To answer your query, “how to get home loan for farm house?” I’d say that loans to purchase a farmhouse or agricultural land can’t be considered home loans. Land loans are not under any tax exemptions. However, home loan income tax benefits are divided into two parts.
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When my uncle was looking for a loan for farm house construction, we discovered a lot of Bank schemes providing a loan for farm house construction. We opted for the agricultural term loan (ATL) scheme from the Bank of Maharashtra.
The purpose of this loan was to assist in building a farmhouse on agricultural land to allow farmers to have a home on the farm that can also take care of other needs like storage for agricultural produce, farm equipment, a cow shed, a drying yard, etc. for efficient management and supervision of the farm.
Eligibility:A person working in agriculture or related fields
Farmers with a minimum of 2.5 acres of irrigated land
Farmers with enough disposable income from their farm
Existing borrowers with a clean record going for three years
The applicant must be a minimum of 18 years old and a maximum of 65 years old.
Age of loan maturity should not exceed 75 years
The loan amount that they offer is between Rs 2.5 - Rs. 10 Lakh, and Rs. 10 Lakh - Rs.50 Lakh.
A similar kind of loan is also provided by the Punjab National Bank.
I’d like to conclude my discussion here about “how to get home loan for farm house?” I hope this helps:)
Read More:
How to buy farm house or NA Plot with bungalow? How much construction can be done on agri land as a farm house on rural area? What is the Minimum Land Required for Farm House?Your Feedback Matters! How was this Answer?
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How To Get Home Loan For Farm House?
Riya
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2023-02-03T07:17:48+00:00 2023-02-06T15:36:56+00:00Comment
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