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What is a loan?
A Loan is a temporary transfer from someone to another person for a certain period of time. The person who provides the loan is usually called the lender and the person who accepts the loan is usually the borrower.
In exchange, the lender may place a condition to the borrower that he/she repays the entire loan with an extra sum of money which is usually called the interest payment by a stipulated period or the lender may place another condition to the borrower that he/she repays the loan in periodic payments with interest for a stipulated period (number of years, etc).
Now a days, we have Banks who are the legalized lender and we can virtually have all kinds of loans in the market from, housing loans to commercial loans to renovation loans.
What is a Mortgage?
A Loan is a temporary transfer from someone to another person for a certain period of time. The person who provides the loan is usually called the lender and the person who accepts the loan is usually the borrower.
In exchange, the lender may place a condition to the borrower that he/she repays the entire loan with an extra sum of money which is usually called the interest payment by a stipulated period or the lender may place another condition to the borrower that he/she repays the loan in periodic payments with interest for a stipulated period (number of years, etc).
Now a days, we have Banks who are the legalized lender and we can virtually have all kinds of loans in the market from, housing loans to commercial loans to renovation loans.
What is a Mortgage?