Table of Contents
- Latest Bank of Maharashtra BoM Home Loan Interest Rates (...
- Types of Home Loans Offered
- Key Features
- Home Loan Interest Rates Explained
- Floating vs Fixed Interest Rate
- Women Borrower Benefits
- Home Loan Eligibility
- Documents Required
- EMI Calculator
- EMI Examples
- Processing Fee & Other Charges
- Hidden Charges to Know
- Loan-to-Value (LTV) Explained
- Balance Transfer Interest Rate
- Top-Up Loan
- Prepayment & Foreclosure Rules
- Tax Benefits Under Sections 24(b) & 80C
- Bank of Maharashtra vs SBI vs HDFC vs ICICI vs Canara vs ...
- Advantages
- Disadvantages
- Tips to Get Lower Interest Rates
- How to Apply Online
- Why Compare Home Loans on BankerMart?
- Frequently Asked Questions (FAQs)
- Conclusion
Buying a home is one of the most financial decisions you'll ever make. The interest rate on your home loan directly impacts your monthly budget and the total amount you repay over the loan's lifetime. Even a small difference in the rate can translate into lakhs of rupees saved or spent.
Bank of Maharashtra (BoM), a trusted public sector bank, has long been a popular choice for home loans thanks to its competitive rates and customer-friendly policies. In a significant move announced on August 2, 2026, the bank slashed its home loan interest rate to 7.00% p.a. as part of a limited-period \"Monsoon Dhamaka\" offer, along with a complete waiver of processing fees and documentation charges .
This comprehensive guide covers everything you need to know about Bank of Maharashtra home loan interest rates in August 2026, including how your CIBIL score affects your rate, eligibility criteria, EMI calculations, required documents, charges, and how to apply. We'll also show you how BankerMart can help you compare this offer with other leading banks to ensure you get the best deal.
Latest Bank of Maharashtra BoM Home Loan Interest Rates (August 2026)
As of August 2026, Bank of Maharashtra has launched a special \"Monsoon Dhamaka\" limited-period offer, reducing its base home loan interest rate to 7.00% p.a. . This represents a reduction from the previous starting rate of 7.10% p.a. .
The table below details the current interest rates based on CIBIL score and employment type, as per the bank's official rate sheet .
| CIBIL Score | Salaried Individuals | Non-Salaried / Self-Employed |
|---|---|---|
| 800 and above | 7.00% p.a. | 7.10% p.a. |
| 750 to 799 | 7.15% p.a. | 7.25% p.a. |
| 725 to 749 | 7.60% p.a. | 7.70% p.a. |
| 700 to 724 | 7.65% p.a. | 7.85% p.a. |
| 650 to 699 | 8.25% p.a. | 8.45% p.a. |
| 600 to 649 | 9.90% p.a. | 10.30% p.a. |
| Below 600 | 9.05% p.a. | 9.55% p.a. |
| -1 to 5 / NTC | 7.60% p.a. | 7.80% p.a. |
Interest Rate Highlights:
Base Rate: The starting rate is 7.00% p.a. for salaried individuals with a CIBIL score of 800+ .
Women Borrower Concession: Bank of Maharashtra offers a 0.05% interest rate concession on home loans to women applicants. This concession is applicable only for those with CIBIL scores below 725 and is subject to the RLLR (Repo Linked Lending Rate), which serves as the minimum floor rate .
Limited Period Offer: The 7.00% p.a. rate and the complete waiver of processing fees and documentation charges are part of the \"Monsoon Dhamaka\" limited-period campaign .
Rate Type: The bank primarily offers floating-rate home loans linked to the RBI repo rate, ensuring transparency and lower rates compared to fixed-rate loans.
Important: Interest rates are subject to change at the bank's discretion. Please verify the latest applicable rates on the official Bank of Maharashtra website before applying.
