Home Loan (Noun)
Meaning
A loan secured by equity value in the borrower's home.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank approved the couple's home loan application after they paid the required down payment.
- Taking out a home loan allowed them to purchase their dream house in the suburbs.
- Before applying for a home loan, it's essential to check your credit score and history.
- To be eligible for a home loan, the borrower must have a stable income and good credit.
- The lender has the right to repossess the property if the borrower defaults on their home loan repayments.