Chen Chin-te: Nan-ao Public Land Release Loan Project Offers Up to 80% Financing

(CNA) Taipei, July 3 - To assist farmers in Yilan's Nan-ao region who are participating in the public land release program to pay off their land prices early, Administrative Executive Minister Chen Chin-te announced today that the Taiwan Land Bank will offer three different loan options for young and middle-aged farmers, with interest rates ranging from 1.415% to 2.608%, and a maximum loan-to-value ratio of 80%.

The government's public land release initiative began with the Nan-ao area in Yilan County. To help farmers in the Nan-ao Taiwan Land Development Corporation's public land release program pay off their land prices early and obtain ownership of their farmland sooner, the Ministry of the Interior held a briefing session today on the Nan-ao public land release special loan project, presided over by Chen Chin-te.

The Ministry of the Interior stated in a post-meeting press release that to assist farmers in applying for and receiving land, the current regulations for the release of state-owned farmland stipulate that farmers can either choose to pay the land price in full at once to immediately obtain land ownership, or choose to pay in 30 installments over 15 years, obtaining ownership after the land price is fully paid. However, considering that farmers may not be able to raise the full land price in a short period and still wish to obtain land ownership as soon as possible, Chen Chin-te specifically instructed the establishment of a special loan mechanism to help farmers realize their dreams sooner.

Chen Chin-te stated at the meeting that this special loan project will be handled by the Taiwan Land Bank, offering three different loan qualifications for application: the "Young and Middle-aged Farmers' Agricultural Loan," the "Expanded Family Farm Operation Scale Loan for Farmers to Purchase Farmland," and the "Taiwan Land Bank Agricultural Foundation Loan." The interest rates range from 1.415% to 2.608%, with a maximum loan-to-value ratio of 80%.

Chen Chin-te said that after farmers apply for loans from the Taiwan Land Bank, undergo appraisal, review, and loan agreement procedures, the approved loan amount will be directly disbursed by the bank to the Yilan County Government's special account for land release payments. Subsequently, the county government will handle the transfer of ownership and mortgage registration together, saving the long waiting time associated with installment payments.

The Ministry of the Interior pointed out that the application period for public land release has currently been extended to one year. Eligible tenant farmers should submit their applications within this period and can utilize the special loan service to obtain land ownership as soon as possible. (Editor: Lin Ke-lun) 1150703

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