Types of Home Loans Offered
Bank of Maharashtra offers a variety of home loan products tailored to different needs.
| Loan Type | Purpose | Interest Rate | Maximum Tenure |
|---|---|---|---|
| Home Purchase Loan | Buying a new or resale house/flat. | Starting from 7.00% p.a. | 30 years |
| Home Construction Loan | Constructing a house on a plot you own. Disbursed in stages. | Starting from 7.00% p.a. | 30 years |
| Home Improvement Loan | Renovating, repairing, or upgrading your home. | 8.35% p.a. onwards | Up to 15 years |
| Home Extension Loan | Adding new rooms or floors to your existing house. | 8.35% p.a. onwards | Up to 15 years |
| Plot Loan | Purchasing a residential plot for construction purposes. | Starting from 7.00% p.a. | Up to 15 years |
| Balance Transfer Loan | Transferring your existing home loan from another bank to BoM to avail of a lower interest rate. | Starting from 7.00% p.a. | Up to 30 years |
| Top-Up Loan | Additional funds over and above your existing home loan for renovation, extension, or other needs. | As per prevailing rates | Co-terminus with existing loan |
Key Features
Bank of Maharashtra home loans come with several attractive features.
Maximum Loan Amount: Up to ₹10 Crore, subject to eligibility and property valuation .
Maximum Tenure: Up to 30 years, ensuring affordable EMIs and manageable monthly outflows .
Floating vs Fixed Rate: The bank primarily offers floating-rate loans linked to the RBI repo rate, ensuring transparency and lower rates compared to fixed-rate loans.
Balance Transfer: You can transfer your existing home loan from another bank to Bank of Maharashtra to avail of a lower interest rate and better terms .
Top-up Loan: Existing borrowers can avail of an additional top-up loan for renovation, extension, or other personal needs .
Digital Application: Apply online through the bank's website or mobile app for a seamless experience .
Prepayment Rules: There are no charges for prepayment or foreclosure of floating-rate home loans for individual borrowers, in line with RBI guidelines .
Women Borrower Benefits: The bank offers a 0.05% interest rate concession to women applicants and defense personnel .
Home Loan Interest Rates Explained
How Bank of Maharashtra Sets Interest Rates
Bank of Maharashtra determines home loan interest rates based on the following factors:
Repo Linked Lending Rate (RLLR): The bank's home loan rates are linked to the RBI's repo rate. Any change in the repo rate directly impacts the bank's RLLR, which serves as the minimum floor rate .
CIBIL Score: Your CIBIL score is the most significant factor in determining your final interest rate. The table above clearly shows how rates vary based on credit score and employment type .
Employment Type: Salaried individuals generally receive slightly lower rates than non-salaried/self-employed applicants .
Women Concession: A 0.05% concession is available for women borrowers with CIBIL scores below 725 .
Floating vs Fixed Interest Rate
Floating Rate (Recommended)
What It Is: The interest rate fluctuates with changes in the RBI's repo rate.
Pros: Lower starting rates, transparency, and benefit from rate cuts.
Cons: EMIs can increase if rates rise.
Bank of Maharashtra: Offers floating rates linked to RLLR. No prepayment penalty for individual borrowers.
Fixed Rate
What It Is: The interest rate remains constant throughout the loan tenure.
Pros: EMIs remain predictable and stable.
Cons: Usually higher than floating rates; you don't benefit from rate cuts.
Bank of Maharashtra: Offers fixed-rate options with a revision after a specified tenure, depending on the bank's terms and conditions .
Recommendation: For most home loan borrowers, floating rates are preferable due to their lower starting rates and the flexibility of no prepayment penalties.
Women Borrower Benefits
Bank of Maharashtra offers specific benefits to women borrowers under its Maha Super Housing Loan Scheme .
Home Loan Eligibility
Before applying, it's essential to check whether you meet the Bank of Maharashtra's eligibility criteria.
Eligibility Criteria Table
Eligibility by Salary
The loan amount you are eligible for depends on your monthly income, FOIR, and existing liabilities.
| Monthly Salary (₹) | Approx. Eligible Loan Amount (20-year tenure, 7% p.a.) |
|---|---|
| 50,000 | ₹30-35 Lakh |
| 75,000 | ₹45-55 Lakh |
| 1,00,000 | ₹60-75 Lakh |
| 1,50,000 | ₹90-110 Lakh |
Note: These are indicative figures. Actual eligibility depends on your complete financial profile.
