BHUMILAKSHMI

Agriculture Land Purchase Scheme

Scheme

Purpose

Loan for purchasing Agriculture land for cultivation or purchase fallow and waste land for developing them for cultivation

Eligibility

Target Audience

Small/ Tenant/ Marginal and sharecroppers

Age Criteria

Minimum 18 years

Other Criteria

Total land owned by the borrowers including the land to be purchased under the scheme should not be more than 5 acres of unirrigated land or 2.50 acres irrigated land.

Financials

Quantum

No Minimum & Maximum Rs.10.00 Lakhs

Margin

Up to Rs.2.00 Lakhs - Nil

Above Rs.2.00 lakhs - Minimum 10% on the land cost.

Rate of interest

Ranges from 10.15% to 11.30% based on rating

Processing charges

Up to Rs.50,000 /- - Nil

Above Rs.50,000 /- to Rs. 3.00 Lakhs - 0.30%

Above 3.00 Lakhs - 0.71%

Tenure

Repayment period

Maximum 12 years including holiday period

Holiday period

Maximum 24 Months

Security

Irrespective of quantum

The land purchased out of the bank finance and mortgaged in favour of the bank will form the security for the loan from borrowers.