Bank of Maharashtra Home Loan 2026: Interest Rates, EMI, Eligibility & How to Apply

With a simple application process, minimal documentation, and faster approvals, Bank of Maharashtra aims to make the home loan process smoother and more accessible. This page will be an applicant’s guide to everything you need to know about Bank of Maharashtra home loans, including interest rates, EMI details, eligibility criteria, and the application process.

Bank of Maharashtra Home Loan: Key Highlights

Bank of Maharashtra home loans are best suited for salaried employees, self-employed individuals, and senior citizens who want to avail of low interest rates, transparent pricing, and flexible repayment tenures. The Bank of Maharashtra home loan details include:

Why Choose Bank of Maharashtra for Your Home Loan?

Headquartered in Pune, Bank of Maharashtra is a leading public sector bank offering comprehensive loans and other financial services. Known for its competitive interest rates, transparent charges, and flexible options, the bank is preferred for its:

• Competitive Interest Rates: The Bank of Maharashtra home loan interest rates start from only 7.10% p.a., making it a cost-effective option, especially during special or festive offers.
• Flexible Repayment Tenure: Borrowers can choose repayment terms of up to 30 years, helping reduce their EMI burden and align payments with their financial capacity.
• Comprehensive Loan Options: The bank provides loans for diverse housing needs, including home purchases, construction, plot purchases, resale properties, and renovations.
• Low Charges & Transparency: As a public sector bank, the bank maintains transparent fee structures and offers low processing charges, with minimal hidden costs.
• No Foreclosure Charges: Zero home loan prepayment and foreclosure charges apply to floating-rate loans, giving borrowers greater flexibility to repay early without incurring penalties.
• High Loan-to-Value Ratio: Bank of Maharashtra offers an LTV of up to 90% of the property value. For top-up loans, funding goes up to around 75% of the property value.
• Quick Processing: The bank offers quick, convenient digital processing, with home loan approvals taking 7 to 10 working days, depending on documentation and eligibility.

Bank of Maharashtra Home Loan Interest Rates 2026

The Bank of Maharashtra offers home loans starting from around 7.10% p.a. across various schemes, making it one of the lowest interest rates in the market. 

Latest Interest Rate Table

Note: Rates are indicative and subject to change based on the RBI repo rate and applicant profile

Bank of Maharashtra Interest Rate Based on CIBIL Score

The Bank of Maharashtra home loan interest rates  vary depending on your CIBIL score and employment type:

Note: A CIBIL score of 750 is recommended for higher chances of approval at the most competitive rates.

Floating vs Fixed Interest Rate

Bank of Maharashtra offers floating-rate home loans linked to the RBI repo rate under its External Benchmark Lending Rate system, while fixed-rate loans are offered at higher rates. The difference between floating and fixed interest rates is as follows:

Repo Rate Linked Explanation

The Maharashtra Bank home loan rates are linked to the RBI’s repo rate under the Repo Linked Lending Rate system and are reset periodically every 3 months.

• Current RBI Repo Rate: 5.50%
• Spread: 2.00% – 2.75%, depending on profile
• Effective Floor Rate: Starts from 7.75%

When the RBI changes the repo rate, banks adjust lending rates accordingly, which significantly impacts EMIs for floating-rate borrowers.

Special Rate for Women Borrowers

Bank of Maharashtra offers interest rate concessions of 0.05% to 0.10% for women borrowers under select schemes.

This concession applies to standard floating-rate schemes, such as Maha Super Housing Loan, and supports women’s financial empowerment in line with government housing initiatives, such as PMAY-CLSS.

Balance Transfer Interest Rates

If you have an existing home loan with another bank at a higher rate, you can transfer it to Bank of Maharashtra under its balance transfer scheme to benefit from its lower interest rates. The BOM home loan balance transfer interest rate details are as follows:

• Balance Transfer Rate: Starting from 7.10% p.a.
• Eligibility: Based on existing loan repayment track record, CIBIL score, and profile evaluation
• Top-Up Loan: Available along with transfer, subject to eligibility
• Charges: Processing fee applicable; no foreclosure charges post-transfer

Bank of Maharashtra Interest Rate Trend Chart

The Bank of Maharashtra home loan interest rates have varied only slightly over the last 12 months, in line with the RBI’s repo rates. The interest rates have remained stable, tracking the Reserve Bank of India’s repo rates:

How to Negotiate a Lower Rate from the Bank of Maharashtra?

