Home loans are financial products provided by banks or financial institutions to help individuals purchase residential properties. Borrowers receive a lump sum of money, typically covering a percentage of the property’s purchase price, which they repay in fixed installments over an agreed-upon period, usually ranging from 15 to 30 years. These loans come with an interest rate, which can be fixed or variable, influencing the overall cost of borrowing. Lenders use the property as collateral until the loan is fully repaid, allowing borrowers to own the property while making regular payments to the lender.