RCBC vs Security Bank: Home Loan Rate Comparison
Both Rizal Commercial Banking Corporation (RCBC) and Security Bank are well-established Philippine commercial banks offering home loan and refinancing products. However, there are meaningful differences in their rates, processing times, and borrower eligibility criteria. Here's what you need to know before you decide.
| Feature | RCBC | Security Bank |
|---|---|---|
| 1-Year Fixed Rate | ~7.50% p.a.* | 6.99% p.a. |
| 5-Year Fixed Rate | ~8.00% p.a.* | 6.75% p.a. |
| Home Equity Rate | ~8.50% p.a.* | 7.50% p.a. |
| Min. Monthly Income | ~P40,000* | P50,000 |
| Typical Approval Time | ~30–45 days* | ~23 days |
| Max Debt-to-Income Ratio | ~40%* | 40% |
| Available via Nook | No | Yes (Free) |
*RCBC rates and requirements are indicative estimates based on publicly available information and may vary. Always verify directly with RCBC. Security Bank rates are verified partner data as of current publication. All rates are subject to change.
Who Qualifies? Eligibility Comparison
Security Bank accepts a broad range of employment types, including private employees, government workers, BPO employees, OFWs and seafarers, self-employed individuals, professionals, and freelancers. This makes it one of the more inclusive lenders in the market today.
RCBC also caters to employed and self-employed borrowers, but its approval process tends to be more document-intensive and slower — typically taking 30 to 45 days versus Security Bank's ~23-day turnaround.
| Employment Type | RCBC | Security Bank |
|---|---|---|
| Private Employee | ✓ | ✓ |
| Government Employee | ✓ | ✓ |
| Self-Employed | ✓ | ✓ |
| OFW / Seafarer | ✓ | ✓ |
| BPO / Call Center | Varies | ✓ |
| Freelancer | Varies | ✓ |
Loan Purposes: What Can You Use Each Loan For?
Security Bank supports a wide range of loan purposes through Nook, including refinancing, home equity, new construction, pre-selling properties, ready-for-occupancy (RFO) units, renovation, reselling, and foreclosed properties.
RCBC offers similar loan purposes but with more limited options for non-standard cases like foreclosed property purchases or freelancer income documentation.
If your goal is to refinance your existing home loan to a lower rate, Security Bank is particularly well-suited — and applying through Nook means you get expert assistance at zero cost to you.
How Much Could You Save by Refinancing?
To understand the real difference between these banks, let's look at a concrete refinancing scenario. Say you have an outstanding home loan balance of 3,000,000 with 20 years remaining, currently at a rate of 8.50% p.a. — not uncommon for RCBC borrowers on older fixed-rate terms.
| Scenario | Rate | Est. Monthly Payment | Total Interest (20 yrs) |
|---|---|---|---|
| Current Loan (8.50%) | 8.50% p.a. | ~26,036 | ~3,248,640 |
| Refinance to Security Bank (5-Yr Fixed) | 6.75% p.a. | ~22,781 | ~2,467,440 |
| Savings | — | ~3,255/month | ~781,200 total |
That's a potential saving of over 781,200 over the life of the loan — just by refinancing to Security Bank's 5-year fixed rate of 6.75% p.a. through Nook. And because Nook's service is 100% free to borrowers, you keep every peso of that saving.
You may also want to read our comparison of Landbank vs Security Bank home loan rates if you're evaluating government-backed alternatives alongside your options.
Fees and Charges
Both RCBC and Security Bank charge standard home loan fees including appraisal fees, processing fees, and mortgage registration charges. These are largely determined by the loan amount and the property location, so they tend to be comparable across banks.
One key advantage of applying through Nook is that there are no broker fees charged to the borrower. Nook is compensated by the bank, not by you — so you get expert guidance, document preparation support, and bank comparison at zero additional cost.
Should You Refinance From RCBC to Security Bank?
If you currently have a home loan with RCBC and your interest rate is 7.50% p.a. or higher, refinancing to Security Bank through Nook could make strong financial sense. Security Bank's 5-year fixed rate of 6.75% p.a. is among the most competitive in the market today, and the shorter approval timeline means you start saving sooner.
It's also worth comparing how Security Bank stacks up against other lenders. For example, see how Asia United Bank compares to Security Bank if you're weighing mid-sized bank alternatives.
Nook will help you assess your current loan, calculate your potential savings, and handle the entire application process — all for free.
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Compare My Options →Frequently Asked Questions
What is the current interest rate difference between RCBC and Security Bank home loans?
Security Bank currently offers a 5-year fixed rate of 6.75% p.a. and a 1-year fixed rate of 6.99% p.a. RCBC's rates are estimated to be higher, typically ranging from 7.50% to 8.00% p.a. for similar fixed-rate terms. The exact gap will depend on your loan amount, term, and borrower profile. Rates are subject to change, so always verify the latest figures directly with each bank.
Can I refinance my RCBC home loan through Nook?
Yes. If you currently have a home loan with RCBC, Nook can help you refinance to a lower rate through Security Bank or another partner bank. Nook's refinancing service is 100% free to borrowers — Nook is paid by the bank, not by you. You'll get a dedicated advisor, document support, and full bank comparison at no cost.
How long does Security Bank take to approve a home loan?
Security Bank's typical approval time is around 23 days when all required documents are submitted correctly. RCBC's approval process tends to take longer, often 30 to 45 days. Faster approval through Security Bank means you can start benefiting from a lower interest rate sooner.
What is the minimum monthly income required for a Security Bank home loan?
Security Bank requires a minimum monthly income of P50,000. This applies to employed, self-employed, OFW, BPO, freelancer, and other eligible borrower types. RCBC's minimum income requirement is estimated to be around P40,000, though this may vary by loan amount and borrower type.
Is it worth refinancing if I only have a small difference in interest rate?
Even a 0.75% to 1.50% reduction in your interest rate can result in significant savings over a 15 to 25 year loan term. On a loan balance of 3,000,000 with 20 years remaining, a 1.75% rate reduction could save you over 780,000 in total interest. Use Nook's free refinancing calculator to estimate your personal savings before deciding.
Does Nook charge any fees for helping me compare RCBC and Security Bank?
No. Nook's service is completely free to borrowers. Nook acts as a digital mortgage broker and is compensated by partner banks like Security Bank. You receive expert advice, loan comparison, and application support at zero cost to you.
What loan purposes does Security Bank support?
Through Nook, Security Bank supports home loans for refinancing, home equity, new construction, pre-selling properties, ready-for-occupancy (RFO) units, renovation, reselling, and foreclosed properties. This makes it a versatile option for a wide range of borrower needs.