| Details |
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Term of loan | |
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Interest rate | |
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Principal repayment | - No principal repayment during the construction phase, then usually 1.25% of the loan amount per year.
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Use of the loan | - During the construction period:
- You will draw on your loan as the work progresses, upon submission of invoices for work completed.
- You will be charged interest only on the funds actually used to pay those expenses.
- Once the work is finished:
- The building loan will automatically be converted into a mortgage loan with the same interest rate.
- Interest and principal payments are made quartely.
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When your loan reaches the end of its term, you are free to switch to a different BCV mortgage loan if you so choose.
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