Interest Rates Comparison
RCBC Housing Loan Rates
- 1-Year Fixed Rate: 7.00% p.a.
- Home Equity Loan: 8.00% p.a.
- Rates are competitive for qualified borrowers
- Fixed rate protection for first year
UnionBank Housing Loan Rates
- 1-Year Fixed Rate: 7.00% p.a.
- Home Equity Loan: 7.00% p.a.
- Same rate for both purchase and equity loans
- Consistent competitive pricing
Income & Employment Requirements
| Requirement | RCBC | UnionBank |
|---|---|---|
| Minimum Monthly Income | ₱50,000 | ₱30,000 |
| Maximum Debt-to-Income | 30% | 50% |
| Private Employees | ✓ Accepted | ✓ Accepted |
| Government Employees | Not specified | ✓ Accepted |
| BPO Workers | Not specified | ✓ Accepted |
| OFW/Seafarers | ✓ Accepted | ✓ Accepted |
| Self-Employed | ✓ Accepted | ✓ Accepted |
| Professionals | ✓ Accepted | ✓ Accepted |
Loan Purposes & Property Types
RCBC Accepted Purposes
- Foreclosed properties
- Home equity loans
- Pre-selling units
- Ready for occupancy (RFO)
- Refinancing existing loans
- Resale properties
UnionBank Accepted Purposes
- Foreclosed properties
- Home equity loans
- New construction projects
- Pre-selling units
- Ready for occupancy (RFO)
- Property renovation
- Resale properties
Processing & Approval Timeline
RCBC Processing
- Typical Approval: 49 days
- Comprehensive document review process
- Stricter DTI requirements may speed qualified applications
UnionBank Processing
- Processing Time: Standard banking timeline
- Broader acceptance criteria
- Multiple employment types accommodated
Savings Calculator: RCBC vs UnionBank
For a ₱3,000,000 loan over 20 years, here's how both banks compare to higher market rates:
Current Market Rate (8.5%)
- Monthly Payment: ₱26,012
- Total Interest: ₱3,242,880
Both RCBC & UnionBank (7.0%)
- Monthly Payment: ₱23,263
- Total Interest: ₱2,583,120
- Total Savings: ₱659,760
- Monthly Savings: ₱2,749
Both banks offer identical savings potential through Nook's platform. For detailed rate information, see our complete UnionBank housing loan guide.
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Compare My Options →Frequently Asked Questions
Which bank offers better housing loan rates - RCBC or UnionBank?
Both RCBC and UnionBank offer the same competitive 7.00% fixed rate for housing loans through Nook's platform. The main difference is in their requirements and loan features rather than interest rates.
What are the income requirements for RCBC vs UnionBank housing loans?
RCBC requires a minimum monthly income of ₱50,000 with a maximum 30% debt-to-income ratio, while UnionBank has a lower ₱30,000 minimum income requirement and allows up to 50% debt-to-income ratio, making it more accessible.
How long does loan approval take for RCBC vs UnionBank?
RCBC typically processes applications within 49 days. UnionBank follows standard banking timelines but may process faster for qualified applicants due to their broader acceptance criteria and streamlined requirements.
Which employment types do RCBC and UnionBank accept?
Both banks accept private employees, OFWs/seafarers, self-employed individuals, and professionals. UnionBank additionally accepts government employees and BPO workers, offering broader employment type coverage.
Can I refinance my existing housing loan with RCBC or UnionBank through Nook?
Yes, both RCBC and UnionBank accept refinancing applications through Nook's platform. RCBC explicitly lists refinancing as an accepted loan purpose, and both banks can help you secure better rates than your current loan.
What's the difference in home equity loan rates between RCBC and UnionBank?
UnionBank offers home equity loans at 7.00% p.a., the same rate as their regular housing loans. RCBC charges 8.00% p.a. for home equity loans, making UnionBank more competitive for equity-based borrowing.