Metrobank vs UnionBank: Home Loan Rate Comparison
Both Metrobank and UnionBank are among the Philippines' largest and most trusted financial institutions, and both offer home loan products for purchase, refinancing, and equity take-out. But when it comes to getting the best deal on your mortgage, the details matter — rates, fixing periods, fees, eligibility, and the application experience all play a role.
Important note: Metrobank is not a Nook partner bank. Metrobank rates shown below are approximate, based on publicly available information, and are subject to change without notice. Always verify current rates directly with Metrobank. UnionBank rates are verified Nook partner rates and reflect actual available terms as of the time of publication.
Interest Rates at a Glance
| Feature | Metrobank | UnionBank (via Nook) |
|---|---|---|
| 1-Year Fixed Rate | ~7.25%–8.50% p.a. (approximate) | 7.00% p.a. (verified) |
| Home Equity / Refi Rate | ~7.50%–9.00% p.a. (approximate) | 7.00% p.a. (verified) |
| Rate Transparency | Rates vary; contact bank for current promo | Verified rate, confirmed via Nook |
| Broker Fee | N/A (apply direct) | Free through Nook |
Nook's best available refinance rate across all partner banks is currently 5.99% p.a. — significantly lower than what most Filipino homeowners are currently paying (typically 7%–10%). If you're refinancing, even a 1–2 percentage point reduction on a 3,000,000 loan can save you tens of thousands of pesos over the life of your loan.
Eligibility Requirements
| Requirement | Metrobank | UnionBank (via Nook) |
|---|---|---|
| Minimum Monthly Income | ~P40,000 (approximate) | P30,000 (verified) |
| Maximum Debt-to-Income Ratio | Varies by case | Up to 50% (verified) |
| Employment Types Accepted | Employed, Self-Employed, OFW (select products) | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
UnionBank's lower minimum income requirement of P30,000 and its acceptance of a broad range of employment types — including BPO workers, OFWs, and government employees — makes it more accessible for a wider range of Filipino borrowers. If you've been turned away or quoted a high rate elsewhere, it's worth checking your eligibility with UnionBank through Nook.
Loan Purposes Supported
| Loan Purpose | Metrobank | UnionBank (via Nook) |
|---|---|---|
| Ready for Occupancy (RFO) | Yes | Yes |
| Pre-Selling | Yes | Yes |
| Reselling | Yes | Yes |
| Renovation | Yes (select products) | Yes |
| Home Equity / Cash-Out | Yes | Yes |
| New Construction | Yes | Yes |
| Foreclosed Properties | Limited | Yes |
UnionBank's flexibility across loan purposes is a strong advantage, particularly for borrowers looking to finance foreclosed properties or pursue home equity loans — use cases that some banks restrict. If you're comparing your options for a foreclosed home purchase, this is a meaningful differentiator.
Refinancing with Metrobank vs UnionBank
If you're currently paying a high rate on your existing home loan — whether with Metrobank, BPI, BDO, or another bank — refinancing can dramatically reduce your monthly repayments. Here's a quick illustration:
| Scenario | Current Rate (8.50%) | UnionBank via Nook (7.00%) | Best Nook Rate (5.99%) |
|---|---|---|---|
| Loan Amount | 3,000,000 | 3,000,000 | 3,000,000 |
| Term | 20 years | 20 years | 20 years |
| Est. Monthly Payment | ~26,035 | ~23,259 | ~21,491 |
| Est. Total Interest Paid | ~3,248,400 | ~2,582,160 | ~2,157,840 |
Note: Monthly payment estimates are illustrative and based on standard amortization calculations. Actual payments will depend on your specific loan terms, fees, and bank policies.
The difference between an 8.50% rate and UnionBank's verified 7.00% rate represents an estimated saving of over 666,000 in total interest over 20 years on a 3,000,000 loan. With Nook's best available rate of 5.99%, that saving grows to over 1,090,000.
For more context on how Metrobank stacks up against other major banks, see our comparison of BPI vs Metrobank home loan rates and BDO vs Metrobank home loan rates.
Application Experience
Metrobank: Metrobank has a well-established home loan process with branch and online applications. As a large traditional bank, the process can be thorough, and turnaround times may vary. Borrowers must negotiate rates directly and may not always know if they're getting the most competitive deal available.
UnionBank via Nook: Applying through Nook means you get a dedicated mortgage broker working on your behalf — at zero cost to you. Nook's digital-first process is designed to streamline document submission, lender matching, and approval tracking. Because Nook works with multiple partner banks, you can be matched to the lender offering the best rate for your profile, not just the one you happened to walk into.
Which Bank Should You Choose?
For most borrowers — especially those refinancing an existing loan or seeking transparent, verified rates — UnionBank through Nook is the stronger option. The verified 7.00% rate, broad eligibility criteria, and free broker support make it a compelling choice. And if your profile qualifies you for Nook's best available rate of 5.99% p.a., the savings are even more significant.
Metrobank remains a reputable institution with competitive products, but without the benefit of a Nook partnership, you're navigating rates and negotiations on your own. If you're currently with Metrobank and wondering whether you're getting a fair deal, it's worth getting a free assessment through Nook to see what's available.
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Compare My Options →Frequently Asked Questions
What is UnionBank's current home loan interest rate?
UnionBank's verified home loan rate through Nook is 7.00% p.a. for a 1-year fixed period, applicable to both standard home loans and home equity products. This rate is confirmed by Nook as an accredited partner bank. Note that rates are subject to change — apply through Nook to get your personalized rate quote.
What is Metrobank's home loan interest rate?
Metrobank's home loan rates are approximately 7.25%–8.50% p.a. for standard fixed-rate periods, based on publicly available information. These rates are not verified by Nook and are subject to change. You should contact Metrobank directly or visit a branch for the most current rates and promotional offers.
Can I refinance my Metrobank home loan through Nook?
Yes. If you currently have a home loan with Metrobank and are looking to refinance at a lower rate, Nook can assess your eligibility and match you with a partner bank — such as UnionBank — offering a competitive refinance rate. Nook's service is 100% free to borrowers. The best available refinance rate through Nook is currently 5.99% p.a.
What is the minimum income requirement for a UnionBank home loan?
UnionBank requires a minimum monthly income of P30,000 for home loan applicants. This applies to a range of employment types including private employees, government workers, BPO employees, OFWs and seafarers, self-employed individuals, and professionals.
Is Nook's mortgage broker service really free?
Yes, completely free. Nook does not charge borrowers any broker or advisory fees. Nook earns from referral arrangements with partner banks, which means you get expert guidance and access to competitive verified rates at no cost to you.
Can OFWs apply for a UnionBank home loan through Nook?
Yes. UnionBank accepts OFW and seafarer applicants for home loans. Applying through Nook means you'll have a broker guiding you through the documentation requirements and process, which is especially useful for OFWs managing applications from abroad.
How do Metrobank and UnionBank compare for home equity loans?
Both banks offer home equity loan products. UnionBank's verified home equity rate through Nook is 7.00% p.a. Metrobank's home equity rates are approximately 7.50%–9.00% p.a. based on publicly available data, but you should verify directly with the bank. For most borrowers, applying through Nook to access UnionBank's verified rate is likely to yield a more favorable and transparent outcome.