First Metro Investment vs Philippine Veterans Bank: Home Loan Overview
First Metro Investment Corporation (FMIC) is the investment banking subsidiary of Metrobank, one of the Philippines' largest financial institutions. While FMIC is best known for capital markets and investment products, it does offer home financing solutions, often packaged through the broader Metrobank network. Philippine Veterans Bank (PVB), on the other hand, is a government-backed bank with a special mandate to serve Filipino veterans and their families — though its home loan products are open to the general public as well.
When comparing these two lenders head-to-head, it's important to understand their distinct positioning: First Metro Investment leans toward institutional and high-net-worth clients, while Philippine Veterans Bank maintains a broader retail lending focus with government backing providing stability.
Interest Rate Comparison
| Feature | First Metro Investment | Philippine Veterans Bank | Nook (Best Available) |
|---|---|---|---|
| Starting Interest Rate | ~7.50% p.a. | ~7.00% p.a. | 5.99% p.a. |
| Rate Type | Fixed (1–5 years), then variable | Fixed (1–5 years), then variable | Fixed period available |
| Rate Transparency | Limited public disclosure | Moderate — rates published on request | Full upfront disclosure |
Most Filipino homeowners currently paying rates between 7% and 10% stand to save significantly by refinancing. At a rate of 5.99% p.a. through Nook, the savings can be substantial — see the calculations below.
Monthly Payment Comparison: Real Numbers
Let's illustrate the difference using a common loan scenario: a 3,000,000 peso home loan over 20 years.
| Lender | Rate | Est. Monthly Payment | Total Interest Paid |
|---|---|---|---|
| First Metro Investment | 7.50% p.a. | ~24,050 | ~2,772,000 |
| Philippine Veterans Bank | 7.00% p.a. | ~23,260 | ~2,582,400 |
| Nook Best Rate | 5.99% p.a. | ~21,490 | ~2,157,600 |
At 5.99% versus 7.50%, a borrower with a 3,000,000 peso loan saves approximately 2,560 pesos every single month — that's over 614,000 pesos across the life of a 20-year loan. Even compared to Philippine Veterans Bank's more competitive 7.00% rate, refinancing through Nook saves roughly 1,770 pesos per month, or more than 424,000 pesos over the loan term.
Loan Features & Eligibility
| Feature | First Metro Investment | Philippine Veterans Bank |
|---|---|---|
| Minimum Loan Amount | ~1,500,000 | ~500,000 |
| Maximum Loan Amount | Up to 80% of property value | Up to 80% of property value |
| Loan Term | Up to 20 years | Up to 20 years |
| Eligible Borrowers | Employed, self-employed, high-net-worth individuals | Veterans, government employees, general public |
| Property Types | Residential (house & lot, condo) | Residential (house & lot, condo, lot only) |
| OFW Borrowers | Limited availability | Accepted with conditions |
Fees & Charges
Both First Metro Investment and Philippine Veterans Bank charge standard home loan fees, though the exact amounts vary and should be confirmed directly with each bank. Typical fees include:
- Processing fee: 5,000–10,000 pesos (non-refundable)
- Appraisal fee: 3,500–6,000 pesos depending on property location
- Mortgage redemption insurance (MRI): Required by both lenders
- Fire insurance: Required annually
- Documentary stamp tax and notarial fees: Government-mandated, applicable to both
Philippine Veterans Bank is generally considered slightly more flexible on fee structures for veterans and long-standing clients. First Metro Investment, given its investment banking heritage, may bundle fees differently. Always request a full disclosure statement from any lender before committing.
With Nook, our team helps you understand the full cost picture across multiple lenders — not just the headline rate — so you can make a truly informed decision. Nook's service is 100% free to borrowers.
Application Process & Speed
| Criteria | First Metro Investment | Philippine Veterans Bank | Nook |
|---|---|---|---|
| Online Application | Partial (branch coordination required) | Partial (branch coordination required) | Fully digital |
| Approval Timeline | 2–4 weeks | 2–4 weeks | As fast as 5 business days |
| Dedicated Support | Branch-based relationship manager | Branch-based loan officer | Dedicated mortgage specialist |
| Multiple Lender Comparison | No | No | Yes — across 10+ banks |
If you're exploring lenders beyond these two, it's worth reading how other smaller or digital-focused lenders compare. For example, you can see how CIMB and PBCOM stack up on home loan rates — a useful reference if you're open to newer banking alternatives.
Who Should Consider Each Lender?
Choose First Metro Investment if:
- You already have an existing relationship with Metrobank or FMIC
- You're a high-net-worth borrower looking for a bundled financial services package
- You prefer a well-capitalized, established institution with Metrobank backing
Choose Philippine Veterans Bank if:
- You are a veteran or immediate family member of a veteran (you may qualify for preferential rates)
- You are a government employee seeking a reliable, stable lender
- You prefer a government-backed institution with a social mandate
Consider Nook if:
- You want the lowest possible rate — currently 5.99% p.a.
- You want one application to compare multiple banks simultaneously
- You don't want to pay broker fees (Nook is 100% free)
- You want expert guidance through the entire refinance process
For context on how other community and mid-tier banks compete in this space, our comparison of Bank of Commerce vs CIMB home loan rates offers additional perspective on what smaller institutions can offer.
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Compare My Options →Frequently Asked Questions
Is First Metro Investment a good lender for home loans?
First Metro Investment is the investment banking arm of Metrobank and does offer home financing, but it is primarily known for capital markets and institutional financial services rather than retail mortgage lending. Its home loan products may be less accessible or competitively priced for the average Filipino borrower compared to dedicated retail banks. If you are already a Metrobank client, it may be worth exploring — but always compare rates before committing.
Does Philippine Veterans Bank offer home loans to non-veterans?
Yes. While Philippine Veterans Bank was originally chartered to serve Filipino veterans and their families, its home loan products are available to the general public. Veterans and their immediate family members may qualify for preferential treatment or dedicated support, but any eligible Filipino borrower can apply for a PVB home loan.
What is the current best home loan refinance rate in the Philippines?
Through Nook, the best available refinance rate is currently 5.99% per annum. This is significantly lower than the 7% to 10% that most Filipino homeowners are currently paying on their existing home loans. Refinancing to 5.99% can save you hundreds of thousands of pesos over the life of your loan.
How much can I save by refinancing from 7.50% to 5.99%?
On a 3,000,000 peso loan over 20 years, refinancing from 7.50% to 5.99% saves approximately 2,560 pesos per month, which adds up to over 614,000 pesos in total interest savings over the life of the loan. Even refinancing from 7.00% to 5.99% saves around 1,770 pesos per month, or more than 424,000 pesos total.
How much does it cost to use Nook to refinance my home loan?
Nook's mortgage brokering service is completely free for borrowers. There are no broker fees, no hidden charges, and no obligations. Nook is compensated by the lending banks, not by you. You get access to competitive rates from multiple lenders and expert guidance throughout the process at zero cost.
Can I refinance from First Metro Investment or Philippine Veterans Bank through Nook?
Yes. If you currently have a home loan with First Metro Investment, Philippine Veterans Bank, or any other lender in the Philippines, Nook can help you explore refinancing options. Nook works with a wide panel of banks and will help you find a lower rate, handle the paperwork, and guide you through the entire process — for free.
What documents do I need to refinance my home loan?
Standard documents for home loan refinancing in the Philippines typically include a valid government-issued ID, proof of income (payslips, ITR, or audited financial statements for self-employed borrowers), your current loan statement of account, the Transfer Certificate of Title (TCT) of your property, and a recent tax declaration. Nook's specialists will guide you through the exact requirements based on your chosen lender.