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Bank of Maharashtra Home Loan

Bank of Maharashtra Home Loan


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About Bank of Maharashtra(BOM)

Bank of Maharashtra is a major public-sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches. It has largest network of branches by any public-sector bank in the state of Maharashtra.

How to Apply for Bank of Maharashtra Home Loan?

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How to Apply for Bank of Maharashtra Home Loan - Apply for Housing/Home Loans Online from Bank of Maharashtra ✓ Home loan bad credit ✓ Quick Processing low-interest home loans at

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Bank of Maharashtra(BOM) Home Loans

Bank of Maharashtra(BOM) offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Bank of Maharashtra(BOM) provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Bank of Maharashtra(BOM) Home Loans are tailor made, catering to the needs of various customers.

Advantages of Bank of Maharashtra(BOM) Home Loans

  • Low interest rate
  • No hidden costs and administrative charges
  • No processing fees
  • No security needed
  • Less paperwork
  • No prepayment penalties

Maha Super Housing Loan Scheme

Key Highlights

Interest Rate8.70% to 8.80%
Loan Tenure30 years
Pre-closure ChargesNil
Guarantor RequiredNo Guarantor Required


Loans for construction / acquiring of new or existing house/flat not older than 30 years or for extension in the existing house/flat

Eligibility Criteria

To avail the from Bank of Maharashtra(BOM), you need to have the following eligibility criteria.

Individual salaried employees (with a permanent job for the period of minimum 1 year in current organization of State /Central Government/ Public / Private Sector Companies of repute), Self-Employed Professionals, Businessman, Pensioners (subject to having pension account with us &amb; sufficient disposable income), Farmers having minimum land holding of 5 Acres of irrigated land and sufficient disposable income

Age Limit

  • Minimum: The applicant/s must be 21 years old (completed) as on the date of application
  • Maximum: 65 Years for Professional &amb; self-employed i.e. for Doctors/Architects/CAs etc. 60 years for others, subject to having sufficient disposable income
  • Age at Loan Maturity should not exceed 75 Years.

Loan Amount

  • Salaried: 60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary (Whichever is Higher)
  • Others (Businessmen/Professionals etc.): 5 times of last 2 years average Income based on IT Returns
  • For Metro and Urban area: No Maximum Limit
  • For Rural areas: Amount of Loan should not exceed Rs.15 lakh
  • For Semi-Urban areas: Amount of Loan should not exceed Rs.25lakh

Stamp duty, registration and other documentation charges, cost of life insurance cover on the life of the borrower and any other non-realizable costs should not be included in cost of housing unit.

Loan Tenure

Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier.

Prepayment Charges

There are no prepayment charges

Processing Fees

There are no processing fees but there are document fees of 0,1% of loan amount not exceeding Rs. 10,000

Interest Rates

Base Rate: 9.60% (With effect from 07.10. 2017)

BPLR: 15.00% (With effect from 01. 10. 2011)


  • Loan up to Rs.20 lakhs - 15%
  • Loan above Rs.20 to 75 lakhs - 20%
  • Loan above 75.00 lakhs - 25%


  1. Not to exceed 60% of Gross Income including Proposed EMI of the Loan
  2. If deductions are considered over and above 60% of Gross income, an additional interest of 0.25% will be charged over and above the regular ROI applicable for the Housing Loan
  3. In any case total deductions of gross income shall not exceed 65% of gross income
Bank of Maharashtra Home Loan
Apply for Bank of Maharashtra Home Loan

Documents Required to Apply for Bank of Maharashtra(BOM) Home Loans

Important documents to be submitted while applying for home loan with Bank of Maharashtra(BOM)

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

EMI Payment Methods

Your Bank of Maharashtra(BOM) home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bank of Maharashtra(BOM), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Maharashtra(BOM) account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bank of Maharashtra(BOM) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Bank of Maharashtra(BOM) account at your nearest Bank of Maharashtra(BOM) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Bank of Maharashtra(BOM) Home Loan?

You can either apply online or visit a nearby Bank of Maharashtra(BOM) branch for the application. You can also download the home loan application form from the Bank of Maharashtra(BOM) official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Maha Super Housing Loan Scheme Overview

  • Age and Income criteria is as per Maha Super Housing Loan Scheme
  • 10% of the total loan amount with a maximum limit of Rs.10.00lakh
  • Repayment capacity is to be assessed as per the deduction norms
  • Margin: 25% of the actual cost of the consumer products
  • Maximum Repayment period of 5 Years
  • Rate of Interest: Base Rate + 3.50%
  • Repayment will commence from the next month of the disbursement
  • Security: (i) Hypothecation of the purchased goods.(ii) Additional charge on the house property mortgaged to the Bank
  • his Consumer Loan should be considered for “Ready for possession” properties/at the time of possession for loan sanctioned under the “Maha Super Scheme for Housing Loan”
  • Processing fee to be charged @ 1.00% of the loan amount, subject to the minimum of Rs.500/-

Bank of Maharashtra(BOM) Home Loan FAQs

1. What are processing fees on Bank of Maharashtra(BOM) Home Loans?

There are no processing fees

2. Is there penalty for prepaying the Bank of Maharashtra(BOM) Home Loan?

No penalty is levied for prepaying the IDBI Home Loan

3. Can I get IDBI Home Loan without a Guarantor?

No need of a guarantor

4. What is the maximum loan repayment period for IDBI home loans?

The maximum repayment period is 30 years

5. How Can I apply for an IDBI home loan?

You can either apply online or visit a nearest Bank of Maharashtra(BOM) branch and take the help of the bank’s representative.

Bank Of Maharashtra Home Loan - Customer Reviews

4 / 5 (7 Reviews)
30 Jan 2019

Good app

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