Mortgage Loan

A long-term loan from a bank or financial institution, secured by real estate. It is primarily used for purchasing a home or land, but can also be used for renovations, refinancing, or other financial needs. The loan is repaid in regular installments over a period of 10–30 years. Until the loan is fully repaid, the property remains pledged to the lender, who has the right to seize it in case of default.