Scheme And SubsidyKrishi Jaagran
Know about land purchase scheme and process to apply for it.
State Bank of India, the country's largest bank, is giving loans to purchase agricultural land to help the landless farmers in the country. If you have less land or no land, then you can take advantage of the land purchase scheme of State Bank of India. State Bank of India is giving loans to those who have a good record of repaying loan amounts to purchase land for farming. If you also want to buy land for farming under LPS, then you can get a loan which can be paid in 7 to 10 years. What is SBI's land purchase scheme? • SBI is actually giving loans up to 85% of the cost of land to purchase agricultural land. In this, the loan repayment period will start in one to two years. Purpose of Land Purchase Scheme? The purpose of the land purchase scheme of SBI is to help small and marginal farmers to purchase land. Along with this, farming people can also buy land under SBI's LPS scheme by taking loans. Who can apply? • According to the State Bank of India, small and marginal farmers who have less than 5 acres of unirrigated land can apply to buy land under the Land Purchase Scheme. • If a farmer has less than 5 acres of irrigated land, he can also buy agricultural land with the help of LPS. • Along with this, landless laborers working in agriculture can also take loan to buy land under LPS scheme. • A person applying for a loan to purchase a farm under SBI's LPS should have a record of at least two years of loan repayment. • SBI's only condition for granting loan to purchase farm in LPS is that no other bank loan should be outstanding on the applicant name. How much loan can I get? • Under the SBI's Land Purchase Scheme, the State Bank will assess the value of the land on the application for loan to purchase agricultural land. After this, loans up to 85% of the total cost of agricultural land can be taken. • The agricultural land purchased by taking loan under LPS will remain with the bank until the loan amount is repaid. When the applicant repays the loan amount, the land can be freed from the bank. Repayment period: • Under the Land Purchase Scheme of SBI, you get 1 to 2 years free time on taking a loan. If the land has to be corrected according to agriculture, then for two years and if it is already developed land, then SBI gives you a free period of one year. • After completion of this time, you have to repay the loan taken under LPS through half-yearly installment. The person taking the loan can repay the LPS loan in 9-10 years. To know more about this scheme, visit the nearest SBI branch.
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