✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Apply Now

Be it for construction, repairs or purchasing a house, the Bank of Maharashtra Home Loan offers quick and easy financing. In existence since 1935, the Bank of Maharashtra (BOM) received the National MSME Award 2022 from the Indian PM and offers innovative financing solutions. 

The Bank of Maharashtra Home Loan interest rate is competitive and allows you to plan repayment affordably. The maximum tenure of up to 30 years further helps you pay monthly instalments comfortably. 

Moreover, you can choose from multiple home financing solutions at BOM and go for one that fits your needs best. Read on to know more about the terms of home loan eligibility of Bank of Maharashtra as well as its other features. 

Bank of Maharashtra Home Loan Interest Rate & Charges 2023

Currently, the BOM Home Loan interest rate starts at 8.60% p.a. BOM also offers women borrowers a reduction of 0.05% in interest. 

The Bank of Maharashtra Housing Loan interest rate you get depends on:

  • Your credit score

  • Employment and income 

  • Other eligibility terms 

Here is a detailed structure of how the rate of interest of the Bank of Maharashtra Home Loan differs based on these parameters: 


Interest rate

Salaried applicant

Self-employed applicant

Above 800 

8.60% p. a.

8.80% p. a.

776 - 799

8.70% p. a.

8.90% p. a.

750 - 775

8.80% p. a.

9.00% p. a.

725 - 749

9.00% p. a.

9.20% p. a.

700 - 724

9.35% p. a.

9.55% p. a.

650 - 699

9.65% p. a.

9.80% p. a.

600 - 649

9.70% p. a.

10.10% p. a.

Below 600

10.30% p. a.

10.80% p. a.

Disclaimer: The interest rates in the table are current as of May 2023, and are subject to change as per the bank’s policy. 

Keep in mind that the Bank of Maharashtra Housing Loan interest rate also differs based on the type of loan you opt for. For instance, the Flexi Housing Loan comes at a rate increase of 0.25% compared to the Maha Super Housing Loan rates mentioned above.

In addition to interest rates, other charges are levied on your home loan, including processing and pre-closure charges. 

However, BOM doesn’t levy any part-prepayment or foreclosure charges. However, during the Bank of Maharashtra Home Loan process, you will need to pay a processing fee of 0.25% of the loan amount. 

Compare Bank of Maharashtra Home Loan with Other Lenders

Comparing interest rates of different types of lenders will give you a better idea of prevailing rates. This way, you can find the best offer for your home loan. Here is a quick glance at the rates of partner lenders on Bajaj Markets.

Name of the Partner

Interest Rates

Bajaj Housing Finance Limited

8.50% p.a. onwards

Home First Finance Company

9.50% p.a. onwards


9.00% p.a. onwards

India Shelter

10.50% p.a. onwards

Kotak Mahindra Bank

9.00% p.a. onwards 

LIC Housing Finance

8.65% p.a. onwards

PNB Housing Finance Limited

8.50% p.a. onwards

Shriram Housing Finance

11.50% p.a. onwards

Shubham Housing Finance

10.90% p.a. onwards

Union Bank of India

8.50% p.a. onwards

Disclaimer: Interest rates mentioned above are subject to change at the lender’s discretion. 

Bank of Maharashtra Home Loan EMI Calculator

Loan Amount
  • Months
  • Years
Rate of Interest

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

You may use the Bank of Maharashtra Home Loan calculator online to plan your repayment. Using this digital tool also helps you select the right home loan amount and tenure by comparing different EMIs. 

What’s more, you can use the Bank of Maharashtra Home Loan EMI calculator to compare offers from different lenders. If you find a lender offering competitive rates, you can opt for a home loan balance transfer option and transfer your existing outstanding amount to a new lender.

This is an easy way to check the impact of the home loan interest rate on your monthly instalments. So, use a home loan EMI calculator to assess your EMIs well in advance and plan your finances better.

Documents Required for the Bank of Maharashtra Home Loan

You can complete the Bank of Maharashtra loan application process with minimal documentation. You can submit all your documents through the web portal for quick loan processing. 

Here is a checklist of all the Bank of Maharashtra Home Loan documents you need to keep at hand. 

  • Completely filled and signed home loan application form 

  • Two passport-size photographs

  • Identity Proof: Aadhaar card, PAN card, Voter ID, Driver’s license or Passport 

  • Proof of Residence: Utility bills (electricity or landline telephone), Aadhaar card with residential address, Passport, Driver’s license or Employment photo ID 

  • Property Documents:

    1. Sale agreement or sale deed

    2. Allotment letter

    3. Payment receipts of purchase of property 

    4. Approved drawings of the construction 

    5. Permission letter for construction 

  • Income Proof

1. For Salaried Applicants:

  • Last 3 months’ salary slip

  • ITR or Form 16 for the last 2 years

  • Bank statement for the last 6 months 

2. For Self-Employed Applicants:

  • Recent ITR for the last 3 years 

  • Profit and loss statement or balance sheet attested by CA 

  • Audit report 

  • Bank statements for the last 1 year 

  • Business registration licence and tax registration

Bank of Maharashtra Home Loan Eligibility

Since all banks have slight variables when it comes to eligibility criteria, make sure you qualify for the loan before you apply. The terms of home loan eligibility of the Bank of Maharashtra are quite simple. 

