A home loan, also known as a mortgage, is a financial arrangement provided by banks or lending institutions to help individuals or families purchase a home. It is a type of loan specifically designed for real estate purchases, allowing borrowers to finance a significant portion of the property’s cost over an extended period. Home loans typically involve repayment of the borrowed amount with interest over several years, with the property itself serving as collateral for the loan. These loans provide individuals with the opportunity to own a home without needing to pay the full purchase price upfront, making homeownership more accessible and affordable for many people.