Home equity line of credit

Quick facts

  • Credit limit: minimum $25,000
  • Interest rate: variable rate
  • Payment schedule: monthly

Who should get this loan?

Borrowers who want to have a pre-approved amount available to use at any time and for any purpose. This line of credit is an excellent choice if you manage your credit well and can withstand moderate interest rate fluctuations.

Features

Interest rate
  • Variable rate based on your financial assets and collateral provided.
  • Rate fluctuates in relation to the prime rate charged by financial institutions.
  • Interest is calculated on the outstanding balance on the last day of the month.

For interest rates, please contact a Desjardins Bank branch.
Amount available
  • Minimum line of credit of $25,000.
  • Depending on the value of the property given as collateral.
  • You can apply to increase an existing line of credit.
Repayment
  • Loan payment frequency: monthly.
  • Minimum required payment:
    • 1% of the monthly balance plus interest
  • No prepayment penalties: Pay off your loan whenever you want, in part or in full, without being charged extra fees.
Access to funds
  • Through the checking account
Possible uses
  • Renovate your home.
  • Pay travel expenses.
  • Use it for urgent purchases, everyday spending and unexpected expenses.
Other
  • Line of credit transactions appear on your monthly statement of account.
  • No administration fees.

How to get this product
At the branch At the branch