You can negotiate a lower Bank of Maharashtra home loan interest rate by maintaining a strong credit profile, showing a good repayment history, and leveraging your existing relationship with the bank. Some tips to help you secure a better Bank of Maharashtra home rate include:

• Maintain a CIBIL score of 750+.
• Opt for repo-linked floating loans.
• Consider balance transfer options.
• Compare and leverage competitor rates.
• Highlight existing banking relationship.
• Request interest rate revision.

NoBroker’s BOM Home Loan EMI Calculator

An EMI calculator is a tool that estimates your monthly home loan repayments based on the loan amount, interest rate, and tenure. NoBroker’s Bank of Maharashtra Home Loan EMI calculator can help you get a general idea of your repayment schedule.

Home Loan EMI Calculation Formula:

Your home loan EMI can be calculated using the formula:

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]

Where:

P = Principal loan amount

r = Monthly interest rate (annual rate ÷ 12 ÷ 100)

n = Number of monthly instalments (tenure in months)

The table below can help you calculate your monthly home loan EMI repayments at 7.10% interest rate p.a:

Note: EMI here is calculated at 7.10 % p.a. Actual EMI can vary based on your sanctioned rate

EMI Per ₹1 Lakh (At 7.10% p.a.)

Pro Tip: Multiply EMI per ₹1 lakh by your loan amount (in lakhs) to get your approximate monthly EMI.

EMI vs Tenure Impact

Your loan tenure directly affects both your EMI and the total interest paid. A shorter tenure increases your EMI but can help you save on your total interest.

Bank of Maharashtra Home Loan Eligibility

The Bank of Maharashtra home loan eligibility criteria is based on a person’s credit score, income, residency status and minimum income. The criteria include:

For Salaried Individuals:

• Age: 21-60 years
• Employment: Permanent job with a minimum of 1 to 3 years of experience in the current organisation
• Minimum Annual Income: ₹1.8 Lakh-₹3 Lakh
• Employment Type: Salaried employees from government, PSUs & private sector

For Self-Employed Individuals

• Age:21-75 years
• Business Continuity: Minimum 3 years of business stability
• Minimum Annual Income: ₹1.8 Lakh-₹3 Lakh
• ITR: Minimum past 3 years ITR with supporting documents

Minimum CIBIL Score Requirement:

The Bank of Maharashtra recommends a minimum CIBIL score of 725 to avail of the lowest interest rates and better loan terms.

FOIR / EMI-to-Income Ratio:

Fixed Obligation to Income Ratio is the percentage of your monthly income allocated toward EMIs and other fixed financial obligations. Bank of Maharashtra allows a FOIR of up to 50-60% of monthly income for home loans.

Bank of Maharashtra Home Loan Schemes 2026

The Bank of Maharashtra offers a range of home loan schemes which are designed to meet different housing needs, from buying a house to constructing or upgrading one. The BOM home loan schemes are as follows:

Maha Super Housing Loan Scheme:

The primary BOM home loan scheme is popular for purchasing, constructing, or renovating residential property. It is suitable for both salaried and self-employed applicants, with low interest rates starting from 7.10% and flexible repayment options.

Features: 

• Loan amount up to ₹10 crore
• Tenure up to 30 years
• Interest concessions for women borrowers

Maha Super Flexi Housing Loan Scheme:

This scheme offers added flexibility by linking your home loan to a savings account. This enables you to deposit surplus funds and reduce your interest burden. It is best for borrowers with fluctuating cash flows.

Features:

• Overdraft facility to reduce interest outgo
• Flexible withdrawals & deposits
• The interest rate is higher than the standard housing loan rate.

Maha Super Green Building:

Designed for eco-friendly homes, this scheme encourages investment in certified green buildings. With interest rate concessions of up to 1.10%, this scheme supports sustainable housing initiatives.

Features:

• Interest concession of 0.10%
• Applicable for IGBC, GRIHA or LEED-certified properties
• Lower home loan processing fees

Plot Purchase & Construction Loan:

This scheme finances both the purchase of a plot and the construction of a house on it. It is best for borrowers planning to build a home in phases.

