When it comes to availing a home loan, plenty of renowned lenders are there. But, if we talk about offering home loans at the lowest interest rates, there is only one name that strikes the mind, Bank of Maharashtra. Yes, the Bank of Maharashtra Home Loan is available at attractive interest rates starting from 8.35% up to 10.90% p.a. So, without wasting any time further, let’s just know more about the interest rates offered by BOM on the page below.

Bank of Maharashtra Home Loan Interest Rate February 2025

Follow the table to know the latest home loan interest rates of Bank of Maharashtra 2025 - 

Benefits of Bank of Maharashtra Home Loan

These are some of the benefits of the Bank of Maharashtra Home Loan - 

• Low EMI: Affordable monthly installments make repayment easier and budget-friendly.

• Track My Loan: Convenient online tracking to monitor loan status and repayments.

• Higher Loan Amount: Get substantial financing to meet your home-buying needs.

• Approved Projects: Avail loans for properties approved by the bank, ensuring credibility and faster processing.

• Simplified Disbursement: Quick and hassle-free loan disbursal for timely property payments.

• No Hidden Charges: Transparent loan process with no unexpected costs.

• No Processing Fee: Enjoy savings with zero processing charges on your loan application.

• No Prepayment Facility: Flexibility to repay the loan early without any additional charges.

Documents Required for Bank of Maharashtra Home Loan

Here is the list of documents the applicant needs to submit before applying for the Bank of Maharashtra Home Loan - 

For Salaried Applicants:

• Proof of identity and address.
• PAN (Permanent Account Number) card copy.
• Proof of income, including:
  • Last 1-year Income Tax (IT) Returns.
  • Form 16.
  • Salary slips for the last three months.
  • Bank statement for the last six months.

For Self-Employed Applicants:

• Proof of identity and address.
• PAN card copy.

Proof of income, including:

• Income Tax (IT) returns for the last two years.
• Audited Balance Sheet.
• Bank statement for the last 12 months.

For Agriculturalists:

• If IT returns are not filed, an income certificate must be provided, issued by a Tahsildar, Mandal Revenue Officer, or a State Level Gazetted Revenue Department Officer.

Property Documents:

• Registered Agreement for purchase between the buyer (loan applicant) and the seller.
• Receipts of payments already made to the seller.
• Approved or sanctioned building plan.
• Detailed cost estimate from an Architect/Engineer.
• Development Agreement, if applicable.
• Approved plan for the flat scheme.

Ownership documents, including:

• Sale Deed, Partition Deed, Gift Deed, Lease Deed, or Allotment Deed.
• Property extracts such as 7/12 extract or city survey property register card (Akhiv Patrika).
• N.A. (Non-Agricultural) permission if the property was originally agricultural.
• Latest paid receipts for maintenance, water tax, municipal tax, etc., in the applicant’s name.​​​​

If the plot is owned by a society:

• No Objection Certificate (NOC) for mortgage and construction.
• Copy of Power of Attorney, if given by the landlord to the developer/builder.
• Registered Agreement of sale for undivided share and payment stages, or Tripartite Agreement.
• Non-encumbrance certificate before and after the sale (if applicable).
• NOC from the society for the mortgage of the property.

Eligibility Criteria For Bank of Maharashtra Home Loan

Here are the Bank of Maharashtra eligibility criteria for applicants seeking home loans - 

• Salaried Individuals: Rs. 3 lakh (based on last year's income) – Minimum of two years' ITR/Form 16 required from the employer.
• Self-Employed Professionals: Rs. 3 lakhs (based on last year's ITR income) – Minimum of two years' ITR with supporting documents required.
• Businessmen: Rs. 3 lakhs (based on last year's ITR income) – Minimum of three years' ITR with supporting papers required.
• Agricultural and Allied Activities Workers: Minimum income of Rs. 3 lakh.

Calculate your Bank of Maharashtra Monthly Home Loan EMIs

Here is an example of a different EMI with a loan tenure of up to 30 years with a home loan of Rs. 25,00,000 and interest rates ranging from 8.35% upto 10.90% p.a. You can get help with the Wishfin Bank of Maharashtra Home Loan EMI Calculator.

You need to put three elements - 

• Loan Amount 
• Tenure 
• Interest Rate 

Bank of Maharashtra Home Loan Balance Transfer Interest Rates

Bank of Maharashtra offers one of the lowest home loan interest rates, starting at just 8.35% per annum, making it an excellent choice for reducing your EMIs and overall interest burden. Additionally, the bank provides flexible repayment options of up to 30 years, ensuring greater convenience and affordability for borrowers.

Bank of Maharashtra Home Loan Balance Transfer Process

If you are looking for a Bank of Maharashtra Home Loan Balance Transfer, follow these steps -

• Step 1: Application Submission - Begin by submitting a detailed home loan transfer application through the Bank of Maharashtra's online portal. The application form will require your personal, financial, and property-related details.
• Step 2: Document Submission - After submitting your application, provide the required documents for verification and eligibility assessment.
• Step 3: Loan Evaluation and Approval- Once your documents are submitted, the Bank of Maharashtra will assess your application by evaluating factors such as your credit score, financial stability, and property value. Upon approval, you will receive a sanction letter detailing the approved loan amount, interest rate, and key terms and conditions.
• Step 4: Balance Transfer - Upon approval, the Bank of Maharashtra will directly disburse the loan amount to your existing lender to settle the outstanding balance. Once the loan is closed, your property documents will be transferred to the bank.

Conclusion

Bank of Maharashtra home loan interest rates start at 8.35% per annum, making it an attractive option for borrowers looking to reduce their overall interest burden. With flexible repayment terms, no prepayment charges, and a transparent loan process, the bank provides an affordable and convenient solution for home buyers. Whether you're a salaried individual, self-employed professional, or involved in agriculture, Bank of Maharashtra’s home loan offerings can be the best to suit your needs, helping you achieve your homeownership goals.

FREQUENTLY ASKED QUESTIONS

1. What is the latest Bank of Maharashtra home loan interest rate?

The Bank of Maharashtra Home Loan interest rate starts from 8.35% p.a.

2. What are the Bank of Maharashtra Home Loan Features?

• 0.5% Concession: Available for women and defense personnel.
• Maximum Tenure: Up to 30 years or age 70, whichever is earlier.
• No Charges: No prepayment, pre-closure, or part-payment charges.
• Interest Rate Concession: Available for housing loan borrowers also availing car or education loans.
• Lowest Interest Rates: The Bank of Maharashtra offers the lowest home loan interest rates in India.

3. Which all factors affect home loan eligibility?

The factors that might affect the Bank of Maharashtra home loan eligibility are - Income, employment stability, Age, down payment, credit score or CIBIL score, loan tenure, property value, and location. 

4. What is the Bank of Maharashtra Home Loan processing fee?

The processing fee for a Bank of Maharashtra home loan is NIL.