Home Loan
A home loan, also known as a mortgage, is a type of loan specifically designed for purchasing residential property.
Home loans can also include additional features like mortgage insurance, early repayment options, and refinancing opportunities.
Principal Amount
The total amount borrowed to purchase the home.
Interest Rate
The cost of borrowing the principal, expressed as a percentage. It can be fixed or variable.
Repayment Period
The duration over which the loan must be repaid, typically ranging from 15 to 30 years.
Monthly Payments
Regular payments made by the borrower to the lender, usually consisting of both principal and interest.
