EastWest Bank vs SB Finance: Home Loan Rate Comparison
Choosing between EastWest Bank and SB Finance for your home loan or refinance depends on your priorities — whether that's getting the lowest possible interest rate, flexible repayment terms, or easier qualification criteria. Below, we compare both lenders across the metrics that matter most to Filipino homeowners.
Important: Interest rates are subject to change. Always verify current rates with the lender or through Nook before making a decision.
Interest Rate Comparison
| Fixed Period | EastWest Bank | SB Finance |
|---|---|---|
| 1-Year Fixed | 5.99% p.a. | Varies (typically 7.5%–9.0% p.a.) |
| 3-Year Fixed | 6.25% p.a. | Varies (typically 8.0%–9.5% p.a.) |
| 5-Year Fixed | 6.49% p.a. | Varies (typically 8.5%–10.0% p.a.) |
| 7-Year Fixed | 7.00% p.a. | Not widely published |
| Home Equity | 6.25% p.a. | Not standard offering |
EastWest Bank's rates are among the most competitive in the Philippine market. SB Finance, as a consumer finance company under Security Bank, tends to cater to borrowers with non-traditional profiles and accordingly prices its loans at higher rates to reflect that risk. If your income and credit profile qualifies you for a bank loan, EastWest Bank will almost always offer a significantly lower rate.
Real Savings Illustration
Let's say you have an existing home loan with a balance of 3,500,000 and are currently paying 8.5% p.a. on a 20-year term. Here's how your monthly payment compares if you refinance to EastWest Bank's 1-year fixed rate of 5.99% p.a.:
| Scenario | Rate | Est. Monthly Payment | Annual Interest Cost |
|---|---|---|---|
| Current Loan (8.5%) | 8.5% p.a. | approx. 30,400 | approx. 297,500 |
| Refinance via EastWest (5.99%) | 5.99% p.a. | approx. 25,050 | approx. 209,650 |
| Monthly Savings | — | approx. 5,350 | approx. 87,850 per year |
Over a 5-year fixed period, that translates to potential savings of over 439,000 in interest alone — money that stays in your pocket instead of going to your bank. Use these figures as estimates; your actual savings will depend on your remaining balance, term, and the rate you qualify for.
Loan Eligibility & Requirements
| Criteria | EastWest Bank | SB Finance |
|---|---|---|
| Minimum Monthly Income | 40,000 | Varies by product (often lower) |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Salaried, Self-Employed (broader risk appetite) |
| Max Debt-to-Income Ratio | 40% | Not publicly disclosed |
| Typical Approval Time | 19 days | Varies (typically 2–4 weeks) |
EastWest Bank accommodates a wide range of employment types including OFWs and seafarers — a significant advantage for many Filipino households. SB Finance may accept borrowers with lower incomes or less conventional income documentation, but this flexibility typically comes at the cost of higher interest rates.
Loan Purposes Covered
| Purpose | EastWest Bank | SB Finance |
|---|---|---|
| Refinancing | ✅ Yes | ✅ Yes |
| Ready for Occupancy (RFO) | ✅ Yes | ✅ Yes |
| Pre-Selling | ✅ Yes | Limited |
| New Construction | ✅ Yes | Varies |
| Home Equity / Cash-Out | ✅ Yes (6.25% p.a.) | Limited |
| Renovation | ✅ Yes | ✅ Yes |
| Foreclosed Properties | ✅ Yes | Limited |
EastWest Bank covers the full spectrum of home loan purposes, making it a one-stop shop for homeowners at any stage. If you're specifically looking to refinance, EastWest Bank's dedicated refinancing product with a starting rate of 5.99% p.a. is hard to beat. You can also explore how EastWest stacks up in other matchups, such as in this EastWest Bank vs Pag-IBIG home loan comparison for government fund borrowers.
