What is a Home Loan !

A home loan, also known as a housing loan or a mortgage loan, is a type of loan that is used specifically to purchase a property or house. It is one of the most common forms of loans for individuals looking to buy real estate because few people can afford to pay the full price of a home upfront. Home loans are offered by various lenders, including banks, credit unions, and other financial institutions. The terms of the loan, including the interest rate and repayment period, can vary significantly based on the borrower's credit history, income, and the lender's policies. In India, the home loan market is diverse, offering several types of products to cater to the different needs of homebuyers. Here are some of the main types of home loans available in India: