A home loan, also known as a mortgage, is a financial product designed to help individuals or families purchase residential property. It is a type of secured loan where the property being purchased serves as collateral for the loan. Home loans typically involve borrowing a large sum of money from a financial institution, such as a bank or a mortgage lender, to finance the purchase of a home. The borrower then repays the loan amount plus interest over a specified period, usually through monthly installments, until the entire loan is paid off. Home loans make homeownership more accessible by allowing individuals to spread the cost of buying a home over an extended period, thereby reducing the financial burden of purchasing property upfront.
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