The scheme aims at providing term loan to small marginal farmers including share croppers tenant cultivators to purchase agricultural land as well as fallow and wasteland production to develop and cultivate it with a view to increase production productivity and also enables them to diverse the present activities and take up allied activities. Given below are some of the points that one should consider for buying agricultural land in india.
Most lenders prefer the age of the applicant to be within 24 to 65 years of age.
How to get loan on agricultural land in india. The basic requirement to avail agriculture loans. As part of this term loan is available to the tune of rs. Farming is a set of many activities that are involved in transforming a seed to an end product.
Agricultural loan from bank of india boi has a kisan credit card scheme. Purchase of agri land upto 2 hectares i e. Registration charges stamp duty.
Purchase of farm equipments. Is encouraging consolidation of land. Agriculture finance purchase of land idbi bank loan for purchase of land govt.
Eligibility for agriculture loans. 10 lakhs to individual small farmers marginal farmers share cropper tenant farmers for purchase of land. India is predominantly an agricultural economy and the nation thrives on the basis of this sector.
Loan amount will be 85 of the cost of the land as assessed by the bank subject to the maximum of rs 5 lakhs security. Therefore one should be aware of the rules in the state prior to buying agricultural land. Mortgage of land to be purchased.
The existing land owned by the applicant including the land to be purchased should be upto 2 hectares. You can get agriculture loan for the long term and. No hidden charges or heavy penalties.
However since you are a salaried person you may avail personal loan from bank and utilise the loan amount for buying agricultural land. However there are few banks who offer loans to applicants are 18 years of age. However in other states like karnataka only registered farmers or those from farming families can buy agricultural land.
Get loan amount up to 75 of sale consideration value of land whichever is lower. Farmers dairy owners horticulturists and any orchard owners are eligible to apply for an agriculture loan. Agriculture loans are given to small and marginal farmers tenant farmers sharecroppers and oral lessees.
Provision of irrigation facilities land development shall not exceed 50 of the cost of the land. You can not avail loan from bank for buying agricultural land since there is no scheme for that. Age of applicant 18 to 70 years.
About loan for agriculture. It helps farmers raise short term funds for agriculture and other farm based activities on an on going basis with very flexible and friendly repayment terms. Documents required for agriculture loans.
The eligibility differs from one bank to another.