Documents Required
Keeping your documents ready can speed up the application process.
Salaried Individuals
| Category | Documents |
|---|---|
| Identity Proof | Aadhaar, PAN Card, Passport, Voter ID (Any one) |
| Address Proof | Aadhaar, Passport, Voter ID, Utility Bill (Electricity/Telephone) |
| Income Proof | Last 3 months' salary slips, Form 16, last 2 years' ITR, 6 months' bank statements showing salary credit |
| Employment Proof | Offer letter, appointment letter, or experience certificate |
Self-Employed Individuals
| Category | Documents |
|---|---|
| Identity Proof | Aadhaar, PAN Card, Passport, Voter ID (Any one) |
| Address Proof | Aadhaar, Passport, Voter ID, Utility Bill |
| Income Proof | Last 3 years' Income Tax Returns (ITR) with computation of income, audited financials (Profit & Loss, Balance Sheet), and 6 months' bank statements |
| Business Proof | Business registration certificate, GST registration, Shops and Establishment Act license, etc. |
Property Documents
Sale Agreement/Chain of title documents
Approved building plan (for construction/extension)
Receipts of payments made to the builder/seller
Encumbrance certificate
NOC from the builder/society
EMI Calculator
Home Loan EMI Calculator
Live| 📊 Rate | 8.50% |
| ⏱️ Tenure | 20 years |
| 💰 Total Interest | ₹ 0 |
| 💵 Total Payment | ₹ 0 |
Amortization Schedule Monthly
| # | Date | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|---|---|---|---|---|
| Calculating... | |||||
An Equated Monthly Installment (EMI) is the fixed monthly amount you pay to the bank to repay your loan. It consists of two parts: the principal amount and the interest.
How is EMI Calculated?
The EMI is calculated using the following formula:
EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]
Where:
P is the principal loan amount.
r is the monthly interest rate (annual rate divided by 12).
n is the total number of monthly installments.
Benefits of Using the BankerMart EMI Calculator
While you can calculate EMI manually, using our online EMI calculator simplifies the process:
Quick and Accurate: Instantly calculate your EMI by entering the loan amount, interest rate, and tenure.
Financial Planning: Understand your monthly commitment before applying, helping you budget effectively.
Compare Scenarios: Adjust the loan amount, rate, or tenure to see how the EMI changes and find a combination that fits your budget.
Free and Easy: No registration or personal information is required.
EMI Examples
The table below provides indicative EMIs for various loan amounts and tenures, assuming the current starting interest rate of 7.00% p.a. for salaried individuals with a CIBIL score of 800+ .
| Loan Amount (₹) | Tenure (Years) | Estimated EMI (₹) | Total Interest Payable (₹) | Total Payment (₹) |
|---|---|---|---|---|
| 20,00,000 | 20 | 15,449 | 17,07,760 | 37,07,760 |
| 20,00,000 | 30 | 13,302 | 27,88,720 | 47,88,720 |
| 30,00,000 | 20 | 23,174 | 25,61,760 | 55,61,760 |
| 30,00,000 | 30 | 19,953 | 41,83,080 | 71,83,080 |
| 50,00,000 | 20 | 38,623 | 42,69,520 | 92,69,520 |
| 50,00,000 | 30 | 33,254 | 69,71,440 | 1,19,71,440 |
| 75,00,000 | 30 | 49,881 | 1,04,57,160 | 1,79,57,160 |
| 1,00,00,000 | 30 | 66,508 | 1,39,42,880 | 2,39,42,880 |
Note: These figures are indicative. Use the BankerMart Home Loan EMI Calculator for personalized calculations based on current interest rates and your specific profile.
Processing Fee & Other Charges
Under the current \"Monsoon Dhamaka\" offer, Bank of Maharashtra has completely waived processing fees and documentation charges .
