Housing loans, also known as mortgages, are financial products that help individuals purchase homes. These loans allow borrowers to borrow a significant amount of money from a lender, usually a bank or credit union, to buy a property. The borrower then repays the loan over a set period, typically 15 to 30 years, with interest. The amount borrowed is secured by the property itself, meaning if the borrower fails to make payments, the lender can take possession of the home through a process called foreclosure. Housing loans come in various types, including fixed-rate and adjustable-rate mortgages, each with different terms and conditions.