What is home loan and mortgage.

Question

Accepted Answer

A home loan is a type of loan used to purchase or refinance a property, secured by the property itself.

A home loan is a type of secured loan where the property being purchased or refinanced serves as collateral.
The borrower makes regular payments to the lender over a set period of time, typically 15-30 years.
The interest rate on the loan can be fixed or adjustable, depending on the terms of the loan.
Mortgage is a legal agreement between the borrower and the lender, outlining the terms of the loan and the rights and responsibilities of each party.
If the borrower fails to make payments on the loan, the lender can foreclose on the property and sell it to recoup their losses.

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