Interest Rates Comparison
Security Bank Rates
- 1-Year Fixed: 6.99% p.a.
- 5-Year Fixed: 6.75% p.a.
- Home Equity: 7.50% p.a.
BDO Rates
- 1-Year Fixed: 6.00% p.a.
- Home Equity: 6.00% p.a.
Both banks offer competitive rates well below the market average of 7-10% that most Filipino homeowners currently pay. BDO provides a slight advantage on 1-year fixed rates, while Security Bank offers more product variety with 5-year fixed options.
Monthly Payment Comparison
For a ₱3,000,000 loan over 20 years:
Security Bank (6.99%)
Monthly Payment: 23,280
Total Interest: 2,587,200
BDO (6.00%)
Monthly Payment: 21,492
Total Interest: 2,158,080
Potential Monthly Savings: BDO could save you 1,788 per month, or 429,120 over the life of the loan compared to Security Bank's 1-year fixed rate.
Application Requirements
Security Bank
- Minimum Income: ₱50,000/month
- Employment Types: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer
- Maximum DTI: 40%
- Typical Approval: 23 days
BDO
- Minimum Income: ₱50,000/month
- Employment Types: Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional
- Maximum DTI: 40%
- Typical Approval: 30 days
Both banks have identical income requirements and DTI limits. Security Bank stands out by accepting freelancers and processes applications 7 days faster on average.
Loan Purposes Supported
Security Bank
- Foreclosed properties
- Home Equity loans
- New Construction
- Pre-Selling units
- Ready For Occupancy (RFO)
- Refinancing existing loans
- Renovation projects
- Reselling properties
BDO
- Home Equity loans
- Foreclosed properties
- New Construction
- Pre-Selling units
- Ready For Occupancy (RFO)
- Renovation projects
- Reselling properties
Security Bank offers slightly more comprehensive loan purpose coverage, specifically including refinancing as a dedicated product category.
Why Choose Nook for Your Application
Both Security Bank and BDO are trusted Nook partner banks, which means you can access their competitive rates through our free broker service. Here's why applying through Nook makes sense:
- Free Service: No broker fees or hidden charges
- Expert Guidance: Our specialists help you choose the right bank and product
- Faster Processing: Streamlined application process with both banks
- Rate Shopping: Compare offers from multiple lenders simultaneously
Whether you're looking to refinance your Security Bank home loan or explore BDO refinancing options, Nook helps you secure the best possible terms.
Not sure which bank suits you?
Nook compares offers from 15+ banks for free. See your personalised options.
Compare My Options →Frequently Asked Questions
Which bank offers better home loan rates, Security Bank or BDO?
BDO currently offers slightly better rates with their 1-year fixed rate at 6.00% compared to Security Bank's 6.99%. However, Security Bank provides more product variety including 5-year fixed terms at 6.75%, which may offer better long-term stability for some borrowers.
What are the main differences between Security Bank and BDO home loans?
Key differences include: BDO offers lower 1-year fixed rates (6.00% vs 6.99%), while Security Bank provides 5-year fixed options and accepts freelancers. Security Bank also processes applications faster (23 days vs 30 days) and offers dedicated refinancing products.
How much can I save by choosing the better rate between these banks?
On a ₱3,000,000 loan over 20 years, choosing BDO's 6.00% rate over Security Bank's 6.99% rate could save you approximately 1,788 per month and 429,120 in total interest over the loan term.
Can freelancers apply for home loans with both banks?
Only Security Bank explicitly accepts freelancers among their supported employment types. BDO's program covers private employees, government workers, BPO employees, OFWs/seafarers, self-employed individuals, and professionals, but does not specifically mention freelancers.
Which bank processes home loan applications faster?
Security Bank typically processes home loan applications in 23 days, while BDO takes around 30 days. This 7-day difference can be significant if you need faster approval for your home purchase or refinancing needs.
Should I use Nook to apply with either Security Bank or BDO?
Yes, both Security Bank and BDO are Nook partner banks, meaning you can access their competitive rates through our free broker service. Nook helps you compare offers, provides expert guidance, and streamlines the application process with no fees to you.