Maybank Philippines vs Security Bank: Interest Rate Comparison
Interest rates are the first thing most borrowers compare — and for good reason. Over a 20-year loan, even a 0.25% difference in rate can mean hundreds of thousands of pesos in savings or extra costs. Here's how the two banks stack up on their published home loan rates.
| Fixed Period | Maybank Philippines | Security Bank |
|---|---|---|
| 1-Year Fixed | 7.00% p.a. | 6.99% p.a. |
| 3-Year Fixed | 6.99% p.a. | — |
| 5-Year Fixed | 7.50% p.a. | 6.75% p.a. |
| Home Equity | 9.88% p.a. | 7.50% p.a. |
Key takeaway: Security Bank is the clear winner on 5-year fixed and home equity rates. On the 1-year fixed, the two banks are virtually identical. Maybank has a slight edge with its 3-year fixed option at 6.99% p.a. — a tenor Security Bank does not currently offer.
Note: Interest rates are subject to change. Always verify current rates directly with the bank or through Nook before making a decision.
Monthly Repayment Comparison
To make these rates tangible, here's what your estimated monthly repayment would look like on a 3,000,000 peso loan over 20 years under each bank's 5-year fixed rate — one of the most popular loan structures for refinancing in the Philippines.
| Scenario | Maybank (7.50% / 5-yr fixed) | Security Bank (6.75% / 5-yr fixed) |
|---|---|---|
| Loan Amount | 3,000,000 | 3,000,000 |
| Loan Term | 20 years | 20 years |
| Est. Monthly Payment | ~24,100 | ~22,700 |
| Est. Total Interest Paid | ~2,784,000 | ~2,448,000 |
That's a difference of roughly 336,000 pesos in total interest over the life of the loan — simply by choosing the lower 5-year fixed rate. For borrowers currently paying 8% or more with another bank, refinancing to either Maybank or Security Bank through Nook could still deliver significant savings.
Eligibility and Income Requirements
Qualifying for a home loan isn't just about rates — your income and employment type matter too. Here's how the two banks compare on eligibility criteria.
| Criteria | Maybank Philippines | Security Bank |
|---|---|---|
| Minimum Monthly Income | 40,000 | 50,000 |
| Maximum DTI Ratio | 40% | 40% |
| Private Employees | ✓ | ✓ |
| Government Employees | ✓ | ✓ |
| BPO Workers | ✓ | ✓ |
| OFW / Seafarers | ✓ | ✓ |
| Self-Employed | ✓ | ✓ |
| Professionals | ✓ | ✓ |
| Freelancers | — | ✓ |
Maybank's lower income floor of 40,000 pesos per month makes it more accessible for mid-income borrowers. Security Bank accepts a broader range of employment types, including freelancers — a growing segment that many banks still exclude. Both banks cap their debt-to-income ratio at 40%, which is standard across the Philippine market.
Supported Loan Purposes
Not all home loans are created equal — different banks support different property and loan types. Here's what each bank allows.
| Loan Purpose | Maybank Philippines | Security Bank |
|---|---|---|
| Refinancing | — | ✓ |
| Home Equity / Cash-Out | ✓ | ✓ |
| Ready For Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| New Construction | ✓ | ✓ |
| Renovation | ✓ | ✓ |
| Reselling | ✓ | ✓ |
| Foreclosed Properties | ✓ | ✓ |
Important for refinancing borrowers: If you are looking to refinance your existing home loan, Security Bank is the better fit — it explicitly supports refinancing as a loan purpose, while Maybank does not currently list refinancing among its supported loan purposes. You can learn more about how Security Bank compares to other lenders in this Landbank vs Security Bank home loan comparison.
Processing Speed
For borrowers who want to move quickly — especially those refinancing to escape a rate repricing — turnaround time matters. Security Bank has a published typical approval time of 23 business days. Maybank does not publish a standard approval timeline, so this will vary based on document completeness and branch processing.
Applying through Nook can help streamline processing at both banks — your dedicated mortgage advisor will ensure your documents are complete and your application is packaged correctly before submission, reducing the risk of delays.
Why Apply Through Nook?
Both Maybank and Security Bank are Nook partner banks. When you apply through Nook, you get:
- Zero broker fees — Nook's service is completely free to the borrower
- Side-by-side rate comparison — see offers from multiple banks in one place
- Expert guidance — a dedicated advisor helps you choose the right bank and loan structure for your situation
- Faster processing — Nook prepares your application correctly the first time
- No bank hopping — submit to multiple lenders without duplicating effort
If you're considering other lenders alongside these two, you might also find our Asia United Bank vs Security Bank comparison useful for a broader view of the market.
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Compare My Options →Frequently Asked Questions
Which bank has a lower interest rate — Maybank Philippines or Security Bank?
It depends on the fixed period. For 1-year fixed, the rates are nearly identical: Maybank at 7.00% p.a. and Security Bank at 6.99% p.a. For 5-year fixed, Security Bank is significantly lower at 6.75% p.a. versus Maybank's 7.50% p.a. Maybank offers a 3-year fixed option at 6.99% p.a. that Security Bank does not currently provide. Always verify current rates with the bank or through Nook, as rates are subject to change.
Can I use Maybank or Security Bank to refinance my existing home loan?
Security Bank explicitly supports home loan refinancing and is a strong choice if you're looking to switch from your current bank to get a lower rate. Maybank Philippines does not currently list refinancing among its supported loan purposes. If refinancing is your goal, Security Bank is the better option of the two — and applying through Nook is free.
What is the minimum income required to qualify for a home loan at each bank?
Maybank Philippines requires a minimum monthly income of 40,000 pesos, while Security Bank requires a minimum of 50,000 pesos per month. Both banks apply a maximum debt-to-income (DTI) ratio of 40%, meaning your total monthly loan obligations — including the new home loan — should not exceed 40% of your gross monthly income.
Does Security Bank accept freelancers for home loans?
Yes, Security Bank accepts freelancers as eligible borrowers — making it one of the more inclusive lenders in the Philippine market. Maybank Philippines does not currently list freelancers among its accepted employment types. Both banks accept private employees, government workers, BPO staff, OFWs, seafarers, self-employed individuals, and licensed professionals.
How long does it take to get approved for a home loan at Security Bank or Maybank?
Security Bank has a published typical approval time of approximately 23 business days. Maybank does not publish a standard processing timeline. Applying through Nook can help speed up the process at both banks — your mortgage advisor will ensure your application and documents are complete before submission, minimizing back-and-forth delays.
Is it free to apply for a home loan through Nook?
Yes, Nook's mortgage brokering service is 100% free to the borrower. Nook is compensated by the partner bank upon successful loan disbursement, so you pay nothing extra to access expert advice, rate comparisons, and application support. You can apply to Maybank, Security Bank, or both through Nook at no cost.
How much can I save by refinancing to Security Bank's 5-year fixed rate?
The savings depend on your current rate and loan balance. As an example, on a 3,000,000 peso loan over 20 years, refinancing from 8.00% p.a. to Security Bank's 6.75% p.a. 5-year fixed rate could reduce your monthly payment by roughly 2,300 pesos and save over 550,000 pesos in total interest over the loan term. Use Nook's free refinancing calculator or speak to a Nook advisor to get a personalized estimate based on your actual loan details.