Hidden Charges to Know
While the processing fee is currently waived, here are some other charges you should be aware of:
Legal Charges: Fees paid to the bank's panel advocate for verifying property title.
Technical Valuation Charges: Fees paid to the bank's panel valuer for assessing property value.
MODT Charges: Charges for registering the memorandum of deposit of title deeds with the sub-registrar.
Stamp Duty: State government duty on the loan agreement.
Prepayment Charges: Nil for floating-rate home loans for individual borrowers, but fixed-rate loans may have charges.
Late Payment Penalty: Charges for delayed EMI payments.
Loan-to-Value (LTV) Explained
Loan-to-Value (LTV) is the ratio of the loan amount to the market value of the property. It determines how much you can borrow and your down payment requirement.
| Loan Amount | Maximum LTV |
|---|---|
| Up to ₹30 Lakh | 90% |
| ₹30 Lakh to ₹75 Lakh | 80% + Interior Cost |
| Above ₹75 Lakh | 75% + Interior Cost |
Key Points:
Higher LTV means a lower down payment requirement.
The bank will finance the property cost plus interior work up to the specified LTV limits.
Interior cost is not considered for LTV calculation in many cases.
Balance Transfer Interest Rate
Bank of Maharashtra offers a balance transfer facility that allows you to transfer your existing home loan from another bank to avail of a lower interest rate.
How It Works:
Check Eligibility: Ensure you meet the bank's eligibility criteria.
Get a Sanction Letter: Apply for a balance transfer and receive a sanction letter from BoM.
Pay Outstanding Amount: BoM will pay the outstanding amount to your existing lender.
Transfer Property Documents: The property documents will be transferred to BoM.
Top-Up Loan
Existing home loan borrowers with Bank of Maharashtra can avail of a top-up loan for additional funds .
Eligibility:
Must have a good repayment track record with the bank.
Sufficient income to service the enhanced EMI.
The property value must support the top-up loan amount.
Prepayment & Foreclosure Rules
As per RBI guidelines, there are no charges for prepayment or foreclosure of floating-rate home loans for individual borrowers .
| Type of Loan | Prepayment / Foreclosure Charges |
|---|---|
| Floating Rate | Nil |
| Fixed Rate | May apply (check with the bank) |
Key Points:
You can make partial prepayments without any penalty.
You can foreclose the entire loan without any charges.
Always check with the bank for the latest policy.
Tax Benefits Under Sections 24(b) & 80C
Home loan borrowers can avail of significant tax benefits under the Income Tax Act.
| Section | Deduction Type | Maximum Limit |
|---|---|---|
| Section 24(b) | Interest on Home Loan | Up to ₹2 Lakh per annum (for self-occupied property) |
| Section 80C | Principal Repayment | Up to ₹1.5 Lakh per annum |
| Section 24(b) (Joint Ownership) | Interest on Home Loan | Each co-owner can claim up to ₹2 Lakh (within overall limits) |
Important Notes:
The property must be purchased/constructed within 5 years.
For rented property, the entire interest amount is deductible.
Stamp duty and registration charges are also deductible under Section 80C, subject to the overall limit.
Bank of Maharashtra vs SBI vs HDFC vs ICICI vs Canara vs PNB Comparison
Before finalizing your home loan, it's wise to compare offers from multiple banks. BankerMart can help you do this easily. Here's a snapshot of how Bank of Maharashtra compares with other leading lenders.
Advantages
Bank of Maharashtra offers a compelling home loan proposition.
Competitive Rates: The bank regularly offers some of the lowest interest rates in the industry, and the current 7.00% p.a. rate is among the most competitive .
Government Bank Trust: Being a public sector bank, it offers a sense of security, transparency, and reliability.
Long Tenure: A 30-year tenure ensures manageable EMIs, making homeownership more accessible .
No Prepayment Penalty: Provides the flexibility to pay off your loan early without extra charges .
Zero Processing Fee: The current offer waives processing fees and documentation charges, reducing the upfront cost burden .
Women Empowerment: The 0.05% concession and processing fee waiver demonstrate the bank's commitment to women's financial empowerment .