Fees & Other Costs
| Fee Type | EastWest Bank | SB Finance |
|---|---|---|
| Broker / Facilitation Fee (via Nook) | Free (₱0) | Not available via Nook |
| Processing Fee | Standard bank fees apply | Standard fees apply |
| Appraisal Fee | Standard bank fees apply | Standard fees apply |
| Mortgage Redemption Insurance (MRI) | Required | Required |
| Fire Insurance | Required | Required |
One of the most important advantages of applying through Nook is that the broker service is completely free to the borrower. Nook is compensated by the bank — not by you — so you get expert guidance and access to EastWest Bank's competitive rates without paying a single centavo in facilitation fees.
Which Borrower Profile Fits Each Lender?
Choose EastWest Bank if you:
- Want the lowest possible interest rate (starting at 5.99% p.a.)
- Earn at least 40,000 per month
- Are a salaried employee, OFW, BPO worker, self-employed professional, or government employee
- Need fast approval (typically 19 days)
- Want to refinance, tap home equity, or purchase a new property
- Prefer applying for free through Nook
Consider SB Finance if you:
- Do not meet the income or credit requirements of mainstream banks
- Have a non-traditional income setup that banks often decline
- Are willing to accept a higher interest rate in exchange for easier qualification
If you're on the fence about which bank is right for you, it may also be worth reviewing comparisons like Asia United Bank vs EastWest Bank to see how EastWest performs against other mid-tier competitors.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker — and applying through Nook to EastWest Bank costs you absolutely nothing. Here's what you get:
- Free service: Nook's fee is paid by the bank, not by you
- Expert guidance: Nook's advisors help you prepare documents and maximize your chances of approval
- Multiple lender access: Compare EastWest Bank alongside other top Philippine banks in one place
- Faster processing: Nook's bank relationships help streamline your application
Whether you're refinancing to lower your monthly payments or unlocking your home's equity, Nook makes it easier, faster, and cheaper to get it done.
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Compare My Options →Frequently Asked Questions
What is the lowest home loan rate available at EastWest Bank?
EastWest Bank currently offers a 1-year fixed rate of 5.99% p.a., which is among the most competitive refinance rates available in the Philippines today. Rates are subject to change, so always verify the current rate through Nook or directly with EastWest Bank before applying.
Is SB Finance a bank?
SB Finance is not a traditional bank — it is a consumer finance company affiliated with Security Bank. It provides personal loans and some home financing products, but it operates differently from a licensed universal bank like EastWest Bank. This distinction matters for home loan rates, product variety, and regulatory protections.
Can I refinance my home loan through SB Finance?
SB Finance does offer some refinancing options, but its rates and product range are more limited compared to EastWest Bank. If your goal is to reduce your monthly mortgage payment through refinancing, EastWest Bank's dedicated refinancing product at 5.99% p.a. (1-year fixed) is likely the stronger choice.
How much can I save by refinancing to EastWest Bank?
The savings depend on your current rate, remaining loan balance, and term. As an example, a borrower with a 3,500,000 balance currently paying 8.5% p.a. could save approximately 5,350 per month — or over 439,000 over five years — by switching to EastWest Bank's 5.99% p.a. rate through Nook.
Does Nook charge a fee for helping me apply to EastWest Bank?
No. Nook's mortgage broker service is 100% free to borrowers. Nook is compensated directly by the bank, so you pay nothing for access to expert advice, document preparation support, and streamlined processing.
How long does EastWest Bank take to approve a home loan?
EastWest Bank's typical approval timeline is approximately 19 days, making it one of the faster home loan processors among Philippine banks. Applying through Nook can help ensure your documents are complete and in order, which reduces delays.
What types of borrowers does EastWest Bank accept?
EastWest Bank accepts a wide range of borrower types including private sector employees, government employees, BPO workers, OFWs and seafarers, self-employed individuals, and licensed professionals. The minimum monthly income requirement is 40,000.
Can OFWs apply for an EastWest Bank home loan through Nook?
Yes. EastWest Bank explicitly accepts OFWs and seafarers as eligible borrowers for home loans, including refinancing. Nook can assist OFW applicants with the documentation process remotely, making it convenient regardless of where you are based.