Bank of Maharashtra Loan Against Property through NoBroker

When life throws up unexpected expenses—be it funding a child’s education, medical emergencies, business expansion, or a family event—your real estate asset can become your strongest financial support. Instead of selling it, you can unlock its value through a Loan Against Property (LAP).

You can access money quickly through the BOM Loan Against Property Scheme by pledging your residential or commercial property, along with a pledge as your home loan partner, to get your loan at attractive interest rates. Pledging either your residential or commercial property, you can access money quickly and at attractive interest rates. With NoBroker’s expert assistance, documentation support, and coordination from start to finish, the preparation and underwriting process will be seamless, with all required documentation and processes completed without walking into a bank.

Bank of Maharashtra Loan Against Property – Overview

What is a Loan Against Property (LAP)?

A Loan Against Property is a secured loan where you can mortgage your residential or commercial property to get a large loan amount. LAPs are much cheaper than unsecured personal loans, so can provide larger loan amounts, a lower interest rate, and a longer tenure.

The BOM Loan Against Property scheme enables you to use the financial potential of your property to pay for large expenses, like:

• Medical Emergencies
• Child education overseas
• Business expansion
• Wedding expenses
• Consolidating your debts

NoBroker helps you with the entire online application process for a BOM Loan Against Property. NoBroker also assists you with eligibility, EMI, document upload, and loan disbursal process.

Who Can Apply for a BOM Loan Against Property via NoBroker?

For BOM Loan Against Property, You should be eligible if you:

• Are a permanent employee of the Central or State Government, PSU, or an educational institution
• Are you a business owner, self-employed individual, or professional
• On a residential or commercial property in your name, which is unencumbered and self-occupied
• Have a minimum annual income of ₹5 lakhs.

Property Types Eligible:

• Residential homes
• Apartments
• Commercial complexes
• Mixed-use properties (with predominant residential purpose)

Note: The property should be owned, free from disputes, and free from any current mortgage.

Loan Amount & Margin Requirements

The sanctioned amount depends on the market value of the property and your repayment capacity for the BOM Loan Against Property. 

Location-Wise Loan Limits:

Margin

• Up to ₹1 Cr: Bank funds up to 60% of the property price (you pay 40% as margin)
• Above ₹1 Cr: Bank can fund up to 50% of the property price (you pay 50%)

Repayment Options & Tenure

• Maximum 10-year tenure or until the age of 75 years of the borrower—whichever is earlier
• Repay in equated monthly installments (EMIs)
• Prepay or foreclose option (as per terms)

NoBroker’s professionals will assist you in selecting the correct tenure and EMI profile as per your expenses and income to prevent the financial burden from BOM Loan Against Property.

Interest Rates and Charges

• Interest Rates: As per current slab (RLLR-linked) – Bank of Maharashtra
• Processing Fee: 1% of sanctioned loan amount + GST
• Other Charges: Stamp duty, legal and valuation charges may be charged (based on actuals)

Pro Tip: NoBroker does the bargaining on your behalf to get you competitive rates and minimal documentation hassle.

Documents Required for BOM Loan Against Property  Application

For Salaried persons:

• PAN card and Aadhaar card
• Latest salary slip (3 months)
• Form 16 or IT Return (last 2 years)
• Bank statement (6 months)
• Title deed with property documents
• Proof of Residence & Employment

For Self-employed/Business owners:

• Business registration proof
• IT returns – 2-3 years.
• Balance sheet, and P&L account
• Bank Statement (12 months)
• Ownership documents of property

NoBroker will help with the verification of documents, collection as well as submission to the Bank of Maharashtra for BOM Loan Against Property.

How to apply for a BOM Loan Against property through NoBroker

Applying for a BOM Loan Against Property is like online shopping. Here’s how:

• Go to the Home Loans section on NoBroker
• Select Bank of Maharashtra – Loan Against Property
• Complete the brief eligibility form.
• Obtain a free loan advisor consultation.
• Upload or provide the requested documents.
• The application is sent to the bank.
• Property is assessed and legal verification is done.
• Receive sanction letter and disbursal.

NoBroker handles the entire process of the BOM Loan Against Property—bank coordination, follow-ups, and scheduling of property inspection—so you don’t have to.

Why Choose NoBroker to Apply for a LAP?

Top Reasons to Get a BOM Loan Against Property

• Access high amounts of money without parting with your property
• Lower interest rates than personal loans
• Long tenure = Lower EMI burden
• Multipurpose use: education, business, marriage, healthcare, etc.
• Retain property ownership and benefit from its appreciation.
  

Conclusion

The BOM Loan Against Property is a wise and safe option to access the financing you want without having to give up the largest asset in your financial portfolio – your property.

And with NoBroker as your trusted loan buddy, it’s even more hassle-free. From eligibility & documents checks to best deal negotiation and application tracking, we are there at every touchpoint.

Don’t let your property sit idle earning nothing, make sure it’s earning for you. Apply for BOM Loan Against Property with NoBroker today!