Easy Repayment Options: Offers various repayment methods and digital channels.
Disadvantages
It's important to have a balanced view of any product. Here are some considerations.
Limited Branch Network: While its presence is growing, its branch network may not be as extensive as SBI's.
Processing Time: Being a public sector bank, the processing and disbursement can sometimes be slower compared to private banks.
Technology: The user experience of the digital platforms may not be as seamless as some top private players.
Stricter Eligibility: Sometimes follows stricter eligibility and documentation norms.
Concession Conditions: The 0.05% women interest rate concession is only applicable for borrowers with CIBIL scores below 725 .
Tips to Get Lower Interest Rates
Getting the lowest possible interest rate can save you a significant amount. Here's how you can improve your chances.
Improve Your CIBIL Score: A score of 750 or higher is often eligible for the most attractive rates. Pay your credit card bills and other EMIs on time.
Increase Your Down Payment: A larger down payment reduces the loan amount, making you a less risky borrower and potentially qualifying you for a better rate.
Maintain Stable Income: A consistent employment history or stable business income strengthens your application.
Reduce Your FOIR: Lower your existing obligations, like personal loans or credit card debt, to improve your Fixed Obligation to Income Ratio (FOIR).
Add a Co-Applicant: Adding a co-applicant with a stable income and a good credit score can strengthen your application.
Compare Multiple Banks on BankerMart: Use BankerMart to compare rates from different banks. Simply being aware of what other banks are offering can give you leverage.
Take Advantage of Special Offers: The current \"Monsoon Dhamaka\" offer is a limited-period opportunity to secure the 7.00% p.a. base rate and zero processing fees .
How to Apply Online
Applying for a home loan with Bank of Maharashtra is simple and can be done online or offline.
Step 1: Check Your Eligibility
Use the BankerMart Eligibility Calculator to check your profile.
Step 2: Visit the Official Website
Go to the Bank of Maharashtra's official website: bankofmaharashtra.bank.in.
Step 3: Navigate to the Home Loan Section
Click on \"Personal\" and then select \"Loans\" followed by \"Home Loan\".
Step 4: Fill in the Application Form
Click on \"Apply for Home Loan\" and fill in your personal details, including your name, contact number, email address, and the required loan amount.
Step 5: Upload Documents
Upload scanned copies of the required documents like identity proof, address proof, income proof, and property papers.
Step 6: Bank Verification & Processing
The bank will verify your details, conduct a technical and legal assessment of the property, and evaluate your repayment capacity.
Step 7: Sanction & Disbursement
Upon successful verification, the loan is sanctioned. A sanction letter is issued, and the loan is disbursed as per the agreed terms and property construction stage.
Why Compare Home Loans on BankerMart?
At BankerMart, we understand that finding the right home loan can be complex. Our platform is designed to empower you to make an informed decision.
Compare 20+ Banks & NBFCs: Instantly compare interest rates, processing fees, and features from India's leading lenders.
EMI Calculator: Calculate your monthly EMI quickly and accurately.
Eligibility Calculator: Check your eligibility for various banks in seconds.
Balance Transfer Calculator: See how much you can save by transferring your loan to a bank with a lower rate.
Transparent Comparisons: We provide clear, up-to-date information to help you choose the best option for your needs.
Expert Guides: Access comprehensive guides and articles to understand the finer details of the home loan process.
Frequently Asked Questions (FAQs)
1. What is the current Bank of Maharashtra home loan interest rate?
Bank of Maharashtra has launched a \"Monsoon Dhamaka\" offer, reducing its home loan interest rate to 7.00% p.a. from the existing 7.10% p.a. . This is a limited-period offer.
2. What is the processing fee for a Bank of Maharashtra home loan?
The bank is offering a complete waiver on processing fees and documentation charges under the current \"Monsoon Dhamaka\" offer . Otherwise, it is generally 0.25% of the loan amount .
3. What is the maximum loan tenure Bank of Maharashtra offers?
You can get a repayment tenure of up to 30 years .