Features:

• Combined funding for plot & construction
• Moratorium period available during construction
• LTV up to 75 to 90%, based on loan amount

Maha Bank Top-Up Loan Scheme:

Existing home loan borrowers can avail of a top-up loan for additional financial needs, such as renovation, furnishing, or personal expenses, at low rates.

Features:

• Loan amount up to 100% of the existing loan, subject to eligibility
• Can be used for multiple purposes
• No foreclosure charges on floating-rate loans.

Documents Required for Bank of Maharashtra Home Loan Application Form

For faster loan processing, approval, and disbursal, you will need to submit clear and complete copies of the following Bank of Maharashtra home loan documents:

Proof of Identity:

• Aadhaar Card
• Passport
• Voter ID Card
• Driving Licence
• Any other government‑issued photo identity

Proof of Address:

• Aadhaar Card
• Utility bills
• Passport
• Driving Licence
• Rental agreement (if applicable)

Income Proof

• For salaried applicants: Last 1 year Income Tax Return, Form 16, last 3 months’ salary slips or last 6 months’ bank statements
• For self‑employed applicants: Last 2 years’ ITR with tax computation, audited balance sheets, Profit & loss statements or last 12 months’ bank statements

Property Documents

• Registered sale deed or agreement to sell
• Approved building plan or layout map
• Encumbrance Certificate
• Home Loan NOC
• Property extract or Title deed

Fees & Charges for Bank of Maharashtra Home Loans

The fees and charges for Bank of Maharashtra home loans are transparent and minimal. The charges for taking home loans from Bank of Maharashtra include:

Bank of Maharashtra Home Loan Balance Transfer

Transferring your existing home loan to the Bank of Maharashtra can help you benefit from the bank’s lower interest rates, reduced EMIs, and save on interest costs. The process of a Bank of Maharashtra home loan balance transfer involves a credit assessment, obtaining a No Objection Certificate from your current lender, submitting outstanding loan statements, and applying through the bank’s official portal.

Benefits of Balance Transfer to Bank of Maharashtra:

• Lower interest rate (from 7.10% p.a.)
• Reduced EMI burden
• No foreclosure charges on floating loans
• Top-up loan facility up to 100% of the balance transfer amount

Eligibility for Transfer

• Minimum 6-12 months of regular EMI repayment with the existing lender
• No defaults or overdue payments on the current loan
• Clear property title & complete loan documents
• CIBIL score of 725+ preferred

Transfer Charges

• 0.25% processing fee
• No prepayment charges for floating-rate loans

Top-Up Loan After Bank of Maharashtra Home Loan Balance Transfer

Borrowers transferring their home loan can also avail a top-up loan at highly attractive rates, starting from 7.10% from Bank of Maharashtra. The funds can be used for home renovation, education, or other financial needs, subject to eligibility, and can go up to 100% of the transferred loan amount.

How to Apply for Bank of Maharashtra Home Loans?

Applying for a Bank of Maharashtra home loan is quite easy and can be done both online and offline through the following steps:

• Step 1: Check your home loan eligibility: Start by checking whether you meet the Bank of Maharashtra home loan eligibility criteria. You can use NoBroker’s Bank of Maharashtra eligibility calculator for a quick and accurate estimate.
• Step 2: Gather necessary documents: Collect KYC documents, income proof, identity proof, and property-related documents.
• Step 3: Submit application: Apply online through the bank’s official portal at https://digiloans.bankofmaharashtra.bank.in/apply/homeloan?bom or visit your nearest branch to fill out and submit the Bank of Maharashtra home loan application form along with the required documents.
• Step 4: Application verification & evaluation: The bank will then review your application, verify documents, check your CIBIL score, and assess your financial profile.
• Step 5: Property valuation & legal check: The bank will conduct a technical and legal evaluation of the property to ensure it meets its lending criteria.
• Step 6: Loan approval & disbursal: Once the loan is approved, the bank will issue a sanction letter, and the loan amount will be disbursed within a few working days, subject to final checks.

