A Home Loan is a type of loan specifically designed to help individuals purchase residential properties. It allows borrowers to finance their home purchase by borrowing a significant amount of money, which is then repaid over a set period, typically with interest. Home loans can come in various forms, including fixed-rate and adjustable-rate mortgages, each with its own terms and conditions. The process of obtaining a home loan usually involves a thorough application process, where lenders assess the borrower's creditworthiness, income, and overall financial situation. Once approved, the borrower can use the funds to buy a home, making it a crucial step for many in achieving homeownership.