Building Specifications describe the products, materials, and work required by a construction contract. They do not include cost, quantity, or drawn information, and so need to be read alongside other information such as BOM, schedules, and drawings.
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Building Specifications give the bank an idea of the quality of the materials, appliances and workmanship involved in the build. For example, are you going to have wooden floors or tiles? Are you going to have a split-type air conditioning system? Are you choosing a galvanized roofing or ceramic? etc.

The quality of the build can have a huge impact on the final valuation and, ultimately, your borrowing power.