Loan against dkt land
Querist :
Anonymous
(Querist) 29 August 2024
This query is : Resolved
Hi my name is nagarjun im from andhra pradesh chittoor district I'm looking for home against dkt land is it possible to get a loan
T. Kalaiselvan, Advocate
(Expert) 30 August 2024
Yes, farmers in Andhra Pradesh can use dotted lands as collateral to obtain loans from banks and financial institutions after the state government removed them from the prohibited list. The government's decision to grant clear ownership to farmers who have been cultivating the land for more than 12 years allows them to sell or use the land as collateral
The process for obtaining a loan against agricultural land involves:
Providing details about the land, its valuation, and the loan amount
Considering the land's location, fertility, proximity to amenities, and market value of similar properties
Considering the applicant's eligibility, creditworthiness, and the viability of the land as collateral
kavksatyanarayana
(Expert) 30 August 2024
As per the Andhra Pradesh Assigned Lands (Prohibition of Transfers) Act, 1977, any piece of land assigned by the government to a landless poor for cultivation or as a house site was not allowed to be transferred and had no right or title in such assigned land. “Recently i.e. in the year, 2023 it is amended to "the people to sell or mortgage or transfer the assigned lands, but only after enjoying the property for more than 20 years”. If the period of 20 years is completed, you can obtain permission from the District Collector.
