Physics · Banking and Finance
Which of the following is a characteristic feature of Home Improvement Loans that distinguishes them from a new Home Loan for purchase?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1They are only available for commercial properties.
- 2They are always unsecured and do not require collateral.
- 3The Loan-to-Value (LTV) ratio is calculated on the cost of the proposed improvement and not the property's purchase price.✓
- 4They have a maximum tenor of 30 years.
Correct answer
The Loan-to-Value (LTV) ratio is calculated on the cost of the proposed improvement and not the property's purchase price.
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