A home loan is basically a loan to help you purchase a residential or commercial property (how long are mortgages). You'll normally need to put down a deposit for at least 5% of the residential or commercial property worth, and a mortgage permits you to obtain the rest from a lender. You'll then pay back what you owe monthly, typically over a duration of several years.You'll generally pay interest on the quantity borrowed each month too, either at a fixed or variable rate of interest, depending on which type of deal you pick. The loan is protected versus your residential or commercial property till it has actually been repaid completely. The amount of interest you'll pay on your home mortgage depends on the home loan offer you've selected.