UnionBank vs BPI Housing Loan: 2026 Rate Comparison
Interest rates are the single biggest factor in your total housing loan cost. Here's how UnionBank and BPI stack up on their current advertised rates as of 2026. Note that rates are subject to change — always verify the latest rates directly with the bank or through Nook before applying.
| Fixed Period | UnionBank | BPI Family Savings Bank |
|---|---|---|
| 1-Year Fixed | 7.00% p.a. | 6.70% p.a. |
| 5-Year Fixed | Not available | 6.50% p.a. |
| Home Equity | 7.00% p.a. | 6.70% p.a. |
BPI's 5-year fixed rate of 6.50% is the standout figure here. Locking in a lower rate for five years provides payment stability and significant interest savings compared to repricing every year. For context, the best refinance rate currently available through Nook across all partner banks is 5.99% p.a. — so it always pays to compare beyond just these two lenders.
On a 3,000,000 loan over 20 years, the difference between 7.00% (UnionBank 1-year fix) and 6.50% (BPI 5-year fix) amounts to roughly 83,000 in additional interest over the first five years alone. That's a meaningful saving that compounds over time.
Monthly Payment Comparison: UnionBank vs BPI
To make the rate difference concrete, here are estimated monthly amortizations for a 3,000,000 home loan over a 20-year term at each bank's headline rates. These figures are approximate and assume a standard amortizing loan structure.
| Loan Amount | Term | UnionBank @ 7.00% | BPI @ 6.50% | Monthly Savings with BPI |
|---|---|---|---|---|
| 2,000,000 | 20 years | 15,506 | 14,927 | 579 |
| 3,000,000 | 20 years | 23,259 | 22,391 | 868 |
| 5,000,000 | 20 years | 38,764 | 37,318 | 1,446 |
| 7,000,000 | 20 years | 54,270 | 52,245 | 2,025 |
On a 5,000,000 loan, choosing BPI's 5-year fixed rate over UnionBank's 1-year fixed rate saves approximately 1,446 per month — that's 86,760 over five years before your first repricing. For a deeper look at how these two banks compare specifically on refinancing scenarios, see our UnionBank vs BPI Home Loan Interest Rates Comparison.
Eligibility Requirements: UnionBank vs BPI
Understanding each bank's eligibility criteria is just as important as comparing rates. Here's a side-by-side breakdown of the key requirements for 2026.
| Requirement | UnionBank | BPI Family Savings Bank |
|---|---|---|
| Minimum Monthly Income | 30,000 | 40,000 |
| Maximum Debt-to-Income (DTI) | 50% | 40% |
| Typical Approval Time | Not specified | ~52 days |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
Key takeaway on income: UnionBank's 30,000/month minimum income threshold is 25% lower than BPI's 40,000/month requirement. For borrowers earning between 30,000 and 39,999 per month, UnionBank may be the only option of these two banks. However, borrowers who qualify for both banks will generally find BPI's rates more competitive.
Key takeaway on DTI: UnionBank's 50% maximum debt-to-income ratio is more lenient than BPI's 40% cap. This means borrowers who already carry other loan obligations — car loans, personal loans, credit card debt — are more likely to qualify with UnionBank even if they meet BPI's income floor.
Loan Purpose Coverage: What Can You Use Each Loan For?
Not all housing loans cover the same transactions. Here's how UnionBank and BPI compare on loan purpose eligibility.
| Loan Purpose | UnionBank | BPI Family Savings Bank |
|---|---|---|
| Refinancing | Not listed | ✓ Yes |
| Ready For Occupancy (RFO) | ✓ Yes | ✓ Yes |
| Pre-Selling | ✓ Yes | ✓ Yes |
| New Construction | ✓ Yes | ✓ Yes |
| Renovation | ✓ Yes | ✓ Yes |
| Reselling | ✓ Yes | ✓ Yes |
| Home Equity / Cash-Out | ✓ Yes (7.00%) | ✓ Yes (6.70%) |
| Foreclosed Properties | Not listed | ✓ Yes |
Important for refinancers: If your goal is to refinance your existing home loan to get a lower rate, BPI explicitly supports refinancing as a loan purpose — making it the stronger choice for homeowners looking to reduce their monthly amortization. UnionBank does not list refinancing as a supported purpose based on current partner data. If you are currently paying above 7% on your mortgage, read our detailed BPI vs UnionBank refinancing comparison to understand your options.
