CIMB vs UnionBank Home Loan: Quick Overview
When Filipino borrowers search for the best home loan, digital banks like CIMB often come up alongside established universal banks like UnionBank. However, it's important to understand what each institution actually offers before making a decision.
CIMB Philippines is a digital bank that has made a strong impression in the personal finance space — particularly for personal loans, savings accounts, and credit cards. As of the latest available information, CIMB Philippines does not offer a dedicated home loan or housing loan product in the Philippine market. Borrowers looking specifically for a mortgage will need to look elsewhere.
UnionBank of the Philippines, on the other hand, is a full-service universal bank with an established home loan program. Whether you're purchasing a new property, refinancing an existing loan, or tapping your home equity, UnionBank has a product for you — and their rates are competitive within the Philippine banking landscape.
Home Loan Product Availability
| Feature | CIMB | UnionBank |
|---|---|---|
| Home Loan Available | ❌ Not currently offered | ✅ Yes |
| Refinancing | ❌ Not available | ✅ Yes |
| Home Equity Loan | ❌ Not available | ✅ Yes |
| New Purchase | ❌ Not available | ✅ Yes |
| Pre-Selling / RFO | ❌ Not available | ✅ Yes |
| Renovation Loan | ❌ Not available | ✅ Yes |
Because CIMB does not currently offer a home loan product in the Philippines, the rest of this comparison will focus on what UnionBank offers — and how you can use Nook to potentially find an even better rate than what any single bank offers.
UnionBank Home Loan Rates and Terms
UnionBank offers some of the more accessible home loan rates among Philippine universal banks. Here's a breakdown of what to expect:
| Loan Detail | UnionBank |
|---|---|
| 1-Year Fixed Rate | 7.00% p.a. |
| Home Equity Rate | 7.00% p.a. |
| Minimum Monthly Income | 30,000 |
| Maximum Debt-to-Income Ratio | 50% |
| Eligible Employment Types | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Loan Purposes | Foreclosed, Home Equity, New Construction, Pre-Selling, RFO, Renovation, Reselling |
Note: Interest rates are subject to change. Always verify current rates directly with UnionBank or through your Nook mortgage broker.
Sample Monthly Payment Calculation (UnionBank)
To illustrate what a UnionBank home loan might look like in practice, here are estimated monthly payments at 7.00% p.a. for a 20-year term:
| Loan Amount | Est. Monthly Payment (7.00%, 20 yrs) |
|---|---|
| 1,500,000 | ~11,628 |
| 3,000,000 | ~23,256 |
| 5,000,000 | ~38,760 |
| 8,000,000 | ~62,016 |
Now consider this: if you're currently on an older loan at 9.00% p.a. and you refinance a 3,000,000 loan to UnionBank's 7.00% p.a. rate, you could potentially save around 3,600 to 5,000 per month in interest alone, depending on your remaining term. Over 20 years, that's savings of over 800,000 — a life-changing difference for many Filipino families.
And through Nook, you might find rates as low as 5.99% p.a. — even lower than UnionBank's advertised rates. Nook shops your application across multiple lenders at no cost to you.
Who Should Apply with UnionBank?
UnionBank is a solid home loan option if you fall into any of these categories:
- You're employed in the private sector, government, or BPO industry
- You're an OFW or seafarer with a steady remittance income
- You're self-employed or a licensed professional with documented income
- You earn at least 30,000 per month
- You're looking to buy a property — whether pre-selling, RFO, or foreclosed
- You want to renovate your current home using its equity
If you've been comparing UnionBank against other lenders, you might also want to read our breakdown of PSBank vs UnionBank home loan rates or see how Pag-IBIG stacks up against UnionBank for government-backed options.
Why Use Nook Instead of Going Directly to UnionBank?
Nook is the Philippines' first digital mortgage broker, and it's completely free to use. Here's why borrowers choose Nook over going direct to a bank:
- Access to multiple lenders: Nook compares UnionBank, BPI, Security Bank, Metrobank, and more in one application
- Lowest available rate: Nook currently has access to rates as low as 5.99% p.a. — lower than what most banks advertise directly
- No broker fee: The service is 100% free to borrowers. Banks pay Nook, not you
- Expert guidance: A dedicated mortgage specialist helps you through every step of the process
- Faster processing: Nook's digital process streamlines document submission and bank communication
Whether you're buying your first home or refinancing an existing loan to escape a high rate, Nook gives you more options with less hassle.
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Compare My Options →Frequently Asked Questions
Does CIMB offer a home loan in the Philippines?
As of the latest available information, CIMB Philippines does not offer a dedicated home loan or housing loan product. CIMB operates primarily as a digital bank in the Philippines, focusing on personal loans, savings, and credit products. If you're looking for a home loan, you'll need to consider other lenders such as UnionBank, BPI, BDO, or apply through Nook to compare multiple options at once.
What is UnionBank's current home loan interest rate?
UnionBank currently offers a 1-year fixed rate of 7.00% p.a. for home loans, including home equity loans. Keep in mind that interest rates are subject to change, so it's best to verify the most current rates directly with UnionBank or through Nook, which can also surface rates as low as 5.99% p.a. from its panel of partner lenders.
What is the minimum income required for a UnionBank home loan?
UnionBank requires a minimum monthly income of 30,000 for home loan applicants. This applies to employed individuals (private sector, government, BPO), OFWs and seafarers, and self-employed professionals with documented income.
Can OFWs apply for a UnionBank home loan?
Yes, UnionBank accepts home loan applications from OFWs and seafarers, as long as they meet the minimum income and documentation requirements. Nook can help OFWs navigate the process remotely and compare UnionBank against other OFW-friendly lenders to find the best rate.
How can I get a lower home loan rate than what UnionBank advertises?
Through Nook, you may be able to access home loan rates as low as 5.99% p.a. — lower than UnionBank's publicly advertised rate. Nook is a free digital mortgage broker that submits your application to multiple lenders simultaneously, so you get competing offers without doing the legwork yourself. There is no fee charged to borrowers.
What types of properties can I finance with a UnionBank home loan?
UnionBank covers a wide range of property types and loan purposes, including ready-for-occupancy (RFO) units, pre-selling properties, new construction, reselling, foreclosed assets, renovation projects, and home equity loans. This makes UnionBank a flexible option for both first-time buyers and existing homeowners.
Is it worth refinancing my home loan to UnionBank?
If you're currently paying 8% or more on your existing home loan, refinancing to UnionBank's 7.00% rate could result in significant monthly savings. However, before applying directly, it's worth checking Nook first — you might qualify for an even lower rate of 5.99% p.a. through one of Nook's partner lenders, potentially saving you hundreds of thousands of pesos over the life of your loan.