EastWest Bank vs UnionBank: Interest Rate Comparison
Interest rate is the single biggest factor in your home loan cost. Here's how EastWest Bank and UnionBank compare on their published fixed rates:
| Fixing Period | EastWest Bank | UnionBank |
|---|---|---|
| 1-Year Fixed | 5.99% p.a. | 7.00% p.a. |
| 3-Year Fixed | 6.25% p.a. | — |
| 5-Year Fixed | 6.49% p.a. | — |
| 7-Year Fixed | 7.00% p.a. | — |
| Home Equity | 6.25% p.a. | 7.00% p.a. |
Note: Interest rates are subject to change. Always verify current rates directly with the bank or through Nook before making a decision.
Monthly Payment Comparison: Real Numbers
To make the rate difference tangible, here's what your estimated monthly payment would look like on a 3,000,000 peso loan over 20 years at each bank's 1-year fixed rate:
| Scenario | EastWest Bank (5.99%) | UnionBank (7.00%) |
|---|---|---|
| Monthly Payment (est.) | 21,483 | 23,259 |
| Annual Payment | 257,796 | 279,108 |
| Total Interest over 20 Years | 2,155,920 | 2,582,160 |
On a 3,000,000 peso loan, choosing EastWest Bank over UnionBank could save you approximately 1,776 pesos every month and over 426,000 pesos in total interest over the life of the loan. If you're currently paying 7% or more on your existing home loan, see how EastWest Bank also compares to Landbank to understand the full range of savings available to you.
Eligibility Requirements Compared
Before applying, make sure you meet each bank's core eligibility criteria:
| Requirement | EastWest Bank | UnionBank |
|---|---|---|
| Minimum Monthly Income | 40,000 | 30,000 |
| Maximum Debt-to-Income Ratio | 40% | 50% |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
UnionBank's lower income threshold of 30,000 pesos per month and higher DTI allowance of 50% make it more accessible for borrowers with tighter budgets or existing financial obligations. EastWest Bank requires a minimum of 40,000 pesos monthly income but rewards qualifying borrowers with a significantly lower interest rate. For a broader look at how UnionBank's income requirements compare across lenders, see our PSBank vs UnionBank home loan comparison.
Loan Purpose Coverage
Both banks support a wide range of home loan purposes, but EastWest Bank covers a broader set of use cases:
| Loan Purpose | EastWest Bank | UnionBank |
|---|---|---|
| Refinancing | ✔ | ✘ |
| Home Equity / Cash-Out | ✔ | ✔ |
| Ready For Occupancy (RFO) | ✔ | ✔ |
| Pre-Selling | ✔ | ✔ |
| New Construction | ✔ | ✔ |
| Renovation | ✔ | ✔ |
| Reselling | ✔ | ✔ |
| Foreclosed Properties | ✔ | ✔ |
Important for refinancers: EastWest Bank explicitly supports home loan refinancing, making it a strong choice if you want to switch from a higher-rate loan. UnionBank does not list refinancing as a supported loan purpose through Nook's current panel, so homeowners looking to refinance should strongly consider EastWest Bank as their primary option.
Processing Speed
EastWest Bank has a typical approval timeline of 19 business days, which is competitive among Philippine home loan lenders. UnionBank's processing timeline may vary — when you apply through Nook, your dedicated mortgage specialist will keep you updated at every stage and help both applications move as efficiently as possible.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker, and applying through Nook is 100% free for borrowers. When you apply through Nook, you get:
- Access to both EastWest Bank and UnionBank on a single application
- A dedicated mortgage specialist who handles paperwork and follow-ups on your behalf
- Side-by-side rate comparison so you always get the best deal available
- No broker fees — ever
Whether you're refinancing an existing loan or purchasing a new property, Nook makes it easy to find and lock in the lowest rate possible.
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Compare My Options →Frequently Asked Questions
Which is better for home loan refinancing — EastWest Bank or UnionBank?
EastWest Bank is the better choice for refinancing. It explicitly supports home loan refinancing and offers a 1-year fixed rate of 5.99% p.a. — significantly lower than UnionBank's 7.00% p.a. entry rate. If you're currently paying 7% or more on your existing home loan, refinancing to EastWest Bank through Nook could save you hundreds of thousands of pesos over the life of your loan. UnionBank does not currently list refinancing as a supported loan purpose through Nook.
What is EastWest Bank's lowest home loan interest rate?
EastWest Bank's lowest available home loan rate is 5.99% p.a. on a 1-year fixed term. This is among the most competitive rates currently available in the Philippine home loan market. Rates are subject to change, so verify the current rate when you apply through Nook.
What is UnionBank's home loan interest rate?
UnionBank's home loan rate starts at 7.00% p.a. for both 1-year fixed and home equity loans. This is the only fixed-rate product currently available through UnionBank on Nook's panel. Interest rates are subject to change — always confirm the latest rate at the time of application.
Can I apply for both EastWest Bank and UnionBank home loans at the same time?
Yes. When you apply through Nook, you can submit a single application and have your mortgage specialist check your eligibility with both banks simultaneously. This saves time and lets you compare real offers before deciding. Nook's service is completely free for borrowers.
What is the minimum income requirement for EastWest Bank and UnionBank home loans?
EastWest Bank requires a minimum monthly income of 40,000 pesos, while UnionBank's minimum is lower at 30,000 pesos per month. Both banks accept private employees, government workers, BPO employees, OFWs, seafarers, self-employed individuals, and professionals.
How long does EastWest Bank take to approve a home loan?
EastWest Bank's typical approval timeline is around 19 business days. Applying through Nook can help streamline the process since your dedicated mortgage specialist will ensure your documents are complete and submitted correctly from the start.
How much can I save by refinancing to EastWest Bank from a 7% loan?
On a 3,000,000 peso loan over 20 years, refinancing from 7.00% to EastWest Bank's 5.99% rate could save you approximately 1,776 pesos per month and over 426,000 pesos in total interest payments. The actual savings depend on your loan amount, remaining term, and any applicable fees. Use Nook's free refinancing calculator or speak to a Nook mortgage specialist for a personalised estimate.