Home Equity Loans: UnionBank vs BPI
Both banks offer home equity loan products, allowing homeowners to borrow against the value of their property for purposes such as business capital, education, medical expenses, or home improvement.
| Feature | UnionBank | BPI Family Savings Bank |
|---|---|---|
| Home Equity Rate | 7.00% p.a. | 6.70% p.a. |
| Fixed Period Options | 1-Year | 1-Year, 5-Year |
BPI's home equity rate of 6.70% undercuts UnionBank's 7.00% by 30 basis points. On a 2,000,000 home equity loan over 10 years, that difference translates to approximately 33,000 in total interest savings over the loan term. BPI also offers more flexibility with both 1-year and 5-year fixed period options for home equity borrowers.
Applying Through Nook: Free Broker Service for Both Banks
Both UnionBank and BPI Family Savings Bank are Nook partner banks. This means you can apply to either — or both — banks simultaneously through Nook's free digital mortgage broker service at no cost to you. Nook's service is 100% free to borrowers: no broker fees, no application charges, no hidden costs.
Here's what applying through Nook gives you:
- Side-by-side rate comparison across multiple banks including BPI, UnionBank, and other Nook partners
- A dedicated mortgage specialist who guides you through the entire process
- Single application submitted to multiple banks, saving you time and paperwork
- Access to the best available refinance rate of 5.99% p.a. through Nook's network
- No pressure, no fees — Nook is paid by the banks, not by you
Whether you're buying a new home, refinancing an existing loan, or taking out a home equity loan, Nook helps you get the best deal available across the Philippine market. Interest rates and bank policies are subject to change — applying through Nook ensures you always get current, verified information before committing.
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Compare My Options →Frequently Asked Questions
Which has a lower interest rate: UnionBank or BPI housing loan?
BPI Family Savings Bank currently offers lower rates than UnionBank. BPI's 1-year fixed rate is 6.70% p.a. versus UnionBank's 7.00% p.a., and BPI also offers a 5-year fixed rate at 6.50% p.a. which UnionBank does not match. For most borrowers who qualify for both banks, BPI is the more cost-effective choice on rate alone. Rates are subject to change — verify current rates through Nook before applying.
What is the minimum income requirement for UnionBank vs BPI housing loan?
UnionBank requires a minimum monthly gross income of 30,000, while BPI Family Savings Bank requires a minimum of 40,000 per month. If you earn between 30,000 and 39,999 per month, UnionBank may be the more accessible option of these two banks. Both banks accept a wide range of employment types including private employees, government workers, OFWs, self-employed individuals, and professionals.
Can I use a BPI or UnionBank housing loan to refinance my existing mortgage?
BPI Family Savings Bank explicitly supports refinancing as a loan purpose, making it a strong choice for homeowners looking to reduce their monthly payments by switching from a higher-rate lender. UnionBank does not currently list refinancing as a supported loan purpose in its partner data. If refinancing is your goal, BPI is the recommended choice between these two banks. Through Nook, you can also compare BPI's refinance rates against other partner banks to ensure you're getting the best deal available.
How long does BPI housing loan approval take compared to UnionBank?
BPI Family Savings Bank has a typical approval timeline of approximately 52 days from complete document submission. UnionBank does not publish a standard approval timeline in its current partner data. Processing times can vary depending on the completeness of your documents, property type, and individual loan circumstances. Applying through Nook helps ensure your documents are complete before submission, which can help avoid delays at either bank.
What is the maximum debt-to-income ratio for UnionBank vs BPI?
UnionBank allows a higher maximum debt-to-income (DTI) ratio of 50%, compared to BPI's maximum of 40%. This means borrowers with existing financial obligations — such as car loans, personal loans, or credit card balances — are more likely to qualify with UnionBank even if they meet BPI's income requirement. If your existing monthly debt obligations are high relative to your income, UnionBank may offer a better chance of approval.
Can I apply to both UnionBank and BPI at the same time?
Yes — and applying to multiple banks is actually a smart strategy to ensure you get the best rate and terms. Through Nook, you can submit a single application that is evaluated by multiple partner banks including both UnionBank and BPI Family Savings Bank. Nook's service is completely free to borrowers, so there is no cost to applying to multiple banks simultaneously. This approach maximizes your chances of approval and ensures you can compare actual loan offers before committing.
Does UnionBank or BPI offer home equity loans?
Both banks offer home equity loan products. BPI Family Savings Bank offers a home equity rate of 6.70% p.a. with both 1-year and 5-year fixed period options. UnionBank offers a home equity rate of 7.00% p.a. on a 1-year fixed basis. For borrowers looking to cash out equity in their existing property, BPI offers both a lower rate and more flexibility on the fixed period. As always, rates are subject to change — verify current offers through Nook.
Is Nook's mortgage broker service really free?
Yes, Nook's service is 100% free to borrowers. There are no broker fees, application fees, or hidden charges for using Nook to compare and apply for a housing loan. Nook is compensated by the banks — not by the borrower — when a loan is successfully disbursed. This means you get professional mortgage advisory and multi-bank comparison at zero cost to you.