new Delhi. Farmers will no longer be tense to purchase agricultural land. Because through the Land Purchase Scheme (LPS) of the State Bank of India (SBI), your problem can be overcome. In this, SBI will pay 85 percent of its price to buy land on behalf of the bank. The rest will cost you only 15 percent. Another advantage of this scheme is that loan for farmers are given 7 to 10 years to repay the entire land loan. This land will be yours forever after paying the loan amount in full. So, let us know how to take advantage of this scheme.
Purpose of the plan
The purpose of land purchase scheme of SBI is to help small farmers to purchase land. Apart from this, land is provided to such people who do not have agricultural land. The only condition for granting a loan to buy a farm in LPS is that the applicant should not be owed any other bank loan.
Who can apply
Farmers who have less than 2.5 acres of irrigated land can apply under the LPS scheme. Apart from this, landless laborers who are farming can also take advantage of this scheme. The person applying for a loan should have a record of loan repayment of at least two years. Apart from this, SBI may also give due consideration to the application of loan customers taken from another bank to buy agricultural land.
Benefits from the scheme
Under this scheme, loans up to 85% of the total cost of agricultural land can be taken. The bank will pay this amount. You only have to pay 15 percent of the price. Till the loan is completed, the land will remain in the bank’s name. Later it will be yours. In the land purchase scheme you also get 1 to 2 years of free time. 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 the end of this period, you will have to repay the loan through half-yearly installment. The borrower can repay it in 9-10 years.