Renovate, transform or enlarge your property via a contractor while taking advantage of an advantageous rate, it’s possible! The renovation credit allows you not to touch your savings and offers many advantages. We will detail the conditions required to be able to benefit from it.
In which cases is the loan of works advised?
This type of installment loan is ideal if you want to renovate or transform your home.
For example, you can use it to enlarge your house, carry out painting work, renovate your kitchen, install a new bathroom, equip yourself with an alarm system, arrange your garden or even build a veranda or a swimming pool. …
However, you cannot use it if:
- You do not own the property to renovate
- You want to do the work alone (without going through a contractor)
The advantages of a renovation loan
The work loan is much more flexible than mortgage credit:
- You receive a quick decision
- Funds are available 48 hours after signing the credit contract
- The rate is fixed and advantageous: you therefore repay the same monthly payment every month
- You must neither hire a notary nor waive mortgage guarantees
- No expertise is required either before or after completion of the work
The conditions of the works credit
You will be asked to collect the various quotes or purchase orders received by the contractors you met in charge of the work to be done.
The amount of the loan for your renovations and alterations must be at least $ 1,500. The duration of the credit can range from 6 months to 120 months.
Regardless of the amount or duration of the loan, you will always benefit from a fixed prime rate of 2.94%.
To perform a non-binding simulation, use our credit simulation tool for your renovations. You can then submit your request online via our credit form to receive a quick response and carry out your projects.