While they differ for different schemes, here are the salient features:

  • You can get a maximum tenure of 30 years or until you reach the age of 75, whichever comes first 

  • You must be at least 21 when you apply 

  • You may be salaried, self-employed or a business owner or an agriculturist 

  • Both salaried and non-salaried applicants can get financing up to 75% of the latest monthly earnings 

  • LTV for homes under ₹30 Lakhs is 90%

  • LTV for homes above ₹30 Lakhs and below ₹75 Lakhs is 80% 

  • LTV for homes above ₹75 Lakhs is 75%

Features and Benefits of Bank of Maharashtra Home Loan

The Bank of Maharashtra Home Loan process is both simple and quick. However, there is more to the benefits you can access when you apply with BOM. Here are some perks you can expect with a Bank of Maharashtra Home Loan. 

Zero Charges on Prepayment

You can make part-prepayments without paying any additional charges at BOM.

Full Transparency in Fees and Charges

With the Bank of Maharashtra Home Loan, you do not have to worry about hidden charges. You can read about all the fees on the website and in the loan document you will receive.

Easy Online Process

You can apply online with minimum documents and enjoy a quick and hassle-free application process. 

Competitive Interest Rates

Enjoy the most nominal interest rates starting from 8.60% p.a. This helps you make your home loan EMI more affordable. In addition, women borrowers and defence personnel can get an interest rate concession.

Reduced Cost of Other Loans

 As a home loan borrower with BOM, you can get education and car loans at discounted rates. 

Types of Home Loan Schemes Offered by Bank of Maharashtra

Home loans serve a variety of purposes, and the Bank of Maharashtra Home Loan is customised based on specific use. You can get a Bank of Maharashtra Home Loan to buy a ready-to-move-in house, construct it, purchase land or even renovate your property. 

Here is a list of home loan schemes offered by the Bank of Maharashtra.

  • Maha Super Housing Loan Scheme for Construction or Acquisition of House or Flat and Extension of Existing House or Flat

You can avail this home loan scheme for constructing a new house or acquiring an existing flat, which is not older than 30 years. This loan has a maximum repayment tenure of 30 years with a moratorium period of 3 years. The applicable interest rates start from 8.60% p.a. for salaried individuals and from 8.80% p.a. for non-salaried individuals.

  • Maha Super Housing Loan Scheme for Purchase of Plot & Construction Thereon

This loan is ideal for purchasing plots and construction of houses thereon. The LTV ratio is minimum 30% of the total registered plot value. There is no moratorium period when you use funds for purchasing the plot. The maximum repayment tenure is 30 years or when the borrower reaches 75 years of age, whichever is earlier.

  • Maha Super Housing Loan Scheme for Repairs, Renovation, Alteration of Existing House or Flat for New Standalone Borrowers

You can get up to 100% off the total home renovation or repair cost. This scheme has a maximum repayment tenure of 20 years with zero moratorium period. You need to have a minimum annual income of ₹3 Lakhs if you are a salaried employee or a self-employed professional.

Apart from these types of home loans, you can also get a Maha Super Flexi Housing Loan Scheme, which is a term loan that is linked to a savings account. In addition, you can get a loan against property from BOM as well. 

How to Apply for the Bank of Maharashtra Housing Loan Online

Here are the steps to apply for a Bank of Maharashtra Housing Loan digitally: 

  • Step 1: Visit the Bank of Maharashtra Home Loan webpage and click on ‘Online Loans’

  • Step 2: Under ‘Retail Loans’ click on ‘Apply For Home Loan’

  • Step 3: If you are an existing account holder, choose ‘Yes’ and enter your account number and mobile number; if you are not an existing account holder, enter your mobile number and register with an OTP

  • Step 4: Upload your personal, occupational and income details in the new window and click ‘Next’

  • Step 5: Read the declaration and confirm by clicking the checkbox and click on ‘Next’

  • Step 6: If you want to add co-applicants, click ‘Yes’ and add all relevant details or select No’ and click ‘Next’

  • Step 7: Now share the loan and property-related details such as the amount you need, tenure, purpose and more and click ‘Next’

  • Step 8: Select the closest branch to your location and click ‘Next’

  • Step 9: Complete eKYC verification with PAN number and more and select the instant loan offer

All you need to do now is review the offer and click ‘Apply for loan’. Now, you can download and print your Bank of Maharashtra Home Loan details in the form of an offer letter. Keep the application ID to track the status of your BOM home loan. 

Bank of Maharashtra Customer Care

  • To get in touch with customer support, you can call: 020 - 25514501 to 12

  • You can also WhatsApp the bank by clicking on the relevant icon on their website

  • Get in touch via these toll-free numbers: 1800-233-4526 / 1800-102-2636

  • Finally, you can email the bank at mahaconnect@mahabank.co.in


With all this information, you can easily apply for and get quick credit from the Bank of Maharashtra. 

Use the financing to build your home, buy an apartment, purchase a plot and even renovate or extend your home. Simply make sure you plan your repayment using the Bank of Maharashtra Home Loan EMI calculator.


The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs for Bank of Maharashtra Home Loan

Yes, when you apply for a Bank of Maharashtra Home Loan, your interest rates are linked to your CIBIL score, employment type and earnings.

You can opt for a maximum tenure of 30 years on all BOM home loan schemes.

Yes, you can transfer your existing home loan to BOM to enjoy the nominal Bank of Maharashtra Home Loan interest rate starting from 8.60% p.a.

Based on the purpose of your home loan, you can get up to ₹3 Crores via a Bank of Maharashtra Home Loan.

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