Interest Rates Compared
Interest rates are the single biggest factor in your total loan cost — even a 1% difference on a ₱3,000,000 loan can mean hundreds of thousands of pesos over your loan term.
| Rate Type | Metrobank | Security Bank |
|---|---|---|
| 1-Year Fixed | ~7.50%–8.50% p.a.* | 6.99% p.a. |
| 5-Year Fixed | ~7.88%–9.00% p.a.* | 6.75% p.a. |
| Home Equity / Multi-Purpose | ~8.50%–9.50% p.a.* | 7.50% p.a. |
*Metrobank rates are approximate, based on publicly available information and market norms as of 2024. Rates are indicative only and subject to change. Always verify directly with Metrobank for current offers.
Security Bank's rates are verified Nook partner rates. The 5-year fixed rate of 6.75% p.a. is particularly competitive — well below the 7%–10% range most Filipino homeowners are currently paying on their existing loans.
What this means in peso terms: On a ₱3,000,000 loan over 20 years, the difference between a 7.88% rate and a 6.75% rate translates to roughly ₱19,000–₱22,000 in savings per year — or over ₱380,000 across the life of the loan.
Fixing Period Options
A fixing period locks in your interest rate for a set number of years, protecting you from rate increases. Here's how both banks compare:
| Fixing Period | Metrobank | Security Bank |
|---|---|---|
| 1-Year Fixed | Available | Available — 6.99% p.a. |
| 2-Year Fixed | Available | Available |
| 3-Year Fixed | Available | Available |
| 5-Year Fixed | Available | Available — 6.75% p.a. |
| 10-Year Fixed | Available (select products) | Available (select products) |
Both banks offer a range of fixing options. Security Bank's 5-year fixed at 6.75% p.a. stands out as among the lowest verified rates in the market today. For borrowers who want rate certainty without locking in at a high rate, this is a compelling option.
If you're weighing longer-term strategies, you may also find our three-way comparison of BDO, Metrobank, and Security Bank helpful for context.
Loan Eligibility Requirements
Eligibility requirements determine whether you can actually qualify — before you even get to rates.
| Requirement | Metrobank | Security Bank |
|---|---|---|
| Minimum Monthly Income | ~₱40,000–₱50,000* | ₱50,000 |
| Employment Types Accepted | Employed, Self-Employed, OFW* | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
| Max Debt-to-Income Ratio | ~35%–40%* | 40% |
| Citizenship | Filipino / Foreign Nationals (with restrictions)* | Filipino / Eligible Foreign Nationals |
*Metrobank eligibility details are approximate and subject to change. Verify directly with Metrobank.
Security Bank's eligibility is notably broad — covering freelancers and BPO workers alongside traditional employment types. This makes it accessible to a wider range of Filipino borrowers, including those in non-traditional work arrangements who are often turned away by other banks.
Loan Purposes Covered
Not all home loans are created equal — different banks support different loan purposes. This matters a lot if your goal is refinancing an existing loan.
| Loan Purpose | Metrobank | Security Bank |
|---|---|---|
| Refinancing | Yes* | Yes ✓ |
| Ready for Occupancy (RFO) | Yes* | Yes ✓ |
| Pre-Selling | Yes* | Yes ✓ |
| Home Equity / Cash-Out | Yes* | Yes ✓ |
| New Construction | Yes* | Yes ✓ |
| Renovation | Limited* | Yes ✓ |
| Foreclosed Properties | Limited* | Yes ✓ |
| Reselling | Yes* | Yes ✓ |
Security Bank covers the full spectrum of home loan purposes, making it a flexible choice whether you're buying, building, renovating, or refinancing. For homeowners looking specifically to refinance at a lower rate, Security Bank is a verified and active option through Nook.
Application Process & Approval Speed
Speed matters — especially if you're refinancing and want to stop overpaying on your current loan as quickly as possible.
| Factor | Metrobank | Security Bank |
|---|---|---|
| Typical Approval Time | ~20–30 business days* | ~23 days |
| Online Application | Yes (partial)* | Yes (via Nook) |
| Broker / Third-Party Applications | Direct only (typically)* | Yes — through Nook (free) |
| Document Requirements | Standard* | Standard |
Applying for a Security Bank home loan through Nook means you get a dedicated mortgage advisor who handles the paperwork, follows up with the bank, and keeps you updated — at absolutely no cost to you. Nook is 100% free for borrowers.
For a more detailed breakdown of how Security Bank refinance rates stack up, see our Metrobank vs Security Bank refinance rates comparison.
