Metrobank vs Security Bank: Home Loan Rate Comparison
Choosing the right bank for your home loan or refinance can mean the difference of tens of thousands of pesos per year. Below is a detailed side-by-side comparison of Metrobank and Security Bank based on publicly available information and Nook's verified partner data.
| Feature | Metrobank | Security Bank |
|---|---|---|
| 1-Year Fixed Rate | ~7.50% – 8.50% p.a.* | 6.99% p.a. |
| 5-Year Fixed Rate | ~7.75% – 9.00% p.a.* | 6.75% p.a. |
| Home Equity Rate | ~8.00% – 9.50% p.a.* | 7.50% p.a. |
| Minimum Monthly Income | ~P40,000 – P50,000* | P50,000 |
| Typical Approval Time | ~30 – 45 days* | 23 days |
| Max Debt-to-Income Ratio | ~35% – 40%* | 40% |
| Broker Service via Nook | Not available | Free (100% no cost to borrower) |
*Metrobank rates and requirements shown are approximate figures based on publicly available information and are subject to change without notice. Always verify directly with Metrobank for current figures. Security Bank rates are verified partner data as of the latest update.
Monthly Payment Comparison: A Real Example
Let's look at a practical example to understand what these rate differences mean for your wallet. Assume a home loan of 5,000,000 over a 20-year term.
Loan Amount: 5,000,000 | Term: 20 Years (240 months)
Metrobank (Est. ~8.25% p.a.)*
Monthly Payment: ~43,200
Total Repayment: ~10,368,000
Total Interest Paid: ~5,368,000
Security Bank (6.75% p.a.) via Nook
Monthly Payment: ~37,840
Total Repayment: ~9,081,600
Total Interest Paid: ~4,081,600
💡 Potential Monthly Savings: ~5,360
💡 Potential Total Savings Over 20 Years: ~1,286,400
These figures are illustrative estimates. Actual savings depend on your current rate, remaining balance, and loan terms. *Metrobank rate used is an approximation for illustration purposes.
Eligible Loan Purposes
Understanding what each bank will finance is critical, especially if your needs go beyond a standard home purchase.
Metrobank
- Home purchase (RFO & pre-selling)
- Refinancing
- Home construction
- Home renovation
- Lot purchase
*Based on publicly available information. Subject to change.
Security Bank (via Nook)
- Ready For Occupancy (RFO)
- Pre-Selling
- Refinancing
- New Construction
- Renovation
- Reselling
- Home Equity
- Foreclosed Properties
Security Bank's broader coverage of loan purposes — including foreclosed properties and home equity loans — makes it a more versatile option for many borrowers. If you're exploring refinancing specifically, see also our PNB vs Security Bank home loan comparison to see how Security Bank stacks up against another major lender.
Employment Types Accepted
One of the most common concerns for Filipino borrowers is whether their employment type qualifies. Security Bank, through Nook, accepts a wide range of employment categories.
Metrobank
- Locally employed (private & government)
- Self-employed / business owners
- OFWs (select cases)
*Based on general public information. Metrobank's specific eligibility criteria may vary.
Security Bank (via Nook)
- Private Employed
- Government Employed
- BPO Workers
- OFW / Seafarers
- Self-Employed
- Professionals (doctors, lawyers, etc.)
- Freelancers
Security Bank's explicit support for BPO workers and freelancers is a significant advantage given how large these sectors are in the Philippines. If you're comparing other bank pairings involving Metrobank, our First Metro Investment vs Metrobank comparison may also be relevant reading.
Application Process: Metrobank vs Security Bank via Nook
Applying Directly to Metrobank
- Visit a Metrobank branch or apply online
- Submit documentary requirements
- Wait for credit evaluation (typically 30–45 days)*
- Receive loan offer
- Sign loan documents at the branch
*Timelines are approximate and may vary.
