When you take a home on rent, you get to pay the rent per month and at the end of the rental contract, you do not have any powers over the house. This is why mortgage loans are preferred against rent. You can avail these loans easily through any bank. You need to apply for an estimate, which once approved you have your dream house.
You will be paying the monthly payment in this case too, but that is not the rent. It is the monthly installment that you are making pay off the loan and make the home totally yours after the loan tenure is over. This is why mortgage loans are better than taking a house on rent.
These loans are repaid either on a flat monthly installment or on monthly decreasing system. The latter offers you to pay interest on the amount left as loan. Yet another reason to go for mortgage rather than taking a house on rent!