Maya Bank vs Security Bank: Home Loan Overview
Maya Bank (formerly PayMaya) has grown rapidly as one of the Philippines' leading digital banks, known for its e-wallet, savings, and personal loan products. However, as of this writing, Maya Bank does not offer a dedicated home loan or mortgage refinancing product. Security Bank, on the other hand, is a full-service commercial bank and a Nook partner bank with a robust home loan program covering purchase, refinancing, renovation, and home equity purposes.
This comparison will help you understand what each institution offers, and why Security Bank — accessible for free through Nook — is currently the stronger option for Filipino homeowners seeking a home loan or refinance.
| Feature | Maya Bank | Security Bank |
|---|---|---|
| Home Loan Product | Not currently available | Yes — full mortgage suite |
| Refinancing | Not available | Available |
| 1-Year Fixed Rate | N/A | 6.99% p.a. |
| 5-Year Fixed Rate | N/A | 6.75% p.a. |
| Home Equity Loan Rate | N/A | 7.50% p.a. |
| Minimum Monthly Income | N/A | 50,000 |
| Typical Approval Time | N/A | 23 days |
| Max Debt-to-Income Ratio | N/A | 40% |
| Apply via Nook (Free) | No | Yes |
Note: Interest rates are subject to change. Always verify current rates with the bank or through Nook before making a financial decision.
Security Bank Home Loan Rates in Detail
Security Bank offers some of the most competitive fixed mortgage rates available in the Philippines today. As a Nook partner bank, borrowers can apply through Nook at no cost, with a dedicated broker managing the paperwork and lender negotiations on their behalf.
Security Bank Fixed Rate Options
- 1-Year Fixed: 6.99% p.a.
- 5-Year Fixed: 6.75% p.a.
- Home Equity: 7.50% p.a.
Sample Monthly Payment Comparison
To illustrate the impact of refinancing to Security Bank at 6.75% p.a. (5-year fixed), here is a sample calculation for a 3,000,000 peso loan over 20 years:
| Scenario | Interest Rate | Est. Monthly Payment | Total Interest Over 20 Years |
|---|---|---|---|
| Typical existing loan | 9.00% p.a. | 26,992 | 3,478,080 |
| Security Bank (5-yr fix) | 6.75% p.a. | 22,653 | 2,436,720 |
| Monthly Savings | — | 4,339 | 1,041,360 |
That is a potential saving of over 1,041,360 pesos in total interest over the life of the loan — simply by refinancing to Security Bank through Nook. These figures are illustrative; your actual savings depend on your remaining balance, current rate, and loan term.
Who Qualifies for a Security Bank Home Loan?
Security Bank accepts a wide range of employment and income types, making it accessible to many Filipino borrowers — including those often overlooked by other banks.
Eligible Employment Types
- Private sector employees
- Government employees
- BPO workers
- OFWs and seafarers
- Self-employed individuals
- Professionals (doctors, lawyers, engineers)
- Freelancers
Supported Loan Purposes
- Refinancing an existing home loan
- Purchase of Ready-for-Occupancy (RFO) properties
- Pre-selling units
- New construction
- Renovation
- Reselling / secondary market
- Foreclosed properties
- Home equity (cash-out)
If you are currently paying a high rate at another bank and want to explore refinancing, you may also find our Landbank vs Security Bank home loan comparison helpful, especially if you currently have a Landbank mortgage.
Maya Bank: What It Offers Today
Maya Bank is a BSP-licensed digital bank that has made significant strides in savings, payments, and personal lending. Its products include:
- Maya Savings: High-yield savings accounts with competitive interest rates
- Maya Personal Loan: Unsecured personal loans for eligible users
- Maya Credit: Buy-now-pay-later and revolving credit lines
While Maya Bank excels at digital accessibility and short-term financial products, it does not currently offer home loans or mortgage refinancing. If you are a Maya Bank customer looking to buy property or refinance an existing mortgage, you will need to turn to a traditional commercial bank such as Security Bank.
It is worth noting that the digital banking landscape in the Philippines is evolving quickly, and Maya Bank may expand into mortgage products in the future. For now, however, Security Bank remains the clear choice for home financing needs.
Why Apply Through Nook Instead of Going Directly to Security Bank?
Nook is the Philippines' first digital mortgage broker — and the service is completely free for borrowers. Here is what you get when you apply through Nook:
- Access to multiple lenders: Nook works with Security Bank and other partner banks, so you can compare offers in one place
- Expert guidance: A dedicated mortgage specialist manages your application from start to finish
- Faster processing: Nook's streamlined process helps reduce back-and-forth with the bank
- No broker fees: Banks pay Nook a referral fee — you pay nothing extra
- Better chance of approval: Nook pre-screens applications to match borrowers with the right lender
Whether you are refinancing from a high-rate bank or taking out a new home loan, Nook simplifies the process significantly. You can also read our Asia United Bank vs Security Bank comparison if you are weighing other mid-sized bank options.
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Compare My Options →Frequently Asked Questions
Does Maya Bank offer home loans in the Philippines?
As of this writing, Maya Bank does not offer a dedicated home loan or mortgage refinancing product in the Philippines. Maya Bank focuses on digital savings, personal loans, and payment products. For home financing, borrowers should consider partner banks like Security Bank, which offer full mortgage suites including refinancing, purchase loans, and home equity products.
What are Security Bank's current home loan interest rates?
Security Bank currently offers a 1-year fixed rate of 6.99% p.a., a 5-year fixed rate of 6.75% p.a., and a home equity loan rate of 7.50% p.a. These rates are among the most competitive available in the Philippines. Note that rates are subject to change — always verify the latest rates through Nook or directly with Security Bank before applying.
How much can I save by refinancing to Security Bank?
The savings depend on your current rate, remaining loan balance, and term. As an example, refinancing a 3,000,000 peso loan from 9.00% to Security Bank's 6.75% over 20 years could save approximately 4,339 pesos per month and over 1,000,000 pesos in total interest. Use Nook's free refinancing calculator or speak with a Nook mortgage specialist to get a personalised estimate.
What is the minimum income requirement for a Security Bank home loan?
Security Bank requires a minimum monthly income of 50,000 pesos for home loan applicants. This applies across most employment types including salaried employees, self-employed individuals, OFWs, and freelancers. Applying through Nook helps ensure your application is matched to the right lender based on your income profile.
How long does Security Bank take to approve a home loan?
Security Bank's typical home loan approval time is around 23 days. This can vary depending on the completeness of your documents and the property type. Applying through Nook — which is free — can help streamline the process, as Nook's team pre-checks your documents and liaises with the bank on your behalf.
Can OFWs apply for a Security Bank home loan through Nook?
Yes. Security Bank accepts applications from OFWs and seafarers as eligible borrowers. Nook's fully digital application process makes it especially convenient for OFWs who may not be able to visit a bank branch in person. You can start and complete most of the application online through Nook.
Is it better to go directly to Security Bank or apply through Nook?
Applying through Nook is free and gives you access to multiple lenders, expert mortgage advice, and a faster, guided process — at no additional cost to you. Banks pay Nook a referral fee, so borrowers pay nothing extra. There is no disadvantage to using Nook, and many borrowers find it significantly easier than applying directly.