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image    ESTATE PURCHASE LOAN

 

Objective
  • To purchase estates growing traditional plantation crops vie. coffee, tea, rubber and cardamom, cashew, pepper, coconut and other perennial orchard crops.
ELIGIBILITY
  • The purchaser should have yielding estates and should be in a position to rejuvenate the Estate proposed to be purchased.
  • The purchaser should be experienced in the line, financially sound and should be in a position to bring in margin and service the debt and should have satisfactory past dealings with the Bank
  • The intending buyer should qualify the respective State Government norms of being an agriculturist / satisfy the income criteria stipulated by the State Government
  • The total land holding including the land to be acquired should be within the land ceiling norms of respective State.
Quantum of Loan
  • Shall be based on the lowest of (i) Market value (ii) Guidance value/Circle rate fixed by the State or (iii) purchase consideration, after retaining the necessary margin.
  • For the purpose of the valuation of land to be purchased, price indicated may be cross checked with the last five years average registration value available with the registrar/sub registrar of the area and a view is taken by the bank for fixing the quantum of finance.
Rate of Interest:
  • Linked to MCLR.
Repayment Period:
  • The loan should normally be repayable within 7 to 9 years.
  • In case of specific cases, depending on the status of the Estate and rejuvenation period required, it may be extended up to 20 years.
Documents to be produced by the applicant
  • Copies of land records regarding land owned and to be purchased, certified by the concerned Revenue authorities
  • No due certificate from Co-operative Credit Society / Commodity Boards Financial Institutions. This can be waived provided sanctioning authority is satisfied that the applicant does not have Liability with society / financial institutions for loans upto Rs. 1 lac.
  • Documents of title and other relevant documents to establish the right over presently held landed property as well as lands to be purchased is to be produced.
  • Copy of sale agreement if entered into or offer letter by the vendor.
  • Crop history of the Estate to be purchased as well as existing Estates
  • Valuation report of the Estate to be purchased from the Panel valuer
Processing /Inspection Charges
  • Up to Rs.25000/- Nil
  • In other cases it may be at the discretion of the Banks.
 

 


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