Approval & Disbursement Timeline

• In-Principle Approval: 
• Full Sanction (post document verification):
• Disbursement (post-legal & technical):

Tax Benefits on Bank of Maharashtra Home Loans

The Maharashtra Bank home loans come with a number of tax benefits under the Income Tax Act, 1961, which help borrowers reduce their tax liability on both interest and principal repayments. The tax benefits on the home loans offered under the Bank of Maharashtra include:

• Interest Deduction under Section 24(b): Borrowers can claim a deduction of up to ₹2,00,000 per financial year on interest paid for a self-occupied property. For let-out properties, the entire interest paid is eligible for deduction under this section of the Income Tax Act, 1961.
• Principal Repayment under Section 80C: You can claim up to ₹1,50,000 per year on principal home loan repayment under Section 80C of the Income Tax Act, 1961. This limit also includes stamp duty and registration charges, provided they are claimed in the same financial year.
• Additional Deduction under Section 80EEA: First-time homebuyers can claim an additional deduction of up to ₹1,50,000 on interest under Section 80EEA, subject to conditions such as property value up to ₹45 lakh and loan sanction within the specified period.
• Pre-Construction Interest: Interest paid during the construction phase can be claimed in 5 equal instalments, starting from the year of possession, up to a limit of ₹2 lakh on self-occupied property.
• Joint Home Loan Benefits: If the loan is taken jointly and all co-borrowers are co-owners, each borrower can claim up to ₹2,00,000 on interest and ₹1,50,000 on principal repayment individually.
• Top-Up Loan Benefits: Interest paid on top-up loans used for home renovation or repairs can be claimed under Section 24(b) of the Income Tax Act, 1961, subject to applicable conditions.

Note: Exact tax benefits depend on current tax laws & a person’s individual Bank of Maharashtra home loan eligibility. It is recommended to consult NoBroker’s tax professionals for personalised advice.

Bank of Maharashtra vs Other Banks: Home Loan Comparison 2026

The Bank of Maharashtra is known for offering one of the lowest home loan interest rates in the market, along with added benefits such as concessions for women borrowers and low processing fees. Here’s how the BOM compares with other leading banks:

Note: The interest rates are indicative & vary based on CIBIL score, income, and loan amount

How to Choose the Best Bank for Me?

Choosing the best bank for your home loan depends on your financial profile, budget, and credit score. Some factors to consider include:

• Interest rates offered
• Processing fees & hidden charges
• Loan tenure & EMI flexibility
• Loan-to-Value ratio offered
• Eligibility criteria & preferred CIBIL score
• Speed of approval & disbursal
• Customer service & digital experience.

Pros & Cons of Home Loans Under Bank of Maharashtra

With repayment tenures of up to 30 years and interest rates starting from around 7.10% p.a., the Maharashtra Bank home loans are a cost-effective option for a number of  borrowers, especially first-time borrowers. The pros and cons of the same include:

Pros of BOM Home Loans:

• Low interest rates, starting from only 7.10%
• Concessions for women borrowers and periodic festive offers
• Flexible repayment schedule
• No prepayment or foreclosure charges on floating-rate loans

Cons of BOM Home Loans:

• Slower processing time & service compared to private banks
• Limited digital experience
• Stringent documentation
• Less flexibility in customised loan structuring.

Who Should Apply for Bank of Maharashtra’s Home Loans?

Bank of Maharashtra home loans are best suited for salaried individuals, self-employed professionals, Non-Resident Indians, and Persons of Indian Origin who seek financial assistance to purchase, construct, renovate, or extend residential properties.

Bank of Maharashtra’s Home Loan Applicant Checklist:

• First-time homebuyers
• Women applicants with attractive concessions
• Salaried employees with stable income
• Self-employed individuals with consistent income
• Borrowers with a high CIBIL score
• NRIs & PIOs
• Long-term borrowers

Easy Eligibility & Loan Application with NoBroker

Home loan eligibility varies across banks, and comparing options, checking eligibility, and applying can be complex and time-consuming, especially for first-time home buyers. The financial experts at NoBroker help simplify the BOM home loan application process with comprehensive assistance at every step. From a quick eligibility check to comparing interest rates across banks and completing your loan application, NoBroker assists you throughout the process. With end-to-end support and a hassle-free experience, NoBroker is a trusted partner for securing Bank of Maharashtra home loans at the lowest rates.