Applying to Security Bank via Nook
- Submit one application through Nook (free)
- Nook prepares and reviews your documents
- Application submitted to Security Bank
- Approval in as fast as 23 days
- Loan released — Nook guides you through signing
🎯 Nook's service is 100% free. No broker fees, no hidden charges.
Who Should Choose Metrobank?
Metrobank is one of the Philippines' largest and most trusted banks with an extensive branch network. You might prefer Metrobank if:
- You have an existing long-term banking relationship with Metrobank and prefer to consolidate your financial products
- You need a lot purchase product that may not be available elsewhere
- You are more comfortable dealing directly with a branch than through an online broker
However, it's important to verify Metrobank's current rates directly, as their published rates are typically higher than Security Bank's verified rates available through Nook.
Who Should Choose Security Bank via Nook?
Security Bank through Nook is the stronger choice for most borrowers, particularly those looking to refinance. Consider Security Bank via Nook if:
- You want a verified low rate starting at 6.75% for a 5-year fixed period
- You're currently paying 7.5% or more and want to reduce your monthly payments
- You're a BPO worker, OFW, seafarer, or freelancer who may face restrictions elsewhere
- You want a faster approval (23 days) without navigating the process alone
- You want free broker assistance to compare options and handle your paperwork
Ready to see your potential savings? Apply through Nook for free and get a personalized refinance quote from Security Bank in minutes.
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Compare My Options →Frequently Asked Questions
What is the current home loan rate at Security Bank?
Security Bank's current verified rates through Nook are 6.99% p.a. for a 1-year fixed period and 6.75% p.a. for a 5-year fixed period. Home equity loans are available at 7.50% p.a. These rates are subject to change — always confirm the latest rates through Nook or directly with Security Bank.
What is the current home loan rate at Metrobank?
Metrobank's home loan rates are not publicly listed as verified data through Nook. Based on general publicly available information, Metrobank's rates have typically ranged from approximately 7.50% to 9.00% p.a. depending on the fixed period. We recommend contacting Metrobank directly or visiting their website for the most current rates.
Is Nook's service really free when applying to Security Bank?
Yes, completely free. Nook is a digital mortgage broker that earns its fee from the bank, not the borrower. You pay zero broker fees, zero application fees through Nook, and receive full assistance throughout your home loan or refinance application.
How long does Security Bank take to approve a home loan?
Security Bank's typical approval timeline through Nook is approximately 23 days. This is generally faster than industry average, which can range from 30 to 45 days or more at some banks. Nook's document preparation support helps ensure your application is complete and accurate, avoiding delays.
Can OFWs and seafarers apply for a Security Bank home loan through Nook?
Yes. Security Bank explicitly accepts applications from OFWs and seafarers through Nook. The minimum monthly income requirement is P50,000. Nook can help OFWs navigate the documentation requirements remotely, making the process significantly easier.
Can I refinance my existing Metrobank home loan to Security Bank?
Yes, refinancing from Metrobank to Security Bank is possible and is one of the most common use cases for Nook's service. If your current Metrobank rate is above 7%, you may be able to refinance to Security Bank's 6.75% 5-year fixed rate and significantly reduce your monthly payments. Apply through Nook for a free assessment.
What is the minimum loan amount for Security Bank through Nook?
Security Bank home loans processed through Nook are available for a range of loan amounts suitable for typical Philippine property values. Nook handles loans commonly ranging from 1,500,000 to 10,000,000 and above. Contact Nook directly to confirm the minimum applicable to your specific situation.
Is Metrobank or Security Bank better for home loan refinancing?
For refinancing, Security Bank through Nook is the stronger option for most borrowers. Security Bank offers verified rates as low as 6.75% p.a. for a 5-year fixed period, a fast 23-day approval, and broad eligibility across employment types — all with free broker support from Nook. Metrobank is a reputable bank but does not currently offer a free broker service, and their rates are generally estimated to be higher. Always compare current offers before deciding.