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Loan approval process requirements.
Home Builder Loan
Construction contract
Property Appraisal Form
Architect’s Certificate or Quantity Surveyor’s Report
Evidence of Builder's Insurance/All Risk Insurance
Building Permits/Planning approvals
Approved municipal plan (where applicable)
Up to date property tax
Certificate of Title/Mortgage Deed
Evidence of clear title
Drawdown schedule, timeframe and expected date of completion
Once the loan is approved and you’ve signed all loan agreement documents and a charge is registered on the property, you are ready for Step 4.
Tips
Have in place your down payment and contingency funds in your Scotiabank account for the sole purpose of the loan.
Remember, you will need funds to cover insurance costs during the construction period along with your other living expenses and debt.