The term MODT means “Memorandum of Deposit of Title Deed”
Memorandum of Deposit of Title Deed or MODT is applicable for all home loan borrowers.
It is essentially an undertaking given by you that you are depositing title documents of the property with the bank of your own free will in return for a loan.
Following are title documents deposited in the bank under MODT
- Mother deed
- Sale deed
- Sale Agreement
- Encumbrance certificate
- Tax paid receipt
- ekhata
- Occupation certificate
- and additional documents applicable for land like RTC, layout plan, building plan, etc.
You may ask your banker if MODT registration is necessary or not. Most banks do MODT registration and few don’t do MODT registration.
For example, all SBIs do MODT registration. Few HDFCs don’t do MODT registration.
If MODT is registered, the bank’s name is reflected in the encumbrance certificate. If MODT is not registered, the bank’s name isn’t reflected in the encumbrance certificate.
In the below encumbrance certificate, we encircled the bank details for your reference.
However, Irrespective of whether MODT is registered or not, the bank collects all the title documents, which include sale deed, sale agreement, and latest encumbrance certificate.
Below are the government charges for MODT registration (in Karnataka)
- Stamp duty: 0.5% of loan sanctioned amount
- Registration: 0.1% of loan sanctioned amount
- Scanning Rs. 35 per page
MODT charges are paid online on Kaveri Online Services https://kaveri.karnataka.gov.in/landing-page
In a separate blog, we wrote the details procedure about MODT charges and payment. here is the link https://www.pgnpropertymanagement.in/what-are-the-charges-for-modt-registration-in-karnataka/
We assist with MODT registration, to opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to +91-9742479020.
Thank you for reading…