A home loan is a type of loan used to finance the purchase of a home. It is a long-term loan that is typically repayable over a period of 15 to 30 years, and the loan amount is based on the value of the property being purchased.
The borrower, typically a person or a family, uses the loan to pay for the cost of the home, and the lender, typically a bank or other financial institution, holds a mortgage on the property as collateral for the loan. The borrower must make regular payments to repay the loan and interest over the specified period of time.
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