The sum of money obtained from a bank or an NBFC to buy a property is known as a mortgage loan, often referred to as a home loan. The house loan tenure, which varies from 10 to 30 years based on the loan’s terms and conditions, is when the loan amount must be returned with interest.
The payments is often made in Equated Monthly Instalments, and until the loan’s term is up, your home is used as collateral to protect against default.