Whether you're planning a major home renovation or a small project, at RBC Royal Bank®, we offer financing options to meet all your home improvement needs. 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.
You are on: 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:
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:
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.
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria.
† According to the Appraisal Institute of Canada, in its national 2004 Renovations and Home Value Survey.
1) Subject to Royal Bank of Canada standard lending criteria. Must be a fixed rate installment loan of at least $5,000. Audit can be done 90 days before loan advance date or 90 days after loan advance date and can be submitted 120 days after loan advance date. Offer begins February 15, 2009 and is available until further notice. Amount of rebate will be the actual invoiced amount of the home energy audit, up to a maximum of $100. Offer may be withdrawn at any time. Cannot be combined with any other offer.
2) Available on residential mortgages, both purchases and re-finances, including the RBC Homeline Plan with a minimum term of three years fixed closed or five–year variable closed. This offer is available until further notice. Offer may be withdrawn at any time. The minimum mortgage amount must be $25,000. Cannot be combined with any other offer. Audit must be completed within 90 days of mortgage advance and submitted within 120 days of mortgage advance for refund. Amount of rebate will be the actual invoiced amount of the home energy audit, up to a maximum amount of $300.
4) The principal and interest portion of any skipped payment will remain outstanding until the end of the term of your loan at which time the skipped payment must be repaid. Interest will continue to accrue upon the total amount of the skipped payment until such time that the skipped payment is repaid in full. You may repay the skipped payment at any time.