Getting agricultural land is easy now, banks will give 85% amount!
Many people think that they should have agricultural land. But money and water do not make the dream of farming come true. For those who dream of acquiring farm land, State Bank of India, the largest bank in India has come up with a scheme for farmers. This will make farming easier. The scheme will be very beneficial for the small landholders and will fulfill their dream of farming.
Under the scheme, SBI will pay 85 percent amount for the purchase of land. So you have to pay 15% of the balance. Another feature of the scheme is that farmers are given a period of 7 to 10 years to repay the full amount of land. After paying the full amount to the bank, the land becomes your property. In this article we will learn how to take advantage of such an important scheme.
Objectives of the scheme-
The purpose of the SBI Land Purchase Scheme is to help small farmers purchase land. Farmers who do not have cultivable land are helped to acquire land. There is a condition when taking advantage of this scheme or taking a loan from this scheme. The applicant should not have any other bank loan.
Who can apply - Farmers who have less than 2.5 acres of irrigated land can apply for LPS scheme. In addition, landless farmers who do not have agriculture can also apply for this scheme. The borrower needs a Fed record of about two years to repay the loan. In addition, they will also be given preference if they have taken SBI from another bank to buy farm land.
What are the benefits - Under this scheme, 85% of the total amount of farmland can be borrowed. This amount will be paid by the bank, but you will have to pay only 15%. The land will remain in the name of the bank till the loan is repaid. After paying the loan, the land will become your property. What is special about this plan is that you get one to two years for free. If the land is not ready for the farm, the bank will give you two years to build it for free. So if the land is already developed, the bank will give you one year free of cost. After this period, you have to pay the installment in six months. The borrower can repay this for 9 to 10 years.
Source: Pathrika, 22 july 2020
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