A home loan, also known as a mortgage, is a type of loan used to purchase a residential property. It allows individuals to borrow money from a bank or financial institution to finance the purchase, construction, or renovation of a house. The borrowed funds are typically repaid over a set period, usually 15 to 30 years, through monthly installments (EMIs) that include both the principal and interest. The property serves as collateral for the loan until it’s fully repaid.