What type of loan is usually given for buying a property and is repaid over a period of 20-30 years?

A mortgage is specifically designed for the purpose of purchasing real estate, such as a house or apartment. This type of loan is secured by the property being purchased, meaning that if the borrower fails to repay the loan, the lender can take possession of the property through a legal process known as foreclosure. Mortgages generally have long repayment terms, typically ranging from 20 to 30 years, which allows borrowers to manage their monthly payment amounts more easily over an extended period.

In contrast, a personal loan is typically unsecured and can be used for various purposes, such as funding a vacation or consolidating debt, but it does not have the long repayment terms associated with mortgages. A business loan is aimed at providing capital for business operations or expansion, and it does not involve real estate purchases specifically. A home equity loan allows homeowners to borrow against the equity they've built in their property and is usually a short-term solution rather than a long-term purchase financing option like a mortgage.