$30,000 Home Equity Loan - Definition

A $30,000 home equity loan is a loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years. Bankrate gathers quotes based on a $30,000 fixed-rate loan with a term of 60 months.