A housing loan, also known as a mortgage, is a loan taken to purchase residential property, allowing individuals to buy a home without paying the full price upfront. The borrower repays the loan, plus interest, over a set term, often between 15 and 30 years. Housing loan terms, including interest rates and eligibility requirements, vary widely depending on the lender and borrower’s financial profile. With flexible terms and options, housing loans are essential tools for people seeking homeownership, as they provide manageable monthly payments rather than requiring a large lump sum.