A home loan is a type of loan that allows an individual to borrow money to purchase a home. This loan is typically secured by the property being purchased, meaning that if the borrower fails to repay the loan, they may lose their home. Home loans are available from various lenders such as banks or credit unions and can be used to finance the entire cost of a home or just a portion of it. The term of the loan can vary depending on the agreement between the borrower and the lender but is typically repaid over 15-30 years. Interest rates for home loans are determined by various factors such as credit score, income, and property location.