home loan is a type of loan specifically designed to help individuals purchase a home. It provides borrowers with the funds needed to buy a property, with the home itself serving as collateral for the loan. Home loans typically have fixed or adjustable interest rates and are repaid over an extended period, often spanning several decades. These loans make homeownership more accessible to individuals who may not have the full purchase price of a property upfront. However, borrowers need to meet certain eligibility criteria and provide a down payment to qualify for a home loan. Defaulting on a home loan can result in foreclosure, where the lender takes possession of the property..
