Home loans are financial products provided by banks or lending institutions to help individuals purchase a house. They are typically repaid in monthly installments over an agreed period, along with interest. Borrowers must meet eligibility criteria, including credit scores and income stability. Home loans can come with fixed or variable interest rates, and repayment tenure varies based on the loan amount and the borrower’s capability.

House insurance, on the other hand, safeguards the property against unforeseen damages like fire, theft, natural disasters, or accidents. It ensures financial protection, covering repair or reconstruction costs. Often mandatory for home loan borrowers, house insurance complements a home loan by securing the investment and offering peace of mind to homeowners.