home loan

A home loan or mortgage is a secured financing product where a lender loans money to an individual to acquire or improve a residential property, with the property serving as collateral until full repayment is made Loans may feature fixed interest rates, offering stable monthly payments throughout the term, or adjustable rates, which fluctuate over time based on market benchmarks Most home loans are amortizing, meaning each EMI covers both principal and interest, gradually reducing the loan balance over the term—typically ranging from 3 to 30 years 
Since the property secures the loan, failure to make repayments can lead to foreclosure, where the lender may repossess the home