What term refers to long-term loans for the purchase of property from banks?

The term that refers to long-term loans for the purchase of property from banks is commonly identified as mortgage loans. These types of loans are secured by the property being purchased, which means that the bank holds a claim to the property until the loan is fully repaid. Mortgages typically involve a repayment plan that spans several years, often 15 to 30 years, and they enable individuals to buy homes without having to pay the full purchase price upfront.

Housing loans can be viewed as a broader category, which might include various types of loans for acquiring property, but the most specific and widely recognized term for long-term loans used for buying real estate is indeed mortgage loans. Personal loans, while they can sometimes be used for housing-related expenses, are usually unsecured and not primarily intended for purchasing property. Home equity loans are a different type of loan that allows homeowners to borrow against the equity in their existing home, rather than being loans specifically for purchasing homes. Therefore, mortgage loans best represent long-term financing specifically linked to property acquisition.