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CMA. KIRAN VALI   09 May 2020

Mortgage of agricultural land in kartnataka

IN BELGAVI, KARNATAKA STATE, BOUGHT AGRICULTURAL LAND OF 2.75 ACRES AFTER GETTING DC APPROVAL IN 2018 WITH A LOCK IN TRANSFER 5 YEARS. NOW CAN I TAKE LOAN FROM AN INDIVIDUAL FOR BUYING A TRACTOR AND CULTIVATION OF LAND BY MORTGAGING THIS AGRICULTURAL LAND


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 4 Replies

SHIRISH PAWAR, 7738990900 (Advocate)     09 May 2020

Hi,

It will be discretion of individual lendor. You can contact local lendor for more details.

P. Venu (Advocate)     10 May 2020

What are the terms of the approval, esp. as to lock-in transfer?

G.L.N. Prasad (Retired employee.)     10 May 2020

Please believe me and always take such loans on vehicles from Public Sector Banks alone.  Though you are not eligible for such tractor loan depending on land holdings, you can state that the tractor earns income through servicing others' lands also and also for transportation.  (For agricultural alone operations the interest is most reasonable, and for transport, the rate of interest is very much less than 12%)

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Dr J C Vashista (Advocate)     10 May 2020

There are various schemes for financing the agriculturist for the purchase of tractor for your self-use, which government is also educating/ advertising.

Contant nearest nationalised bank and your DC..


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