A home loan, often referred to as a mortgage, is a significant financial arrangement that enables individuals to purchase or refinance a home by borrowing a substantial amount of money from a bank or lender. This type of loan typically spans several years or decades and is secured by the property itself, which means the lender can take possession of the home if the borrower fails to meet the loan obligations. Home loans come in various forms, such as fixed-rate and adjustable-rate mortgages, and play a pivotal role in making homeownership more accessible by allowing people to spread the cost of a home over an extended period, making it one of the most common and essential financial products in the real estate market.