Security Bank vs UnionBank

Security Bank vs UnionBank: Interest Rate Comparison

Interest rates are the single biggest factor in your monthly mortgage payment — and over a 20-year loan, even a 0.25% difference can add up to hundreds of thousands of pesos. Here's how Security Bank and UnionBank compare on advertised home loan rates.

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

Security Bank's 5-year fixed rate of 6.75% is a standout offer — locking in a low rate for five years gives borrowers strong protection against future rate increases. UnionBank, meanwhile, offers a competitive 7.00% on both its 1-year fixed and home equity products, giving it an edge specifically for multi-purpose or home equity loans.

Monthly Payment Comparison: Real Numbers

Let's run the numbers on a sample loan of 3,000,000 over a 20-year term to see how these rates translate to actual monthly payments.

On a 3,000,000 loan, choosing Security Bank's 5-year fixed rate over UnionBank's 1-year fixed rate saves approximately 545 per month and over 130,000 over the life of the loan. That's a meaningful difference — and it grows larger for bigger loan amounts.

For a 5,000,000 loan, the gap widens: Security Bank borrowers would save roughly 218,000 in total interest compared to UnionBank at 7.00%.

Eligibility & Borrower Requirements

Rates don't matter if you don't qualify. Here's how both banks compare on borrower eligibility criteria.

Key takeaway: UnionBank is more accessible for borrowers earning between 30,000 and 49,999 per month, and its higher DTI cap of 50% means borrowers with existing debts (car loans, credit cards) are more likely to qualify. Security Bank, on the other hand, accepts freelancers — a significant advantage for the growing gig economy workforce in the Philippines.

Loan Purpose Coverage

Both banks cover a wide range of home loan purposes, but there are some differences worth noting.

This is an important distinction: Security Bank explicitly supports home loan refinancing, while UnionBank's product lineup does not currently list refinancing as a supported purpose. If you're an existing homeowner looking to refinance your mortgage to a lower rate, Security Bank is the clear choice between the two. You can also explore how Security Bank's refinance rates compare in our Landbank vs Security Bank comparison.

Processing Speed & Application Experience

Security Bank has a typical approval timeline of approximately 23 business days from submission of complete documents — a solid benchmark in the Philippine home loan market. UnionBank does not publicly disclose a standard approval timeline, so borrowers should inquire directly or through Nook for the most current processing estimates.

Both banks offer digital-friendly application processes, and through Nook, you can submit your documents once and have them routed to multiple banks simultaneously — saving you time and the hassle of managing multiple bank applications on your own.

Who Should Choose Security Bank?

• Borrowers who want the lowest possible 5-year fixed rate (6.75% p.a.)
• Homeowners looking to refinance an existing home loan
• Freelancers and independent contractors who may not qualify elsewhere
• Borrowers who want long-term rate certainty and protection against rate hikes
• Those comparing options — see also our Asia United Bank vs Security Bank breakdown for another perspective

Who Should Choose UnionBank?

• Borrowers earning between 30,000 and 49,999 per month who don't meet Security Bank's income floor
• Those with higher existing debt loads who need the 50% DTI flexibility
• Borrowers seeking a home equity loan at 7.00% — slightly better than Security Bank's 7.50%
• Those interested in comparing UnionBank against government-backed options (see our Pag-IBIG vs UnionBank comparison)

Apply Through Nook — It's Free

Nook is the Philippines' first digital mortgage broker. We work with both Security Bank and UnionBank as partner banks, which means we can help you apply to one or both — at no cost to you. Our service is 100% free for borrowers. We're paid by the banks, not by you.

In one application, we'll match you with the best available offer based on your income, property, and financial profile. No more running between bank branches or submitting the same documents multiple times.