Drupal 7 use custom layouts created by Panels module I have recently installed the Panels module. It allows me to create custom layouts for my contents. I now want to choose these template layouts while creating/editing a certain type of component so that when viewed that content appears in the selected layout.

I am a newbie in Drupal and more so in the Panels module. So not really sure if my requirement is feasible in the first place.
You are probably looking for Panelizer; use it along with the panels in-place editing tool

From the module's project page:


  The panelizer module allows you to attach panels to any node in the system. It is similar to the panels_node module that ships with Panels, which provides a single node type that is a panel. Panelizer, however, allows this to work for many entity types. It works by using the Page Manager template to take over the page rendering of the node. In Panelizer 7.x-3.0, you can also panelize view modes. The old-style "Page Manager" implementation is treated as a specialized view mode.