Home Loan (Mortgage)

A home loan, or mortgage, is a secured loan granted by banks, mortgage companies, or lending institutions for purchasing or refinancing residential property. The property itself serves as collateral until the loan is fully repaid.

These loans typically have fixed or adjustable interest rates and repayment terms ranging from 3 to 30 years. Mortgages offer lower interest rates compared to most other consumer loans, given their secured nature. Lenders retain the title as long as the mortgage is in effect and can initiate foreclosure if payments are missed.