Indiana Code 24-9-2-9. “Home loan”
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Sec. 9. (a) “Home loan” means a loan, other than an open end credit plan, a reverse mortgage transaction, or a loan described in IC 24-9-1-1, that is secured by a mortgage or deed of trust on real estate in Indiana on which there is located or will be located a structure or structures:
(2) that is or will be occupied by a borrower as the borrower’s principal dwelling.
(1) designed primarily for occupancy of one (1) to four (4) families; and
Terms Used In Indiana Code 24-9-2-9
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The term does not include a land contract.
As added by P.L.73-2004, SEC.33. Amended by P.L.141-2005, SEC.4; P.L.89-2011, SEC.25.