Home Loan

A home loan, also known as a mortgage, is a financial product that enables individuals to purchase residential property. This loan is typically repaid over a long period, often spanning 15 to 30 years, through monthly installments that include both principal and interest. Home loans are secured loans, meaning the property being purchased serves as collateral for the loan.

Home loans are a crucial financial tool for individuals seeking to purchase a home, offering the ability to spread the cost over many years. Understanding the different types of home loans, their features, and the application process is essential to making an informed decision. Borrowers should carefully evaluate their financial situation, consider the long-term implications of the loan, and choose a loan product that best suits their needs and circumstances.