Maybank Philippines vs UnionBank: Home Loan Rate Comparison
Both Maybank and UnionBank are Nook partner banks, meaning you can apply to either — or both — through Nook's free digital mortgage broker service. Below is a detailed breakdown of how these two banks compare on rates, eligibility, and loan features.
| Fixed Rate Period | Maybank Philippines | UnionBank |
|---|---|---|
| 1-Year Fixed | 7.00% p.a. | 7.00% p.a. |
| 3-Year Fixed | 6.99% p.a. | Not offered |
| 5-Year Fixed | 7.50% p.a. | Not offered |
| Home Equity | 9.88% p.a. | 7.00% p.a. |
Note: Interest rates are subject to change. Please verify current rates with Nook or the respective bank before applying.
Monthly Payment Estimates: Maybank vs UnionBank
To make this comparison concrete, here are estimated monthly payments on a 3,000,000 loan over 20 years at each bank's 1-year fixed rate of 7.00% p.a. Both banks match on this term, so differentiation comes from longer fixed-rate options and eligibility.
| Scenario | Loan Amount | Term | Rate | Est. Monthly Payment |
|---|---|---|---|---|
| Maybank – 1-Year Fixed | 3,000,000 | 20 years | 7.00% | ~23,259 |
| Maybank – 3-Year Fixed | 3,000,000 | 20 years | 6.99% | ~23,244 |
| Maybank – 5-Year Fixed | 3,000,000 | 20 years | 7.50% | ~24,058 |
| UnionBank – 1-Year Fixed | 3,000,000 | 20 years | 7.00% | ~23,259 |
| UnionBank – Home Equity | 3,000,000 | 20 years | 7.00% | ~23,259 |
If you are currently paying 9.00% on a 3,000,000 loan over 20 years, your monthly payment is approximately 26,992. Refinancing to 7.00% through either bank would bring that down to roughly 23,259 — a monthly savings of about 3,733 and over 895,920 over the life of the loan. Use Nook's free refinance calculator to run your own numbers.
Eligibility Requirements Compared
| Requirement | Maybank Philippines | UnionBank |
|---|---|---|
| Min. Monthly Income | 40,000 | 30,000 |
| Max. Debt-to-Income (DTI) | 40% | 50% |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
UnionBank's lower income floor (30,000 vs Maybank's 40,000) and higher DTI allowance (50% vs 40%) give it a meaningful accessibility advantage. Borrowers who might just miss Maybank's qualifying threshold could still be approved by UnionBank. Both banks accept the same range of employment types, including OFWs and self-employed professionals — a plus for the diverse employment landscape in the Philippines.
For another look at how UnionBank stacks up on eligibility, see our Pag-IBIG vs UnionBank comparison, which covers government-backed alternatives for borrowers on tighter income budgets.
Loan Purpose Coverage
| Loan Purpose | Maybank Philippines | UnionBank |
|---|---|---|
| Refinancing / Reselling | ✓ | ✓ |
| Ready for Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| New Construction | ✓ | ✓ |
| Renovation | ✓ | ✓ |
| Home Equity / Cash-Out | ✓ (9.88%) | ✓ (7.00%) |
| Foreclosed Properties | ✓ | ✓ |
Both banks cover every major loan purpose, so neither has a coverage gap for standard transactions. The most notable difference is the Home Equity rate: UnionBank offers home equity loans at 7.00% p.a., while Maybank's home equity rate is 9.88% p.a. — a significant gap of nearly 3 percentage points. If you are looking to borrow against your property's equity, UnionBank is the clear winner on rate alone.
Curious how UnionBank's home equity offering compares to other lenders? Check out our PSBank vs UnionBank comparison for another angle.
Which Bank Is Better for Refinancing?
If your primary goal is refinancing an existing home loan to reduce your monthly payment, both banks offer the same 1-year fixed rate of 7.00% p.a. The decision then comes down to secondary factors:
- Choose Maybank if you want a multi-year fixed rate for payment predictability — the 3-year fixed at 6.99% p.a. is actually fractionally lower than the 1-year rate and locks in stability without sacrificing much on cost.
