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Loan which is made available for businesses or individuals to buy land, home or other property is classified as
Answer & Solution
Correct Answer:
Option
C
Loan which is made available for businesses or individuals to buy land, home or other property is classified as mortgages. A mortgage is a loan from a bank or a financial institution that helps the borrower purchase a house. A mortgage is secured by the home itself, so if the borrower defaults on the loan, the bank can sell the home and recoup its losses.
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