Can agricultural land be mortgaged in maharashtra

For instance, in Maharashtra, transfer (the term includes mortgage) of agricultural land cannot be done other than for specic purposes which include a transfer for the purposes of agriculture/cultivation and/or educational and charitable purposes only.

For instance, in Maharashtra, transfer (the term includes mortgage) of agricultural land cannot be done other than for speci c purposes which include a transfer for the purposes of agriculture/cultivation and/or educational and charitable purposes only.Sep 7, 2018

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Answer

Can agricultural land be mortgaged for raising loan?

Talk to Advocate T Kalaiselvan NOW! Normally, no agricultural land can be mortgaged for raising loan for other than agricultural activities. This is of course, state specific and you have to check if in your state this condition is applicable or not.

What are the fees and charges for loan against agricultural land?

Fees and Charges for Loan Against Agricultural Land. There are many fees and charges that will be charged on your Agri Loan. Some of the most popular ones are: A Processing Fee of 0.50% of the loan amount or Rs.3,000 whichever is higher is usually charged. However, this charge differs from one bank to another.

Can I Sell my agricultural land as security for a loan?

In case the banks are ready to accept your agricultural land as security , you are not permitted to sell off any part of it till your liability is cleared. However, bank may permit you to do so, provided the sale proceeds are either fully or proportionately directly credited to the loan account.

Why do banks offer agriculture loans in India?

To continue farming, they land up borrowing from private lenders who charge a very high rate of interest which makes things worse. To help farmers in India by offering them financial aid when required, many banks in India offer agriculture loans. What is a Loan Against Agricultural Land?


Can I get mortgage loan on agricultural land?

A agricultural land is pledged as a collateral. The borrower should have clear titles to the land to be eligible to apply for a Loan Against Agricultural Land. Usually, lenders prefer borrowers to have residence stability of 2 years. Most banks offer loans based on the size of the land pledged.


Can I get loan to buy agricultural land in Maharashtra?

Agri. Entrepreneurs who does not own agricultural land but have agricultural background are also eligible to avail loan for purchase of agricultural land, provided the respective state laws permit, non-agriculturist to purchase agricultural land.


Can equitable mortgage be created on agricultural land?

Agricultural land: Certain states prohibit equitable mortgages on agricultural land. Further, in certain states permission from/notice to the revenue authority may be required before the creation of an equitable mortgage on agricultural land.


Can we keep agricultural land as collateral?

The answer to the above question, in a nutshell, would be yes. You can definitely use agricultural land as collateral for availing an education loan. The prime aspect that matters for in considering an asset as collateral is the value of the asset compared to the education loan amount.


Which bank is best for agriculture land loan?

State Bank of India (SBI) State Bank of India (SBI) is the market leader when it comes to agriculture-related financing. … ICICI Bank. … HDFC Bank. … Punjab National Bank (PNB) … Allahabad Bank. … Axis Bank. … Oriental Bank of Commerce (OBC)


What is the rate of interest on agriculture loan?

Compare Best Agriculture Loan Interest Rates in IndiaName of the BankInterest RateICICI Bank (Agri Term Loan)10.00% – 15.33% p.a.Central Bank of India (Cent Kisan Tatkal Scheme)8.70% p.a. onwardsIndusInd Bank (Crop Loan)10.15% – 14.75% p.a.HDFC Bank (Retail Agri Loans)9.10% – 20.00% p.a.6 more rows


Is sarfaesi applicable on agricultural land?

The Court ruled that the expression ‘agricultural land’ in Section 31(i) of the SARFAESI Act, does not include land on which plantation crops are grown namely, cardamom, coffee, pepper, rubber and tea.


Can sarfaesi be initiated on agricultural land?

SARFAESI Action can not be initiated on agricultural land as mortgaged property.


Is registration of equitable mortgage compulsory in Maharashtra?

In Maharashtra, it is mandatory to ‘file’ your equitable mortgage with the relevant Sub Registrar’s Office (SRO). ‘Filing’ is the process by which you send a notice of intimation to the SRO. It is different from registering your mortgage on which the stamp duty payable is higher.


Can I mortgage my land?

These days, a number of lenders offer loan against plot to anyone who owns a piece of land and would like to use it as collateral for securing a loan. A loan against land can be used to construct homes, develop a factory or build commercial business plants on the pledged plot of land.


Can a farmer get home loan?

If you are someone who works as a farmer or in the agriculture sector and wished to have a home of your own, you can apply for a Rural Home Loan from HDFC Bank. You can avail a loan for Rs. 75 lakh and above at attractive rates of interest starting from 6.95% p.a. for a tenure up to 20 years.


Do banks accept agricultural land as collateral?

Agricultural properties will be accepted as Collateral Security for Education loans, only in States where it is permitted to mortgage Agricultural Land for purpose other than Agricultural Activities.

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