A farmer service agency and the agricultural board can help a farmer in getting home loans. It is the responsibility of the government to assist the farmers meeting the natural challenges. It is a common fact that the farmer service agency is accountable to finance the critical support to the each farmer. This includes medical expense, home renovation, home building, and other agricultural support. The farmer home loan has a separate identity and it executes additional benefits for the farmers. If a higher amount of loan is needed, government makes collaboration with the commercial lenders and provides the loan directly to the farmers. Need more information about the loan sanction process? Do not worry, the below mentioned steps will guide how to qualify for a home loan.
How to Qualify for a Farmer’s Home Loan
Step 1: In order to qualify for a farmer’s loan, the income proof needs to be submitted to the government officials.
Step 2: In this stage, the family size and the existing property documentation needs to be submitted to the regional farmer service agency or to the government authority.
Step 3: if any family member is self employed or salaried, the proof of income needs to be submitted along with other documents.
Once the documentations are complete, the next step is the identification of the availability of the loan types. Various types of loans are available for the farmers. In order to identify the exact loan type, the farmer can go to the loan representatives and apply for the home loan as per the requirement. Note that if the loan is urgent, the farmer can go to the government approved lender. Once the application form is submitted to the government officials, a strict verification of the past records, security deposits, bank statements, leases, etc. will be conducted. If any dispute arises, immediately the loan will be cancelled. Hence, try to make all documents ready before applying to the government officials.
Having trouble in completing loan application form?
If any trouble occurs during the collection and filling up of the application form, the representative of the farmer service association can help making all documents ready for loan. The representatives can also guide to make ready all other disclosures that are to be filled by the respective farmers. Once the application form is submitted, the loan advisor will tell what initiatives are still pending. After that the income tax paper, lease agreement, other fixed asset and existing liability documentation need to be submitted to the loan officer.
After checking all these documents, the loan officer will decide the capability of the farmer or how much house building loan can be sanctioned. The chances of getting loan become smoother with the introduction of a guarantor or co applicant who is a salaried person. This approach can increase the authenticity parameter and a quick loan disbursal can be made possible. However, note that the loan service agency can sanction up to 90% of the property value and rest of the money needs to be contributed from the farmers pocket only. Hence, keep the plan ready so that no disturbance can occur at the time of loan approval.