- Choose UnionBank if you have a monthly income below 40,000, carry more existing debt (higher DTI), or need a home equity loan at a competitive rate. UnionBank's flexibility makes approval more attainable for a broader set of borrowers.
The best part: applying through Nook is completely free. Nook's platform lets you submit a single application and get evaluated by multiple partner banks — including both Maybank and UnionBank — so you don't have to choose blindly. Nook's mortgage specialists will help you identify which bank is most likely to approve you at the best rate based on your specific financial profile.
How Nook Makes This Decision Easy
Nook is the Philippines' first digital mortgage broker, and its service is 100% free for borrowers. Instead of applying separately to Maybank and UnionBank (and having two hard credit inquiries), you apply once through Nook and let Nook's team do the comparison for you. Nook currently offers access to refinance rates starting at 5.99% p.a. — lower than the advertised rates of either bank in this comparison — through its full network of partner lenders.
Here is what Nook does for you at no charge: collects your documents once, submits to the right banks, negotiates on your behalf, and guides you through approval to release. There are no broker fees, no hidden charges, and no obligation to proceed if you don't like the offer.
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Compare My Options →Frequently Asked Questions
What is the difference between Maybank and UnionBank home loan rates in the Philippines?
Both banks offer a 1-year fixed rate of 7.00% p.a. Maybank additionally offers a 3-year fixed rate at 6.99% p.a. and a 5-year fixed rate at 7.50% p.a., giving borrowers more term flexibility. UnionBank does not publish multi-year fixed options but offers a very competitive home equity rate of 7.00% p.a., compared to Maybank's 9.88% p.a. for home equity loans. Rates are subject to change — always confirm current rates through Nook or directly with the bank.
Which bank has a lower income requirement — Maybank or UnionBank?
UnionBank has the lower minimum monthly income requirement at 30,000, compared to Maybank's 40,000. UnionBank also allows a higher debt-to-income ratio of up to 50%, versus Maybank's 40%. This makes UnionBank more accessible for borrowers with moderate incomes or existing financial obligations.
Can OFWs apply for a home loan with Maybank or UnionBank?
Yes, both Maybank and UnionBank accept OFW and seafarer applicants. Both banks also accept private employees, government employees, BPO workers, self-employed individuals, and licensed professionals. Applying through Nook can simplify the process for OFWs since Nook handles documentation coordination and bank submissions on your behalf.
Is it better to get a home equity loan from Maybank or UnionBank?
For home equity loans, UnionBank is the significantly better option. UnionBank offers home equity financing at 7.00% p.a., while Maybank's home equity rate is 9.88% p.a. — a difference of nearly 3 percentage points. On a 2,000,000 home equity loan over 15 years, that rate gap translates to thousands of pesos in extra interest every year with Maybank.
How much can I save by refinancing with Maybank or UnionBank instead of staying at my current rate?
Many Filipino homeowners are currently paying between 8% and 10% on their home loans. Refinancing to 7.00% p.a. through either Maybank or UnionBank can generate meaningful savings. For example, on a 3,000,000 loan over 20 years, moving from 9.00% to 7.00% reduces your monthly payment by approximately 3,733 — that's over 895,000 in total savings over the loan term. Use Nook's free refinance calculator to estimate your personal savings.
Does applying through Nook cost anything?
No. Nook's mortgage broker service is completely free for borrowers. Nook earns a referral fee from the bank if your loan is approved and released — you pay nothing extra. There are no application fees, broker fees, or hidden charges. Nook currently offers access to rates starting at 5.99% p.a. through its partner bank network.
Can I apply to both Maybank and UnionBank at the same time through Nook?
Yes. One of Nook's key advantages is that you submit your information once and Nook can evaluate your profile against multiple partner banks simultaneously — including both Maybank and UnionBank. This saves you time and lets you compare actual offers side by side before committing.