4. What is the minimum CIBIL score required?
A minimum CIBIL score of 725 is generally recommended to get the best rates and approvals . Rates vary based on your score, with the best rates for scores above 800 .
5. Can I transfer my existing home loan from another bank to Bank of Maharashtra?
Yes, Bank of Maharashtra offers a Balance Transfer facility. You can transfer your outstanding loan to BoM to avail of a lower interest rate.
6. Are there any prepayment charges on Bank of Maharashtra home loans?
No. For floating-rate home loans for individual borrowers, there are zero foreclosure or prepayment penalties .
7. What is the maximum loan amount I can get?
Bank of Maharashtra can offer home loans up to ₹10 Crore, depending on your eligibility and property value .
8. What is the Loan-to-Value (LTV) ratio?
The LTV can go up to 90% of the property value, depending on the loan amount .
9. How do I calculate my EMI?
You can use the BankerMart EMI calculator. The formula is: EMI = [P × r × (1+r)^n] / [(1+r)^n – 1].
10. Who is eligible for a home loan?
Salaried and self-employed individuals between the age of 21 and 60 (or 70-75 for self-employed) with a stable income and good credit score are eligible .
11. What documents are needed for a home loan?
Basic identity proof (Aadhaar, PAN), address proof, income proof (salary slips or ITR), and property documents are required.
12. Does Bank of Maharashtra offer any special benefits for women?
Yes, the bank offers a 0.05% interest rate concession to women applicants with CIBIL scores below 725 . The processing fee waiver is also available under the current offer.
13. How can I apply online?
You can apply through the official Bank of Maharashtra website by navigating to the Personal > Loans > Home Loan section and filling out the online application form.
14. What is FOIR?
FOIR stands for Fixed Obligation to Income Ratio. It is the percentage of your gross monthly income that goes towards paying EMIs and other fixed obligations. Bank of Maharashtra typically allows a FOIR of up to 50-60% .
15. Is the 7% rate available for all home loan types?
The promotional 7% rate and fee waiver are applicable to various home loan products. It's best to confirm with the bank for your specific loan type .
16. Does Bank of Maharashtra provide a top-up loan?
Yes, an existing home loan borrower can avail of a top-up loan for renovation, extension, or other purposes .
17. How long does the approval process take?
The time can vary depending on the completeness of your application and the speed of verification. It can take anywhere from a few days to a couple of weeks.
18. Can I get a loan for purchasing a plot?
Yes, Bank of Maharashtra provides plot loans for buying residential land, usually with a shorter repayment tenure.
19. Is there a discount for senior citizens?
Special interest rates and concessions may be available for senior citizens. Contact the bank directly for more information.
20. How do I check my application status?
You can track your application status online through the bank's portal or by contacting their customer care.
21. What are the tax benefits available?
You can claim deductions on home loan interest (Section 24) up to ₹2 Lakh and principal repayment (Section 80C) up to ₹1.5 Lakh per annum.
22. What is the Bank of Maharashtra home loan customer care number?
You can contact the toll-free customer care number at 1800-102-2636 or 1800-233-4526 .
23. Does the bank offer loans for home improvement?
Yes, Bank of Maharashtra offers a Home Improvement Loan for renovation, repairs, and upgrades, with interest rates starting from 8.35% p.a. onwards.
24. What is the difference between floating and fixed rates?
Floating rates change with market conditions and are generally lower, while fixed rates remain constant throughout the tenure but are usually higher. Floating rates are generally recommended for home loans.
25. Is Bank of Maharashtra a good bank for home loans?
Bank of Maharashtra is a solid choice, especially with its current 7.00% p.a. rate and zero processing fee offer. However, it's always best to compare multiple options on BankerMart to find the best fit for your needs.
Conclusion
Bank of Maharashtra's home loan offering is a strong contender in the market, especially with the current limited-period offer of 7.00% p.a. interest and zero processing fees. The bank's commitment to providing competitive rates and customer-friendly features makes it an attractive option for first-time home buyers, salaried employees, self-employed professionals, and women borrowers.
