Interest Rates 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%
UnionBank Rates
- 1-Year Fixed: 7.00%
- Home Equity: 7.00%
EastWest Bank offers a significant 1.01 percentage point advantage on their best rate, potentially saving you thousands in interest payments over your loan term.
Monthly Payment Comparison
For a ₱3,000,000 loan over 20 years:
EastWest Bank (5.99%)
₱21,461/month
UnionBank (7.00%)
₱23,265/month
Choose EastWest Bank and save ₱1,804 per month or ₱432,960 over 20 years.
Eligibility Requirements
EastWest Bank
- Min Monthly Income: ₱40,000
- Max DTI: 40%
- Typical Approval: 19 days
- Employment: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
UnionBank
- Min Monthly Income: ₱30,000
- Max DTI: 50%
- Employment: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
While UnionBank has a lower minimum income requirement and higher DTI allowance, EastWest Bank's superior rates typically outweigh these advantages for qualified borrowers.
Loan Purposes Supported
EastWest Bank
- Foreclosed Properties
- Home Equity
- New Construction
- Pre-Selling
- Ready For Occupancy (RFO)
- Refinancing
- Renovation
- Reselling
UnionBank
- Foreclosed Properties
- Home Equity
- New Construction
- Pre-Selling
- Ready For Occupancy (RFO)
- Renovation
- Reselling
EastWest Bank supports all major loan purposes including refinancing, making them ideal for current homeowners looking to refinance their existing loans for better terms.
Why Choose Nook for Your Application
Both EastWest Bank and UnionBank are trusted Nook partner banks, meaning you get:
- 100% Free Service - No broker fees or hidden charges
- Expert Guidance - Professional loan specialists to guide your application
- Faster Processing - Direct partnership benefits for quicker approvals
- Rate Negotiation - We help secure the best possible terms
Use our EastWest Bank housing loan calculator to see your exact monthly payments and savings potential.
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Compare My Options →Frequently Asked Questions
Which bank offers better housing loan rates - EastWest Bank or UnionBank?
EastWest Bank offers significantly better rates starting at 5.99% compared to UnionBank's 7.00%. This 1.01 percentage point difference can save you ₱1,804 per month on a ₱3,000,000 loan, translating to over ₱400,000 in savings over 20 years.
What are the minimum income requirements for each bank?
UnionBank has a lower minimum income requirement at ₱30,000 monthly compared to EastWest Bank's ₱40,000. However, EastWest Bank's superior interest rates often provide better overall value for qualified borrowers despite the higher income threshold.
Which bank has more flexible debt-to-income requirements?
UnionBank allows up to 50% DTI while EastWest Bank caps at 40%. This makes UnionBank more accessible for borrowers with higher existing debt obligations, though EastWest Bank's lower rates may still result in lower total monthly housing costs.
How long does loan approval typically take for each bank?
EastWest Bank typically processes applications in 19 days. UnionBank's processing time varies, but both banks benefit from Nook's partnership program which can help expedite the approval process through direct relationships and expert application preparation.
Can I refinance my existing loan with either bank through Nook?
Yes, both EastWest Bank and UnionBank support refinancing through Nook's platform. EastWest Bank particularly excels in refinancing with competitive rates that can significantly reduce your monthly payments. Nook's service is 100% free and includes expert guidance throughout the refinancing process.
What employment types do both banks accept?
Both banks accept a wide range of employment types including private employees, government workers, BPO staff, OFWs/seafarers, self-employed individuals, and professionals. This makes both options accessible to most Filipino borrowers regardless of their employment sector.