Home Improvement Line of Credit

The Home Improvement Line of Credit is the ideal solution for financing renovations of $5,000 or more, worry free!

  • Postpone paying back the principal used, interest and insurance premiums on your Home Improvement Line of Credit for up to one year1. During that period, interest will only be charged on the credit used for your renovations. 
  • Benefit from an attractive rate, which simplifies planning.
  • Access your funds at any time, by cheque, at the branch or ABM, via Client Card purchase or Electronic Banking Solutions2. The choice is yours! 
  • Add life, disability and critical illness loan insurance at any time. 

 

Flexibility and Peace of Mind

With the Home Improvement Line of Credit, you can postpone paying back the principal used, the interest and insurance premiums for up to one year1. During that period, interest will only be charged on the credit used. With your financing worries out of the way, you'll be able give all your attention to planning your home improvements and carrying out the renovations. When the year is up, you'll have three options: pay the outstanding balance on your line of credit, renegotiate your mortgage loan to include this balance, or consider choosing another type of financing.

Repair the roof, redo the kitchen or add a bathroom... Don’t hesitate!

 

1. Financing subject to credit approval by National Bank. Certain conditions apply. The Bank reserves the right to determine what can be financed under a Home Improvement Line of Credit.  The annual interest rate on the line of credit is based on the client’s credit file. For information purposes, the regular interest rate for a typical Home Improvement Line of Credit is the Prime rate* + 3%, corresponding to a rate of 6% (3.00% + 3%) as at July 22, 2014. As the Home Improvement Line of Credit rate is based on the Prime rate, it is subject to change. There are no management fees and the statement of account is issued monthly. The Home Improvement Line of Credit begins accruing interest as soon as it is used. No minimum monthly payments for up to 12 months. After this period, the Home Improvement Line of Credit must be repaid in full or converted to another credit product. *Prime rate means the annual variable interest rate published by National Bank from time to time and used by the Bank to determine the interest rates on demand loans in Canadian dollars granted by it in Canada. For the current Prime rate, please go to nbc.ca.

Examples of credit charges calculated for a 30-day period based on the rate in effect on July 22, 2014: 

Home Improvement Line of Credit

  Average balance
$5,000 $15,000
Prime rate (3.00%) + 3% $24.66 $73.97

2. Only certain browser versions can be used to access National Bank Internet Banking Solutions. Consult nbc.ca/browser

LogiRénov Home Renovation Tax Credit

Did you know? The Quebec government recently introduced a temporary tax credit to encourage households to renovate their residence, expand it, adapt it to the special needs of a family member or convert it into an intergenerational home.

If your renovations are done by a qualified contractor, under a contract entered into after April 24, 2014 and before July 1, 2015, you could qualify for the LogiRénov tax credit!

To find out more