-year fix): approximately 22,805
- Monthly savings: approximately 4,187
- Annual savings: approximately 50,244
These figures are illustrative estimates. Your actual savings will depend on your remaining balance, term, and the rate you qualify for. Use Nook's free refinance calculator to get a personalized estimate.
Security Bank Home Loan Eligibility Requirements
| Requirement | Details |
|---|---|
| Minimum Monthly Income | 50,000 |
| Maximum Debt-to-Income Ratio | 40% |
| Typical Approval Time | 23 days |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
| Loan Purposes | Refinancing, Purchase (RFO, Pre-Selling, Reselling), Home Equity, Renovation, New Construction, Foreclosed Properties |
Security Bank accepts a broad range of employment types, including OFWs and freelancers — categories that are sometimes excluded or subject to stricter terms at other banks. The 40% maximum debt-to-income ratio is also a relatively flexible threshold, making Security Bank accessible to more borrowers.
Why CIMB Does Not Appear in This Home Loan Comparison
CIMB Bank Philippines entered the local market as a digital-first bank, quickly gaining popularity for its high-yield savings accounts and fast personal loan disbursements. However, home loans and mortgage products are not part of its current Philippine product lineup. Borrowers who found this page searching for CIMB home loans should be aware that they will need to look to other lenders for property financing.
If you are also evaluating other banks alongside Security Bank, you may find our comparisons helpful — for instance, you can read about how Landbank compares to Security Bank for home loans, or explore how Asia United Bank stacks up against Security Bank for a broader picture of the market.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker, and our service is 100% free for borrowers. We work directly with Security Bank and other partner lenders to match you with the best available rate for your situation. Here's what you get when you apply through Nook:
- Access to the lowest available rates from multiple partner banks
- A dedicated mortgage advisor who guides you through the entire process
- Help preparing your documents and application — no guesswork
- No broker fees, no hidden charges — completely free to you
- Faster processing support with an average approval time of 23 days for Security Bank
Whether you are buying a new home or refinancing an existing loan to reduce your monthly payments, Nook makes the process straightforward and stress-free.
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Compare My Options →Frequently Asked Questions
Does CIMB offer home loans in the Philippines?
No. As of the time of writing, CIMB Bank Philippines does not offer home loans or mortgage products. CIMB Philippines focuses on digital savings accounts and personal loans. If you are looking for a home loan or refinancing option, you will need to consider other banks such as Security Bank, which offers competitive rates starting at 6.75% p.a. for a 5-year fixed term.
What is Security Bank's home loan interest rate?
Security Bank currently offers a 1-year fixed rate of 6.99% p.a. and a 5-year fixed rate of 6.75% p.a. for home loans. A home equity loan rate of 7.50% p.a. is also available. These rates are subject to change, so it's best to check the latest rates through Nook or directly with Security Bank before applying.
What is the minimum income requirement for a Security Bank home loan?
Security Bank requires a minimum monthly income of 50,000 for home loan applicants. This applies across most employment types, including salaried employees, self-employed individuals, OFWs, seafarers, and freelancers.
How long does Security Bank take to approve a home loan?
Security Bank's typical home loan approval time is approximately 23 days. Applying through Nook can help streamline the process, as our mortgage advisors assist you in preparing complete and accurate documentation, which reduces the likelihood of delays.
Can I use Security Bank to refinance my existing home loan?
Yes. Refinancing is one of Security Bank's supported loan purposes. If you are currently paying a higher interest rate — for example, 8% or 9% — refinancing to Security Bank's 5-year fixed rate of 6.75% p.a. could significantly reduce your monthly payment and total interest cost over the life of your loan. Nook can help you calculate your potential savings for free.
Is Nook's service really free for borrowers?
Yes, Nook's mortgage brokerage service is 100% free for borrowers. Nook earns a referral fee from partner banks when a loan is successfully disbursed — you pay nothing extra. The rate you receive through Nook is the same or better than going directly to the bank.
What types of properties can be financed through Security Bank?
Security Bank supports a wide range of property and loan types, including ready-for-occupancy (RFO) units, pre-selling properties, resale homes, new construction, foreclosed properties, home equity loans, and renovation financing. This makes Security Bank a flexible option for many different borrower situations.