First Metro Investment vs UnionBank: Home Loan Overview
First Metro Investment Corporation (FMIC) is the investment banking arm of Metrobank Group and primarily serves corporate and institutional clients. While FMIC does offer certain retail financial products, its home loan offerings are far less prominent and accessible compared to dedicated retail banks. UnionBank of the Philippines, on the other hand, is a full-service commercial bank with a strong retail banking division and a growing digital-first reputation — making it a compelling choice for homebuyers and those looking to refinance.
If you're comparing these two for a home loan or exploring FMIC against other lenders like RCBC, it's important to understand that UnionBank functions as a conventional retail mortgage lender with published rates, while FMIC's home loan products are more limited in scope and availability.
Interest Rate Comparison
| Feature | First Metro Investment | UnionBank |
|---|---|---|
| 1-Year Fixed Rate | Not publicly listed / varies | 7.00% p.a. |
| Home Equity Loan Rate | Not publicly listed | 7.00% p.a. |
| Rate Transparency | Low — requires direct inquiry | High — published and consistent |
| Loan Purposes | Limited | Purchase, RFO, Pre-Selling, Renovation, Home Equity, Construction, Foreclosed, Reselling |
Note: Interest rates are subject to change. Always verify current rates directly with the bank or through Nook before making a decision.
Eligibility Requirements
| Requirement | First Metro Investment | UnionBank |
|---|---|---|
| Minimum Monthly Income | Not publicly specified | 30,000 |
| Maximum Debt-to-Income Ratio | Not publicly specified | 50% |
| Employment Types Accepted | Limited / primarily institutional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Loan Purposes | Restricted | Foreclosed, Home Equity, New Construction, Pre-Selling, RFO, Renovation, Reselling |
UnionBank's wide acceptance of employment types is a major advantage, especially for OFWs and self-employed borrowers who often face rejection from more conservative lenders. If you're curious how UnionBank stacks up against other retail-focused lenders, see our Landbank vs Security Bank comparison for another useful benchmark.
Sample Monthly Payment: UnionBank at 7.00%
To illustrate what a UnionBank home loan looks like in practice, here are sample monthly amortizations at 7.00% p.a. across common loan amounts and terms:
| Loan Amount | 20-Year Term | 25-Year Term |
|---|---|---|
| 2,000,000 | 15,506 | 14,124 |
| 3,500,000 | 27,135 | 24,717 |
| 5,000,000 | 38,765 | 35,310 |
| 7,500,000 | 58,147 | 52,965 |
These figures are estimates based on a 7.00% annual interest rate and standard amortization. Actual payments may vary depending on fees, insurance, and other loan conditions.
How Much Could You Save by Refinancing?
If you're currently paying 9% or higher on your existing home loan — which is common among Filipinos who took out loans several years ago — refinancing to UnionBank's 7.00% rate through Nook could result in significant monthly savings.
| Loan Amount | Monthly Payment at 9% | Monthly Payment at 7% | Monthly Savings |
|---|---|---|---|
| 2,000,000 | 17,995 | 15,506 | 2,489 |
| 3,500,000 | 31,491 | 27,135 | 4,356 |
| 5,000,000 | 44,986 | 38,765 | 6,221 |
All figures assume a 20-year remaining term. Nook's best available refinance rate is currently 5.99% p.a. — which could deliver even greater savings than the examples above.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker, and using Nook to apply for a UnionBank home loan is completely free. Here's what you get:
- No broker fees — Nook's service is 100% free to borrowers
- Access to multiple lender rates — compare UnionBank alongside other partner banks in one place
- Expert guidance — Nook's mortgage specialists help you find the best refinance deal for your situation
- Faster processing — Nook handles the paperwork and coordination so you don't have to
- Lowest available rate — Nook's best refinance rate today is 5.99% p.a.
First Metro Investment does not offer the same level of retail accessibility or broker partnership, making UnionBank via Nook the clear choice for most Filipino homeowners.
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Compare My Options →Frequently Asked Questions
Does First Metro Investment offer home loans to individual borrowers?
First Metro Investment Corporation (FMIC) is primarily an investment bank and focuses mainly on corporate and institutional clients. Its retail home loan products are limited and not as accessible or transparent as those offered by full-service commercial banks like UnionBank. If you're looking for a straightforward retail home loan, UnionBank is a much more practical option.
What is UnionBank's current home loan interest rate?
UnionBank currently offers a 1-year fixed home loan rate of 7.00% p.a. This applies to both purchase loans and home equity loans. Rates are subject to change, so it's best to verify current figures through Nook or directly with UnionBank before applying.
Who qualifies for a UnionBank home loan?
UnionBank accepts borrowers from a wide range of employment backgrounds, including private employees, government workers, BPO employees, OFWs and seafarers, self-employed individuals, and professionals. The minimum monthly income requirement is 30,000, and the maximum debt-to-income ratio is 50%.
Can I use UnionBank's home loan to refinance my existing mortgage?
Yes. UnionBank offers home equity loan products that can be used for refinancing purposes. If you're currently paying a higher rate — many Filipinos are paying between 7% and 10% — refinancing through Nook at UnionBank's 7.00% rate or Nook's best available rate of 5.99% p.a. could significantly reduce your monthly payments.
How much can I save by refinancing to UnionBank through Nook?
Savings depend on your current rate, outstanding loan balance, and remaining term. For example, on a 3,500,000 loan with 20 years remaining, switching from 9% to 7% could save you approximately 4,356 per month. Nook's best rate of 5.99% p.a. can generate even greater savings. Use Nook's free calculator at nook.com.ph to get a personalized estimate.
Is there a fee to apply through Nook?
No. Nook's mortgage brokering service is completely free for borrowers. Nook is compensated by the lender, not by you — so you get expert guidance, rate comparisons, and application support at zero cost.
What loan purposes does UnionBank's home loan cover?
UnionBank's home loan can be used for a wide variety of purposes including purchasing a ready-for-occupancy (RFO) property, pre-selling condos or houses, new construction, home renovation, reselling properties, foreclosed properties, and home equity (cash-out refinancing).