Fees & Charges
Beyond the interest rate, fees can add significantly to your total loan cost. Here's what to watch for:
| Fee Type | Metrobank | Security Bank |
|---|---|---|
| Processing Fee | ~₱5,000–₱10,000* | Competitive (confirm with Nook) |
| Appraisal Fee | Borrower-paid* | Borrower-paid |
| Early Repayment Penalty | Applies within fixing period* | Applies within fixing period |
| Broker / Referral Fee (via Nook) | N/A (direct only)* | None — Nook is free for borrowers |
*Metrobank fees are approximate. Always request a full fee disclosure from any bank before committing.
One key advantage of applying through Nook: there are no broker fees charged to you. Nook earns a referral fee directly from the bank, so you get professional guidance without paying for it.
Sample Refinance Savings Calculator
Here's what switching from a higher rate to Security Bank's 6.75% 5-year fixed could save you:
| Loan Amount | Current Rate (7.88%) | Security Bank Rate (6.75%) | Monthly Savings | 5-Year Savings |
|---|---|---|---|---|
| 1,500,000 | ~12,450/mo | ~11,370/mo | ~1,080/mo | ~64,800 |
| 3,000,000 | ~24,900/mo | ~22,740/mo | ~2,160/mo | ~129,600 |
| 5,000,000 | ~41,500/mo | ~37,900/mo | ~3,600/mo | ~216,000 |
Estimates based on a 20-year loan term. Actual savings will vary based on remaining balance, term, and applicable fees. For a personalised calculation, speak with a Nook mortgage advisor for free.
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Compare My Options →Frequently Asked Questions
Which bank has a lower home loan rate — Metrobank or Security Bank?
Based on currently verified data, Security Bank offers lower rates. Security Bank's 5-year fixed rate is 6.75% p.a. and its 1-year fixed rate is 6.99% p.a. Metrobank's rates are estimated to range from approximately 7.50% to 9.00% p.a. depending on fixing period and loan type, but these are approximate figures based on publicly available information — always verify directly with Metrobank for current rates.
Can I refinance my Metrobank home loan to Security Bank?
Yes — refinancing from Metrobank to Security Bank is a common and straightforward process. Security Bank supports home loan refinancing, and many borrowers make this switch to access lower interest rates. Nook can help you assess whether refinancing makes financial sense for your situation and handle the entire application for free.
How long does Security Bank take to approve a home loan?
Security Bank typically approves home loans within approximately 23 days. This is a competitive turnaround compared to industry averages. When you apply through Nook, a dedicated advisor helps ensure your documents are complete upfront, which can help avoid delays.
Is Nook's service really free for borrowers?
Yes, 100% free. Nook is a digital mortgage broker that earns a referral fee directly from the partner bank when your loan is approved. You pay nothing for Nook's advisory, document support, or application assistance. There are no hidden charges.
Does Security Bank accept OFW and self-employed applicants?
Yes. Security Bank accepts a wide range of employment types including OFW/Seafarer, Self-Employed, Professional, Freelancer, BPO workers, Private and Government employees. The minimum monthly income requirement is ₱50,000, and the maximum debt-to-income ratio allowed is 40%.
What is the best fixing period for a home loan in the Philippines right now?
This depends on your financial goals. A 5-year fixed rate offers medium-term certainty — you lock in your rate and monthly payment for 5 years, protecting yourself from rate increases. Security Bank's 5-year fixed rate of 6.75% p.a. is currently one of the most competitive in the market. If you prefer more flexibility, the 1-year fixed at 6.99% p.a. allows you to reassess sooner. A Nook advisor can help you choose the right structure based on your income, plans, and risk appetite.
How much can I save by refinancing to Security Bank from a higher rate?
The savings depend on your outstanding loan balance, current rate, and remaining term. As an example, on a ₱3,000,000 loan over 20 years, switching from approximately 7.88% to Security Bank's 6.75% could save you roughly ₱2,160 per month — or over ₱129,000 across a 5-year fixing period. Use Nook's free refinance calculator or speak to an advisor for a personalised estimate based on your actual loan details.
Are Metrobank's home loan rates accurate on this page?
Metrobank rates shown are approximate estimates based on publicly available information and general market knowledge as of 2024. They are indicative only and subject to change. Metrobank is not a Nook partner bank, so we do not have verified real-time rates. We strongly recommend visiting Metrobank's official website or contacting them directly to confirm current rates before making any decision.