Security Bank vs BDO

Security Bank vs BDO Housing Loan for OFWs: At a Glance

For Overseas Filipino Workers, choosing the right home loan bank isn't just about the interest rate — it's also about which lender can process your application smoothly when you're thousands of kilometers away. Both Security Bank and BDO are Nook partner banks and both accept OFW borrowers, but they have meaningful differences that could affect your decision.

Note: Interest rates are subject to change. Always verify current rates with the bank or through Nook before applying.

Interest Rate Comparison: Which Is Actually Cheaper for OFWs?

Let's put the numbers in context. Assume you're an OFW purchasing a home in the Philippines at a loan amount of 3,500,000 over 20 years.

Over the first fixed-rate period, BDO's lower rate could save you more than 34,000 per year — money that stays in your pocket instead of going to the bank. However, Security Bank's 5-year fixed option at 6.75% p.a. is worth considering if you want rate stability without the need to re-negotiate annually. For OFWs who prefer to "set it and forget it," that peace of mind has real value.

You can also read our broader guide on Security Bank vs BDO home loan rates for a more general comparison beyond the OFW context.

OFW-Specific Requirements: What Each Bank Needs

Both banks accept OFW and seafarer applicants, but documentation requirements for overseas borrowers tend to be more extensive than for locally employed individuals. Here's what you should typically prepare:

Common OFW Documents (Both Banks)

• Valid passport (with visa/entry stamps)
• Overseas Employment Certificate (OEC) or POEA contract
• Employment contract (authenticated or apostilled)
• Proof of remittance history (last 3–6 months)
• Special Power of Attorney (SPA) — notarized and authenticated — for a local representative
• Payslips or proof of foreign income (translated to English if needed)
• Latest ITR or equivalent income proof from country of deployment

Special Power of Attorney (SPA)

One of the most important — and often overlooked — requirements for OFW borrowers is the SPA. This document authorizes a trusted person in the Philippines (usually a spouse, parent, or sibling) to sign documents and transact on your behalf. Both Security Bank and BDO require this. Having your SPA notarized and apostilled in your country of work before you apply will significantly speed up processing.

Income Verification for Seafarers

Seafarers have unique income documentation since their contracts are often project-based. Both banks typically accept POEA-approved contracts and allotment slips as proof of income. BDO and Security Bank both list OFW/Seafarer as an accepted employment type, which means their credit teams are familiar with this income structure.

Loan Purposes: What Can OFWs Use These Loans For?

Whether you're buying a ready-to-move-in condo, a pre-selling unit, or refinancing an existing loan back home, both banks cover a wide range of purposes.

For OFWs looking to refinance an existing loan back home, both banks are strong options. If you're already paying above 7% or 8% on a current loan, switching to BDO's 6.00% or Security Bank's 6.75% (5-year fixed) could deliver significant monthly savings. Our page on BDO vs Security Bank refinance rates 2026 breaks this down in more detail.

Processing Time: Which Bank Is Faster?

Security Bank has a typical approval time of 23 days, while BDO typically takes around 30 days. For OFWs, faster approval matters — especially if you're trying to close a property deal while on a short vacation leave or coordinating from abroad.

Security Bank's edge in processing speed could be decisive if you're working against a developer's deadline or trying to finalize a property transaction before your leave ends. That said, 30 days is still a reasonable timeline, and BDO's broader branch network in the Philippines may make coordination easier for your local representative.

When you apply through Nook, our team helps manage document submission, bank follow-ups, and status tracking on your behalf — reducing the back-and-forth that tends to slow down OFW applications.

Which Employment Types Do They Accept?

Both banks are well-equipped to handle non-traditional employment. Here's a side-by-side view:

Security Bank explicitly accepts freelancers — an increasingly common income type among Filipinos abroad. If you work as an independent contractor or remote freelancer overseas, Security Bank may be more accommodating during the credit review process.

Why Apply Through Nook Instead of Going Direct?

Nook is the Philippines' first digital mortgage broker, and our service is completely free for borrowers. Here's why OFWs in particular benefit from applying through Nook:

• Compare both banks in one application — No need to submit separate applications to Security Bank and BDO independently.
• No hidden fees — Nook earns from the bank, not from you. You pay zero broker fees.
• Digital-first process — Everything can be done online, which matters when you're in Dubai, Singapore, Hong Kong, or at sea.
• Document guidance — Our team helps you prepare the right documents the first time, reducing back-and-forth with the bank.
• Bank follow-ups handled for you — You don't have to chase anyone. We monitor your application and keep you updated.

Whether you end up with Security Bank or BDO, applying through Nook gives you access to both — and we'll help you choose the better fit based on your income, property, and timeline.