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The period between your taking a loan and the rate of interest that is charged getting fixed is referred to as float period.
Lenders of home loans usually allow a float period during which the borrower can at any time fix the rate of interest prevailing in the market as the rate of interest of the home loan.
As borrowers, in an attempt to find the lowest rates of interest, cause long delays before they are able to fix the rate, most mortgage lenders have a pre-defined period within which the borrower has to make the decision. If the time limit is exceeded, the borrowed money has to be returned and the loan is cancelled.
"...credit cards usually provide a float period..."
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