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Home Improvement Loans

Home Improvement Loans

A range of financing options to meet your home improvement goals

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

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.

 

You are on: Tips and Advice

Home Improvement Tips and Advice

If you're planning a home improvement project, check out these tips first:

Expand All Collapse All

Expand Things to Consider Before Starting a Renovation Project

Expand Know the Potential Payback on Renovation Projects

Expand Why a Home Energy Audit is a Good Idea

Expand Ways to Improve Your Home's Energy Efficiency and Save

Expand Provincial and Government Assistance is Available

 

Make Your Home Improvement Dreams a Reality

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

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.

3) Tip Courtesy of www.treehugger.com (opens external website in new window) , Environment Canada's National Office of Pollution Prevention: www.ec.gc.ca/pollution (opens external website in new window).

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.

 

Take Action

  • Call 1-800-769-2511 to talk to a credit specialist about making your home improvement dreams a reality.
 
 

Home Renovation Advice Centre

Home Renovation Advice Centre