First Metro Investment vs UCPB: Home Loan Overview
Before diving into the numbers, it's important to understand what each institution actually is. First Metro Investment Corporation (FMIC) is the investment banking arm of Metrobank Group. While it does offer home financing products, it operates differently from a full-service commercial bank — its offerings are often structured for larger transactions and may not be as readily accessible to the average homeowner. UCPB (United Coconut Planters Bank), on the other hand, was a full-service commercial bank that merged with Landbank of the Philippines in 2022. Existing UCPB home loan accounts are now serviced under Landbank, and new applicants are generally directed to Landbank for home loan products.
This distinction matters: if you're an existing UCPB borrower, your loan is now a Landbank loan. If you're comparing these two for a new application, your practical options may be narrower than they appear.
Interest Rate Comparison
| Feature | First Metro Investment | UCPB / Landbank |
|---|---|---|
| Indicative Fixed Rate (1-year) | ~7.50% – 8.50% p.a. | ~7.00% – 8.00% p.a. |
| Indicative Fixed Rate (3-year) | ~7.75% – 8.75% p.a. | ~7.25% – 8.25% p.a. |
| Indicative Fixed Rate (5-year) | ~8.00% – 9.00% p.a. | ~7.50% – 8.50% p.a. |
| Variable Rate Option | Available (reprices annually) | Available |
| Best Rate via Nook | 5.99% p.a. — lower than both | |
These are indicative ranges based on publicly available information. Actual rates depend on your loan amount, term, and creditworthiness. Always request a formal quote before committing.
Monthly Payment Comparison (Sample Loan: 3,500,000 over 20 Years)
To make this tangible, here's how monthly payments compare across different rate scenarios for a home loan of 3,500,000 over a 20-year term:
| Scenario | Interest Rate | Est. Monthly Payment | Total Interest Paid |
|---|---|---|---|
| UCPB / Landbank (low estimate) | 7.00% p.a. | 27,166 | 3,019,840 |
| First Metro Investment (low estimate) | 7.50% p.a. | 28,156 | 3,257,440 |
| UCPB / Landbank (mid estimate) | 8.00% p.a. | 29,245 | 3,518,800 |
| First Metro Investment (high estimate) | 9.00% p.a. | 31,479 | 4,054,960 |
| Nook Best Rate | 5.99% p.a. | 25,076 | 2,518,240 |
At Nook's best rate of 5.99% p.a., a borrower with a 3,500,000 loan would pay approximately 25,076 per month — saving up to 6,403 per month compared to a mid-range UCPB rate, and over 1,000,000 in total interest over the life of the loan. That's a meaningful difference for any Filipino family.
Fees and Charges
| Fee Type | First Metro Investment | UCPB / Landbank |
|---|---|---|
| Processing Fee | ~5,000 – 10,000 (varies) | ~5,000 – 10,000 |
| Appraisal Fee | Charged to borrower | Charged to borrower |
| Documentary Stamp Tax | Borrower's responsibility | Borrower's responsibility |
| Mortgage Redemption Insurance (MRI) | Required | Required |
| Fire Insurance | Required | Required |
| Early Repayment Penalty | Typically 2-3% of outstanding balance | Typically 2-3% of outstanding balance |
Both lenders charge broadly similar fees. When refinancing, always factor in these upfront costs against your projected monthly savings to calculate your break-even point.
Eligibility and Application
| Criterion | First Metro Investment | UCPB / Landbank |
|---|---|---|
| Minimum Loan Amount | ~1,000,000 (higher minimums common) | ~500,000 |
| Maximum Loan Amount | Up to 80% of appraised value | Up to 80% of appraised value |
| Minimum Age | 21 years old | 21 years old |
| Maximum Age at Loan Maturity | 65 years old | 70 years old |
| OFW Applications | Limited availability | Accepted (via Landbank) |
| Self-Employed Applicants | Accepted with additional docs | Accepted with additional docs |
| Online Application | Limited digital process | Landbank online portal available |
For borrowers who are OFWs or self-employed, Landbank (formerly UCPB) may be the more practical choice due to its broader product accessibility. First Metro Investment's home loan products tend to be better suited to higher-value transactions.
