Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Debt is used to denote any money or something that is borrowed from another individual. It means a financial obligation and debt is used by several people and organizations for purchasing anything, which they cannot purchase outright in regular scenarios. The debt agreement or arrangement ensures the permission to borrow funds under specific repayment conditions and mostly with accompanying interest on the sum that is borrowed.
Debt is extensively used throughout the real estate sector. Home buyers take on debt in the form of home loans or mortgages for financing their purchases. At the same time, debt may also be taken for purchasing land (plot loans), constructing a property (home construction loan), and even for renovating or refurbishing homes. Debt may be taken by real estate developers for constructing projects as well (project finance). Debt is accompanied by interest and the property that is being bought with a home loan is the one that is mortgaged for the same. Hence, home loans are secured debts/loans, i.e. secured by collateral/property. Lenders may also mortgage their land or other assets for taking loans to develop/construct properties or real estate projects.
