Interest Rate Comparison
EastWest Bank Rates
- 1-Year Fixed: 5.99%
- 3-Year Fixed: 6.25%
- 5-Year Fixed: 6.49%
- 7-Year Fixed: 7.00%
- Home Equity: 6.25%
Security Bank Rates
- 1-Year Fixed: 6.99%
- 5-Year Fixed: 6.75%
- Home Equity: 7.50%
EastWest Bank clearly offers more competitive rates across the board, with their 1-year fixed rate at 5.99% providing significant savings compared to Security Bank's 6.99%. The difference becomes even more pronounced for home equity loans, where EastWest offers 6.25% versus Security Bank's 7.50%.
Savings Calculator: ₱3,000,000 Loan Over 20 Years
| Bank | Rate | Monthly Payment | Total Interest | Savings vs Higher Rate |
|---|---|---|---|---|
| EastWest Bank | 5.99% | 21,446 | 2,147,040 | - |
| Security Bank | 6.99% | 23,265 | 2,583,600 | -436,560 |
By choosing EastWest Bank's 5.99% rate over Security Bank's 6.99% rate, you could save ₱436,560 in total interest and reduce your monthly payment by ₱1,819 on a ₱3,000,000 loan.
Eligibility and Processing Comparison
EastWest Bank
- Minimum Income: ₱40,000/month
- Processing Time: 19 days
- Max DTI: 40%
- Employment Types: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
Security Bank
- Minimum Income: ₱50,000/month
- Processing Time: 23 days
- Max DTI: 40%
- Employment Types: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer
EastWest Bank offers more accessible eligibility with a lower ₱40,000 minimum income requirement and faster 19-day processing. Security Bank requires a higher ₱50,000 minimum income but uniquely accepts freelancers. Both banks maintain the same 40% debt-to-income ratio limit.
Loan Purpose Flexibility
Both banks offer comprehensive loan purposes including:
- Refinancing existing home loans
- New construction and pre-selling units
- Ready for occupancy (RFO) properties
- Home equity and renovation loans
- Foreclosed and reselling properties
This flexibility makes both banks suitable for various homeowner needs, whether you're looking to calculate potential savings with EastWest Bank or explore Security Bank's refinancing options.
Why Choose Nook for Your Application
Both EastWest Bank and Security Bank are Nook partner institutions, meaning you get:
- Free broker service - No fees for our assistance
- Expert guidance - Professional support throughout the process
- Multiple quotes - Compare offers from both banks easily
- Streamlined process - One application for multiple bank considerations
Our mortgage specialists can help you navigate the differences between these banks and secure the best possible terms for your refinancing needs.
Not sure which bank suits you?
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Compare My Options →Frequently Asked Questions
Which bank offers better home loan rates - EastWest or Security Bank?
EastWest Bank offers better rates overall, starting at 5.99% for 1-year fixed terms compared to Security Bank's 6.99%. EastWest also provides more rate options with 3-year and 7-year fixed terms, plus a competitive 6.25% home equity rate versus Security Bank's 7.50%.
What are the income requirements for EastWest Bank vs Security Bank?
EastWest Bank requires a minimum monthly income of ₱40,000, while Security Bank requires ₱50,000. This makes EastWest more accessible to a broader range of borrowers, though Security Bank uniquely accepts freelancers among their eligible employment types.
How much can I save by refinancing with EastWest Bank instead of Security Bank?
On a ₱3,000,000 loan over 20 years, choosing EastWest Bank's 5.99% rate over Security Bank's 6.99% rate could save you ₱436,560 in total interest payments and reduce your monthly payment by ₱1,819.
Which bank processes home loans faster - EastWest or Security Bank?
EastWest Bank typically processes applications in 19 days compared to Security Bank's 23 days. Both timeframes are competitive in the Philippine banking industry, but EastWest offers a 4-day advantage for faster loan approval.
Can I apply to both EastWest Bank and Security Bank through Nook?
Yes, both banks are Nook partner institutions. You can apply to both through our platform at no cost, allowing you to compare actual loan offers and choose the best terms. Our service is 100% free to borrowers.
Do both banks accept the same types of employment for home loans?
Both banks accept private employees, government workers, BPO staff, OFW/seafarers, self-employed individuals, and professionals. Security Bank additionally accepts freelancers, making it unique among traditional banks for this employment category.