Refinancing: Should You Switch Between These Two?
If you're currently with UCPB (now Landbank) and considering refinancing to First Metro Investment — or vice versa — the honest answer is: the rate differential is unlikely to justify the switching costs unless you're borrowing a very large amount. Both lenders' rates sit in a range that Nook's partner banks regularly beat.
For example, if you have an existing loan of 5,000,000 at 8.50% p.a. and refinance to 5.99% p.a., your monthly savings would be approximately 14,600 per month — or roughly 175,200 per year. Switching from one of these banks to the other at a marginally lower rate would yield a fraction of that benefit.
You may also find it useful to explore how UCPB compares with other lenders — for instance, see how RCBC stacks up against UCPB if you want another traditional bank in the mix, or check out Bank of Commerce vs UCPB for a mid-tier bank comparison.
Why Nook Is the Smarter Move
Nook is the Philippines' first digital mortgage broker, and it's completely free to borrowers. Instead of applying to one bank at a time and hoping for the best rate, Nook shops multiple lenders simultaneously on your behalf — including banks that don't advertise their lowest rates publicly — and presents you with the best offer available.
- Best available rate: 5.99% p.a. — lower than both First Metro Investment and UCPB's typical range
- 100% free: Nook earns from the bank, never from you
- Multi-bank comparison: One application, multiple offers
- End-to-end support: From document prep to loan release
- No obligation: See your options before you decide
There's no reason to settle for the first rate you're quoted when Nook can show you what's possible across the whole market.
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Compare My Options →Frequently Asked Questions
Is First Metro Investment a bank?
No — First Metro Investment Corporation (FMIC) is an investment house, not a commercial bank. It is a subsidiary of Metrobank and offers home financing products, but it operates under a different regulatory framework than commercial banks like BDO or BPI. This means its products, minimum loan amounts, and eligibility criteria may differ from what most borrowers are used to.
What happened to UCPB home loans?
UCPB (United Coconut Planters Bank) merged with Landbank of the Philippines in 2022. Existing UCPB home loans were transferred to and are now serviced by Landbank. If you are an existing UCPB borrower, you should contact Landbank for any concerns about your account. New home loan applicants should apply directly through Landbank.
Which has lower home loan rates — First Metro Investment or UCPB?
Based on available information, UCPB (now Landbank) has generally offered slightly lower headline rates than First Metro Investment for standard home loan amounts. However, both lenders' rates tend to fall in the 7% to 9% p.a. range depending on the fixed-rate period and loan size — significantly higher than the 5.99% p.a. available through Nook's partner banks.
Can I refinance from UCPB or First Metro Investment through Nook?
Yes. If you currently have a home loan with either UCPB (now Landbank) or First Metro Investment, you can refinance through Nook. Nook will assess your current loan details and match you with partner banks offering the most competitive rates — potentially saving you thousands of pesos per month. The service is completely free to you as the borrower.
How much can I save by refinancing from 8.50% to 5.99%?
The savings depend on your outstanding loan balance and remaining term. As an example: on a loan of 3,500,000 with 15 years remaining, refinancing from 8.50% p.a. to 5.99% p.a. could reduce your monthly payment by approximately 7,500 — saving you around 90,000 per year and over 1,350,000 over the remaining loan term. Use Nook's free refinance calculator to get a personalized estimate.
Are there penalties for refinancing away from First Metro Investment or UCPB?
Most Philippine lenders charge an early repayment or pre-termination penalty, typically 2% to 3% of the outstanding loan balance, if you refinance during a fixed-rate period. You should check your loan documents or contact your current lender to confirm the exact penalty. Nook's team can help you calculate whether the penalty is offset by the savings from a lower rate — in many cases, the break-even point is reached within the first year or two.
Does Nook charge any fees?
No. Nook's service is 100% free to borrowers. Nook earns a referral fee from the bank once your loan is approved — you pay nothing for the comparison service, advice, or application support. This means there is no downside to getting a quote through Nook, even if you ultimately decide to stay with your current lender.