Philippine Veterans Bank vs Security Bank: Home Loan Rate Comparison
When comparing home loan options in the Philippines, it helps to look at both the headline interest rates and the fine print — including who each bank actually serves. Philippine Veterans Bank (PVB) is a government-mandated bank with a specialized mandate to serve Filipino veterans and their families, while Security Bank is a full-service private commercial bank open to a wide range of borrowers including employed professionals, OFWs, freelancers, and the self-employed.
Please note: Interest rates are subject to change. Always verify the latest rates directly with the bank or through Nook before making a decision.
Interest Rate Comparison
| Fixed Period | Philippine Veterans Bank | Security Bank |
|---|---|---|
| 1-Year Fixed | ~7.50%–9.00% (estimated) | 6.99% |
| 5-Year Fixed | ~8.00%–9.50% (estimated) | 6.75% |
| Home Equity | Not widely publicized | 7.50% |
Philippine Veterans Bank does not broadly publish its home loan rates online, as its products are primarily available to qualified veterans and their beneficiaries. Security Bank, by contrast, offers transparent and competitive rates — particularly its 5-year fixed rate of 6.75% p.a., which is one of the lowest in the market. Through Nook, borrowers can access Security Bank's rates with zero broker fees.
Monthly Payment Comparison (Illustrative Example)
To illustrate the real-world impact of lower rates, consider a home loan of 3,000,000 pesos over a 20-year term:
| Scenario | Rate | Est. Monthly Payment | Total Interest Paid |
|---|---|---|---|
| Philippine Veterans Bank (est.) | 8.50% p.a. | ~26,035 | ~3,248,400 |
| Security Bank (5-Year Fixed) | 6.75% p.a. | ~22,715 | ~2,451,600 |
| Potential Monthly Savings | — | ~3,320 | ~796,800 |
That's a potential saving of over 796,800 pesos in total interest over the life of the loan — just by choosing a lower rate. Even refinancing from a rate of 8.50% to Security Bank's 6.75% could unlock significant monthly cash flow relief.
Eligibility and Borrower Profiles
| Criteria | Philippine Veterans Bank | Security Bank |
|---|---|---|
| Who Can Apply | Veterans, beneficiaries, general public (limited) | Filipino citizens and qualified foreign nationals |
| Employment Types | Primarily veterans and government-affiliated | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
| Min. Monthly Income | Not widely publicized | 50,000 pesos |
| Max Debt-to-Income Ratio | Not widely publicized | 40% |
Security Bank's eligibility criteria are clear and inclusive — covering a broad range of employment types that many other banks exclude, such as freelancers and OFWs. Philippine Veterans Bank's home loan products are less accessible to the general public, and its terms are not widely available outside of its branch network.
Loan Purposes Supported
| Loan Purpose | Philippine Veterans Bank | Security Bank |
|---|---|---|
| Refinancing | Limited availability | ✅ Yes |
| Ready For Occupancy (RFO) | Limited availability | ✅ Yes |
| Pre-Selling | Limited availability | ✅ Yes |
| Home Equity / Cash-Out | Limited availability | ✅ Yes (7.50% p.a.) |
| Renovation | Limited availability | ✅ Yes |
| New Construction | Limited availability | ✅ Yes |
| Foreclosed Properties | Limited availability | ✅ Yes |
Security Bank supports the full spectrum of home financing needs. If you're exploring refinancing options — whether to lower your rate or access home equity — Security Bank through Nook is a strong all-around option. You may also want to read our comparison of DBP vs UCPB home loan rates if you're also considering government-affiliated banks.
Processing Speed and Application Experience
| Factor | Philippine Veterans Bank | Security Bank |
|---|---|---|
| Typical Approval Time | Not widely published | ~23 days |
| Online Application | Branch-heavy process | Available via Nook (free) |
| Broker/Agent Fees | N/A | Free through Nook |
Security Bank's 23-day typical approval timeline is fast by Philippine standards. Applying through Nook means you get a dedicated mortgage advisor, document checklist support, and bank liaison — all at zero cost to you as the borrower.
Who Should Choose Which Bank?
Choose Philippine Veterans Bank if:
- You are a qualified Filipino veteran or direct beneficiary
- You have an existing relationship with PVB and prefer in-branch service
- You are exploring government-affiliated loan options alongside Pag-IBIG or Landbank
Choose Security Bank (via Nook) if:
- You want one of the lowest fixed rates in the market (6.75% for 5-year fixed)
- You are employed in the private sector, a BPO, OFW, freelancer, or self-employed
- You want fast approval (typically 23 days) and a streamlined digital process
- You are looking to refinance your existing home loan and reduce your monthly payments
- You want free access to a licensed mortgage broker with multiple bank options
If you're comparing other digital-friendly lenders, our AUB vs CIMB home loan comparison is also worth reading to broaden your shortlist.
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Compare My Options →Frequently Asked Questions
What are Security Bank's current home loan interest rates?
Security Bank currently offers a 1-year fixed rate of 6.99% p.a., a 5-year fixed rate of 6.75% p.a., and a home equity rate of 7.50% p.a. These are among the most competitive rates available in the Philippine market. Note that rates are subject to change — verify the latest rates through Nook or directly with Security Bank.
Can non-veterans apply for a Philippine Veterans Bank home loan?
Philippine Veterans Bank was established primarily to serve Filipino veterans and their beneficiaries. While the bank does offer some services to the general public, its home loan products are not as widely accessible or publicly promoted as those of commercial banks like Security Bank. If you are not a veteran or beneficiary, a bank like Security Bank is likely a more practical option.
How much can I save by refinancing from 8.50% to Security Bank's 6.75% rate?
On a loan of 3,000,000 pesos over 20 years, refinancing from 8.50% to 6.75% could reduce your monthly payment by approximately 3,320 pesos and save you around 796,800 pesos in total interest. Actual savings depend on your remaining loan balance, term, and any refinancing fees. Use Nook's free calculator to get a personalized estimate.
What is the minimum income required for a Security Bank home loan?
Security Bank requires a minimum monthly income of 50,000 pesos. This applies across employment types including private employees, government workers, BPO employees, OFWs, seafarers, self-employed individuals, professionals, and freelancers.
How long does it take to get approved for a Security Bank home loan?
Security Bank's typical approval timeline is approximately 23 days from the submission of complete documents. Applying through Nook can help speed this up, as Nook's mortgage advisors assist you in preparing a complete and accurate application package.
Is Nook's mortgage brokering service really free?
Yes — Nook's service is 100% free to borrowers. Nook earns a referral fee from the bank upon successful loan disbursement, so you pay nothing for access to mortgage advisory, document support, rate comparison, and application assistance.
Can I use Security Bank to refinance my existing home loan from another bank?
Yes. Security Bank supports refinancing as a loan purpose, meaning you can transfer your existing home loan from another institution — including Philippine Veterans Bank, BDO, BPI, or Pag-IBIG — to Security Bank to take advantage of their lower rates. Nook can guide you through the entire refinancing process at no cost.
Does Security Bank offer home equity loans?
Yes. Security Bank offers home equity loans at 7.50% p.a., allowing qualified homeowners to borrow against the equity in their property. This can be used for renovations, business capital, education, or other financial needs.