What is Home loan (mortgage)?
Personal moneyA long-term loan to buy a home, repaid monthly over many years (often 10 to 30), with the home as security.
Think of it like: Paying rent to the bank until, one day, the house is all yours.
Real example: A $300,000 mortgage over 25 years at 6% a year costs about $580,000 in total: nearly as much again in interest.
Lesson: Good debt, bad debt