The incident took place between 2 pm and 6 pm and the bodies were found by the woman's husband on returning home from work, they said.
He alerted the neighbours who in turn called the police.
"We suspect that the 32-year-old woman strangulated the boys to death and later hanged herself from the ceiling of the house," an official from the Kalwa police station said.
The police recovered a suicide note from the house wherein the woman had said that she was fed up with the children's sickness, the official said.
The bodies were sent to the government hospital for post- mortem, said the police adding, they are investigating the reasons for the extreme step.