Security Bank vs BPI Family Savings Bank

Security Bank vs BPI Family Savings Bank: Quick Comparison

Both Security Bank and BPI Family Savings Bank are Nook partner banks, meaning you can apply to either — or both — through Nook's free broker service with no additional cost to you. The table below summarizes the key differences at a glance.

Note: Interest rates are subject to change. Always verify current rates with the bank or through Nook before making a financial decision.

Interest Rate Comparison in Detail

Interest rates are the single biggest driver of your total loan cost over time. Here's how Security Bank and BPI Family Savings Bank stack up across fixing periods.

1-Year Fixed Rate

BPI Family Savings Bank offers a 1-year fixed rate of 6.70% p.a., compared to Security Bank's 6.99% p.a. — a difference of 0.29 percentage points. On a loan of 3,000,000 over 20 years, that gap translates to roughly 5,200 pesos in additional interest during the first fixed year alone with Security Bank.

5-Year Fixed Rate

The gap widens significantly at the 5-year fixing period. BPI Family Savings Bank's 6.50% p.a. is a full 1.25 percentage points lower than Security Bank's 7.75% p.a. For borrowers who want rate certainty over a longer horizon, this is a substantial difference. On a 3,000,000 loan over 20 years, the 5-year BPI rate saves approximately 18,000 to 22,000 pesos in interest compared to Security Bank over that fixed period.

Home Equity Rate

If you're looking to borrow against your property's equity, BPI Family Savings Bank again comes out ahead at 6.70% p.a. versus Security Bank's 7.50% p.a.

For a deeper look at how these rates compare for refinancing specifically, see our guide on BPI vs Security Bank housing loan refinance rates.

Monthly Payment Estimates

To make the comparison concrete, here are estimated monthly amortizations for a 3,000,000 loan over a 20-year term at each bank's 5-year fixed rate. These are illustrative figures — actual payments depend on your loan amount, term, and the bank's prevailing rate at the time of application.

Estimates are for illustration only. Rates are subject to change. Consult Nook or the respective bank for an official loan quote.

Eligibility Requirements

Both banks have broadly similar eligibility criteria, but there are a few key differences worth noting before you apply.

Minimum Monthly Income

Security Bank requires a minimum monthly income of 50,000 pesos, while BPI Family Savings Bank's threshold is lower at 40,000 pesos. This means borrowers earning between 40,000 and 49,999 pesos per month may qualify with BPI Family Savings Bank but not Security Bank — an important distinction for many Filipino households.

Accepted Employment Types

Both banks accept a wide range of employment types:

• Security Bank: Private employees, Government employees, BPO workers, OFWs and Seafarers, Self-Employed individuals, Professionals, and Freelancers
• BPI Family Savings Bank: Private employees, Government employees, BPO workers, OFWs and Seafarers, Self-Employed individuals, and Professionals

Security Bank notably includes Freelancers as an accepted employment type, which gives it an edge for gig economy workers and independent contractors.

Debt-to-Income Ratio

Both banks cap the maximum debt-to-income (DTI) ratio at 40%, meaning your total monthly debt obligations — including the new housing loan — should not exceed 40% of your gross monthly income.

Loan Purposes Covered

Both Security Bank and BPI Family Savings Bank support the same broad range of housing loan purposes, making them versatile options whether you're buying a new home, refinancing an existing loan, or tapping equity.

Approval Time: A Major Practical Difference

Beyond the numbers, approval speed matters — especially if you're working within a developer's payment deadline or a seller's timeline.

Security Bank's typical approval time is 23 days, which is among the fastest for a major Philippine bank. BPI Family Savings Bank typically takes around 52 days — more than double. If your transaction has a hard deadline, Security Bank's processing speed could be the deciding factor, even if its rates are slightly higher.

When applying through Nook, our team helps you prepare complete documentation upfront, which can help reduce unnecessary delays with either bank.

Which Bank is Better for Refinancing?

If you're an existing homeowner looking to refinance a current home loan to a lower rate, BPI Family Savings Bank is likely the better option on pure cost grounds. Its 5-year fixed rate of 6.50% p.a. is hard to beat in today's market, and Nook's best available refinance rate is currently 5.99% p.a. — so it's always worth checking what's available across multiple lenders.

For a full refinancing comparison between these two banks, you may also want to read our analysis of BPI vs Security Bank home loan rates, which covers the refinancing angle in more depth.

If your primary concern is speed — for example, you're refinancing to meet a deadline or take advantage of a time-sensitive property deal — Security Bank's 23-day turnaround makes it a strong contender despite its higher rates.

Why Apply Through Nook?

Nook is the Philippines' first digital mortgage broker. When you apply through Nook, you get:

• Free service — Nook charges borrowers nothing. The banks pay us, not you.
• Access to multiple lenders — Compare Security Bank, BPI Family Savings Bank, and other partner banks in one place.
• Expert guidance — Our team helps you prepare documents and navigate approval requirements.
• No obligation — You choose which bank to proceed with after seeing your options.

Whether Security Bank or BPI Family Savings Bank is the better fit depends on your income, timeline, and loan purpose. Nook helps you figure that out without the guesswork.