In mortgage loan, the property serves as collateral whereas a home loan may or may not be secured. Unlike a home loan, where you actually receive money to purchase a house, a mortgage is a legal document that you will offer to your lender in exchange for a legal claim of your property. A home loan is the debt you incur when you are about to buy a house. In banking terms, a loan is sum of amount approved for a borrower. This money that’s borrowed has to be repaid to the lender/bank in regular installments.
