A Home loan - also known as a "mortgage" - is the amount of money borrowed from a financial institution or bank to buy a home. Home loans have an adjustable or fixed interest rate and payment terms. With a home loan, you can buy an already built home or apartment, buy a property outside the plan (before it is built), or buy vacant land to build.
Types of Home Loans
As people become more and more open to home loans, lenders are coming up with better and more attractive home loan offers. When offering cheap home loans, it is best to first make a home loan comparison and then make a decision. A home loan is a relatively broad category and is not limited to buying a home whether it is new or old. Lenders offer home loans for different purposes to suit the changing needs of the client.