UnionBank vs BPI Housing Loan: Rate Comparison at a Glance
Both UnionBank and BPI Family Savings Bank are Nook partner banks, which means you can apply to either — or both — through Nook's free digital mortgage broker service. Below is a direct comparison of their published housing loan interest rates.
| Fixed Period | UnionBank | BPI Family Savings Bank |
|---|---|---|
| 1-Year Fixed | 7.00% p.a. | 6.70% p.a. |
| 5-Year Fixed | Not offered | 6.50% p.a. |
| Home Equity | 7.00% p.a. | 6.70% p.a. |
Note: Interest rates are subject to change. Always verify the latest rates directly with the bank or through Nook before making a borrowing decision.
Monthly Payment Comparison: How Much Could You Save?
To make this concrete, let's look at a sample home loan of 3,000,000 over 20 years and compare the monthly payments under each bank's 1-year fixed rate.
| Scenario | UnionBank (7.00%) | BPI (6.70%) |
|---|---|---|
| Loan Amount | 3,000,000 | 3,000,000 |
| Loan Term | 20 years | 20 years |
| Annual Rate | 7.00% | 6.70% |
| Est. Monthly Payment | 23,259 | 22,737 |
| Total Interest Paid | 2,582,160 | 2,456,880 |
On a 3,000,000 loan, choosing BPI over UnionBank at current rates saves approximately 522 per month — or around 125,280 over the life of the loan. For larger loan amounts, the difference compounds significantly.
And if your current bank is charging you 8% or higher? Refinancing through Nook to either of these banks could save you far more. The best refinance rate currently available through Nook is 5.99% p.a. — well below what most Filipino homeowners are paying today.
Eligibility Requirements: Side by Side
Qualifying for a housing loan depends on more than just your income. Here's how UnionBank and BPI compare on key eligibility criteria.
| Requirement | UnionBank | BPI Family Savings Bank |
|---|---|---|
| Minimum Monthly Income | 30,000 | 40,000 |
| Maximum Debt-to-Income Ratio | 50% | 40% |
| Employment Types Accepted | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional |
| Typical Approval Timeline | Not specified | Approximately 52 days |
UnionBank's higher maximum DTI of 50% versus BPI's 40% can be a deciding factor for borrowers who already carry other debt obligations — such as a car loan or credit card balances. If your existing debts are significant, UnionBank may offer more flexibility in qualifying you.
Loan Purpose Coverage: What Can You Use the Loan For?
Both banks cover a wide range of home loan purposes, but there are minor differences worth noting.
| Loan Purpose | UnionBank | BPI Family Savings Bank |
|---|---|---|
| Refinancing | Not listed | ✓ |
| Home Equity | ✓ | ✓ |
| Ready For Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| New Construction | ✓ | ✓ |
| Renovation | ✓ | ✓ |
| Reselling | ✓ | ✓ |
| Foreclosed Properties | ✓ | ✓ |
If refinancing your existing home loan is your primary goal, BPI Family Savings Bank explicitly supports refinancing as a loan purpose. This makes BPI the more straightforward choice if you're looking to switch from your current bank to a lower rate. UnionBank remains an excellent option for purchase, construction, renovation, and home equity loans.
Which Bank Is Right for You?
Here's a simple guide to help you decide:
- Choose BPI if: You want the lowest available fixed rate, a medium-term rate lock (5-year fix at 6.50%), you earn at least 40,000/month, and refinancing is your goal.
- Choose UnionBank if: Your monthly income is between 30,000 and 39,999, you carry higher existing debt obligations and need the flexibility of a 50% DTI cap, or you prefer UnionBank's broader network for your daily banking.
- Apply through Nook if: You want to compare actual loan offers from both banks without paying broker fees — Nook's service is 100% free to borrowers.
Still unsure? You can also explore our detailed breakdown of UnionBank vs BPI housing loan requirements and rates to dig deeper into the numbers before you apply.
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Compare My Options →Frequently Asked Questions
What is UnionBank's current housing loan interest rate?
UnionBank currently offers a 1-year fixed rate of 7.00% p.a. on housing loans, including home equity loans. This rate is subject to change, so it's best to verify the latest figures through Nook or directly with UnionBank before applying.
What is BPI's current housing loan interest rate?
BPI Family Savings Bank currently offers a 1-year fixed rate of 6.70% p.a. and a 5-year fixed rate of 6.50% p.a. on housing loans. Home equity loans are also available at 6.70% p.a. Rates are subject to change — check with Nook for the most current offers.
Is UnionBank or BPI better for a housing loan in the Philippines?
It depends on your financial profile. BPI offers lower fixed interest rates and explicitly supports refinancing, making it the better choice for most borrowers focused on minimizing interest costs. UnionBank has a lower minimum income requirement (30,000 vs 40,000) and a higher maximum DTI of 50%, making it more accessible for borrowers with tighter income or existing debts. Applying through Nook lets you get actual offers from both banks for free.
Can I refinance my home loan to UnionBank or BPI through Nook?
Yes. BPI Family Savings Bank explicitly supports home loan refinancing and is a Nook partner bank. Nook is the Philippines' first digital mortgage broker and its service is 100% free to borrowers. You can apply online and compare multiple bank offers without paying any broker fees.
What is the minimum salary required for a UnionBank housing loan?
UnionBank requires a minimum monthly income of 30,000 to qualify for a housing loan. This is lower than BPI's requirement of 40,000 per month, making UnionBank more accessible for mid-income earners.
What is the minimum salary required for a BPI housing loan?
BPI Family Savings Bank requires a minimum monthly income of 40,000 to qualify for a housing loan. Accepted employment types include private sector employees, government workers, BPO staff, OFWs and seafarers, self-employed individuals, and professionals.
How long does BPI take to approve a home loan?
BPI Family Savings Bank typically takes approximately 52 days to approve a housing loan application. This timeline can vary depending on the completeness of your documents and the complexity of your application.
What is the best home loan refinance rate available in the Philippines right now?
The best refinance rate currently available through Nook is 5.99% p.a. Most Filipino homeowners are currently paying between 7% and 10% on their existing home loans, meaning significant monthly savings are possible by refinancing through Nook's free broker service.