Purchasing a second home is generally not considered a first home if the loan for the first home has been paid off. This is because the identification of a “first home” usually includes two aspects: the number of houses and the loan record. Specifically, if a person already owns a property and the loan on that property has not yet been paid off, then when they purchase a second home, it is usually considered a second home. Only after the loan for the first home is paid off, the purchase of the second home can be recognized as the first home. Home loan, also known as home mortgage loan. A home loan is when a home buyer fills out an application for a home mortgage loan to the bank and provides legal documents such as ID card, income certificate, house sales contract, letter of guarantee, etc. that must be submitted. The bank will make a commitment to the home buyer after passing the review. Grant loans.