A home loan (or mortgage) is a secured loan from a financial institution to buy, build, or renovate a home, using the property itself as collateral, repaid over time (10-30 years) via Equated Monthly Installments (EMIs) that include principal and interest, allowing ownership without full upfront payment, often with tax benefits. Key aspects include interest rates (fixed/floating), long tenures, eligibility criteria (income, credit), and the lender's right to the property if payments fail.