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Personal Banking > Lines of Credit & Loans > Home Improvement Loans

Home Improvement Loans

Before recommending a solution, we'll look at the cost of your renovation, whether you need all the money upfront, how much time you need to repay your loan and more.

 

Home Improvement Financing Options

The type of financing you'll want to choose for your project has a lot to do with the type and cost of the renovations you are doing. Here are the options that may be available to you at RBC Royal Bank, based on the type of project you are planning:

 

You are on: Extensive Home Improvement Project

Financing an Extensive Home Improvement Project

Using your home equity is one of the most cost-effective ways to finance a large, extensive home improvement project. That's because home equity loans and lines of credit often offer a lower interest rate as compared to other types of loans.

We offer the following solutions:

  • RBC Homeline Plan®
    Manage your mortgage and home improvement line of credit under one plan. You could qualify for this flexible financing option with a minimum of 20% equity in your home.
  • Mortgage Add-On
    Access additional funds by simply adding them on to your existing RBC Royal Bank mortgage, based on the current appraised value of your home.
  • Royal Credit Line®
    Consider a line of credit if your renovations will be done over time and you don't need all the money at once—or if you plan to reuse your credit after paying it off.
  • Mortgage Refinancing
    Refinance your existing mortgage and have up to 30 years to repay.

Making sure you have the right type of financing in place for a major renovation is important, so be sure to talk to an RBC Royal Bank credit specialist, who can recommend the best solution for your needs.

You are on: Mid-size to Large Home Improvement Project

Financing a Mid-size to Large Home Improvement Project

If you are planning a mid-size to large home improvement project that will cost over $5,000, a line of credit or personal loan could meet your needs:

  • Royal Credit Line®
    Consider a line of credit if your renovations will be done over time and you don't need all the money at once—or if you plan to reuse your credit after paying it off.
  • RBC Royal Bank Personal Loan
    A personal loan could be ideal if you need the funds all at once and want a structured repayment plan.

Not sure which option is right for you? Talk to an RBC Royal Bank credit specialist, who can recommend the best financing option for your project.

You are on: Small Home Improvement Project

Financing a Small Home Improvement Project

If your project is going to cost less than $5,000, you may want to consider using cash and/or a credit card to finance your project.

We offer a wide range of credit cards, including cash back, rewards, low interest rate and no annual fee cards.

You are on: Green Home Improvement Project

Financing a Green Home Improvement Project

Whether you're adding a solar thermal system or switching to energy-efficient appliances, we have the financing solutions to make your green home renovations happen. You could even save money on a home energy audit or your loan.

 
 

Take ActionMake Your Home Improvement Dreams a Reality

  • Call 1-800-769-2511 to talk to a credit specialist
  • Visit your local RBC branch
 
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