Security Bank Choice — Terms & Conditions

Authority to Inspect and Verify

The following authority and undertakings apply between you (referred to as “I/We”) and Security Bank (“The Bank”) in connection with the property being offered as security for your home loan. Read each clause carefully — by proceeding with your Security Bank application you confirm your agreement to all of them.

1. Property ownership and appraisal

That I/We is/are the owner(s) of the said property(ies), and that I/We hereby authorize the appraisers of Security Bank, or its accredited external appraisal companies, to do the following activities in connection with the above-stated property(ies):

• Conduct site inspection, actual area measurements and picture-taking for the purpose of appraisal.
• Conduct verification and/or requests for certified true copy(ies) of documents related to the above properties from the appropriate government agencies.
• Conduct verification on payment of realty taxes, association dues (as applicable), and similar charges.

2. Waiver of confidentiality and authority to disclose

I/We hereby willingly, voluntarily, and with full knowledge of my/our right under the law, waive the right to confidentiality of information and authorize Security Bank (“The Bank”) to disclose, divulge, and reveal such information relating to my/our account, including events of default, for the purpose of, among others, client evaluation, credit reporting or verification, and recovery of the obligation due and payable to the Bank under the terms and conditions of this agreement.

In view of the foregoing, the Bank may disclose, divulge, and reveal the aforementioned information to third parties, including but not limited to my/our employer(s), the Bank's affiliates, subsidiaries, agents, and service providers, the Bankers Association of the Philippines – Credit Bureau (BAP-CB), or to any similar central monitoring entity or recipients as provided for by law and required by competent authority.

I/We further authorize the Bank, as my/our Attorney-in-fact, to conduct random verification with the Bureau of Internal Revenue (the “BIR”) in order to establish the authenticity of my/our Income Tax Returns (the “ITR”) and the accompanying financial statements/documents submitted to the Bank in accordance with banking regulatory requirements.

I/We hold the Bank free and harmless from any and all liabilities, claims, and demands of whatever kind or nature in connection with or arising from the aforementioned disclosure or reporting.

3. Use of the appraisal report

I/We also agree that the appraisal report will be forwarded directly to the Bank for its sole use only.

4. Accuracy of information

Any information given by me/us, or by other persons we authorize, which is not true or accurate, will automatically cause the Bank to reject my/our loan or cancel its approval.

5. Disapproval

In case of disapproval, I/We understand that the Bank is under no obligation to disclose the reason(s) for such disapproval.

6. Use of loan proceeds

I/We further certify that the proceeds of the loan, if this application is approved, will be used solely for the purpose stated in the application.

7. Continuing effect

The foregoing shall continue to be in full force and effect until my/our loan obligation with the Bank has been fully extinguished.

8. Offer and acceptance of other Bank products

I/We hereby authorize the Bank to provide me/us with a consumer loan or an additional Bank product(s) (including but not limited to auto loan, personal loan, credit card) at the Bank's sole discretion. My/Our acceptance of the credit card, or of the proceeds of any loan released pursuant thereto, shall be conclusive proof of my/our acknowledgement of my/our additional indebtedness to the Bank under the Terms and Conditions set forth by the Bank and prevailing at the time when the additional loan is approved.

How Nook fits in

Nook is the Philippines' original and award-winning mortgage broker — Awarded Best Mortgage Broker Philippines by the Pan Finance Business Awards. When you apply through Nook, your dedicated loan consultant prepares and submits your Security Bank application for you and handles all the back-and-forth with the bank. You never fill in bank forms yourself or visit a branch — Nook does the entire home loan application for you, and it is 100% free because the bank pays Nook a commission once your loan is released, not you.

These terms and conditions are Security Bank's own and may be updated by the Bank from time to time. The version that applies to your loan is the one prevailing at the time your application is approved. If anything here is unclear, your Nook consultant can walk you through it before you sign — just chat to the team, open daily 9:00am–9:00pm.