Home Loan

A home loan (mortgage) is a type of secured loan where the real estate being purchased serves as collateral. Typically offered by banks or financial institutions, these loans enable borrowers to finance residential purchases, construction, or renovation over long periods—usually 15 to 30 years. Rates are generally lower than those for business loans due to the lower risk for lenders and the tangible collateral. Borrowers must provide detailed documentation, undergo property appraisal, and satisfy eligibility criteria such as income and credit history.