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Category: Resale Property

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Resale Property

How to Buy a Resale Property with an Existing Home Loan

Resale property with existing home loan
Resale property with existing home loan

Purchasing a resale property requires careful planning and due diligence, especially when the seller has an outstanding home loan. This guide walks you through the critical factors, verification steps, and a real-life case study to help you navigate such transactions confidently.

KEY CONSIDERATIONS WHEN BUYING A RESALE PROPERTY

Before diving into the financial and legal aspects, evaluate these three fundamental factors:

  • Age of the Property – Check the structural condition, maintenance, and depreciation value.
  • Location – Ensure good connectivity, future development potential, and legal clarity in the region.
  • Price – Evaluate the quoted price against the market and government guidance value.

Additionally, perform these two verifications:

  • Document Verification – Ensure clear and marketable title with no legal encumbrances.
  • Physical Verification – Personally inspect the property to check occupancy, condition, and boundaries.

BUYING A RESALE PROPERTY WITH A PENDING HOME LOAN: OPTIONS

If the seller has an existing home loan, you have three ways to structure the transaction:

Option 1: Ask the seller to close the existing loan before you proceed with the purchase.

Option 2: If you’re also availing a home loan, opt for loan transfer, where your bank settles the seller’s loan with their bank.

Option 3: If you’re self-funding, execute a sale agreement, pay an upfront amount equal to the seller’s outstanding loan, and allow the seller to clear the dues before proceeding.

CASE STUDY: RESALE FLAT PURCHASE WITH LOAN TRANSFER

  • Location: Bangalore
  • Quoted Price: ₹33,75,000
  • Guidance Value: ₹25,00,000
  • Seller’s Existing Loan: ₹23,49,820 with HDFC Bank (Equitable Mortgage)
  • Buyer’s Loan: Availing new loan from ICICI Bank

Step 1: Preliminary Document Collection

We collected the following softcopies from the seller:

  • Sale Deed (how the seller acquired the property)
  • Property Tax Receipt
  • Khata Certificate
  • Aadhaar & PAN

We retrieved the certified copy of the Sale Deed and the Encumbrance Certificate (EC) from Kaveri Online Services to verify authenticity.

Note: Few buyers demand the encumbrance certificate from seller, but I request the buyers to do their homework by extracting the latest encumbrance certificate & Sale Deed certified copy on the government website by themselves, this helps you to avoid fake deals and fake documents.

Based on my lawyer verification, we found that the title documents are clear and free from any kind of encumbrance.

Step 2: Document Verification and LOD (List of Documents)

HDFC Bank had retained all original documents. The seller obtained a List of Documents (LOD) from the bank, which included:

  • Photocopies of all original documents
  • A bank-sealed letter confirming the list

The borrower paid the LOD fee of around Rs 500 to get a photocopy of the original documents from bank. Also bank issued a LOD letter with seal & sign, refer to below LOD image

This LOD was shared with ICICI Bank along with:

  • Sale Deed
  • Tax Receipts
  • Khata
  • Buyer’s ID Proof and Last 3 Months’ Bank Statement
  • Draft Sale Agreement

All documents were submitted in softcopy via email, no hardcopies were required at this stage.

Step 3: Agreement of Sale and Adjudication

As instructed by ICICI, we executed an Agreement of Sale and adjudicated it at the Sub-Registrar’s Office.

Steps Followed:

  • Drafted the Agreement in Word format
  • Printed it on A4 paper
  • Signed by seller, buyer, and two witnesses
  • Paid adjudication fee of ₹3,375 (0.1% of ₹33,75,000)

Note (Updated 13th June 2025): Current adjudication fee is 0.5% of buying price.

This agreement was emailed to the bank. Our home loan was sanctioned within 10 working days for ₹26,94,100.

Below is the image of our “Agreement of Sale” and Adjudication certificate

Step 4: Transaction Flow

Below is our monetary transaction plan to the seller (Buying price of Rs. 33,75,000/-):

  • Rs. 6,80,900 paid via online account transfer at the time of “Agreement of Sale” signing
  • Rs. 23,49,820 loan transfer from seller account to buyer account via ICICI bank’s cheque
  • The final payment of Rs, 3,44,280 via ICICI Bank’s cheque immediately after the deposit of title documents in ICICI bank

Step 5: Document Upload and Registration

We uploaded softcopies of the title documents on Kaveri Online Services. Document verification was completed within 2 days.

Since Kaveri 2.0 supports digital verification, no physical documents were presented at the Sub-Registrar’s office. The seller’s originals were still with HDFC Bank.

We paid the remaining government fees for registration:

  • Stamp Duty: 5.1%
  • Registration & Cess: 1.5%
  • Total Government Fee: ₹2,19,870 (after deducting ₹3,375 already paid for adjudication)

Refer to below transaction receipt:

Immediately after the above payment, we booked the registration slot, and we got the slot confirmation on the same day. We carried the following documents to the Sub-registrar’s office

  • Printed Sale Deed (to be registered now)
  • Application summary report from Kaveri Online Service

In around 10 minutes, we completed our registration, and below is our registered sale deed:

Since the implementation Kaveri 2.0 in Karnataka, documents are verified online on Kaveri Online service, it means that physical verification of document at sub-registrar office is not applicable.

We completed above sale deed registration without presenting any original title documents in sub-registrar office for verification. Our original title documents are in HDFC bank at the time of registering the above sale deed

(If you are in another state in India and your state is still following the physical verification of documents in the sub-registrar office, you may have to collect original title documents from the bank, or the bank’s representative has to carry original title documents to sub-registrar office for physical verification before you register the sale deed)

Step 6: Loan Closure and Final Settlement

Post-registration, the seller took the original sale deed to the ICICI bank. He handed over the sale deed and collected the loan transfer cheque.

If you refer to cheque image below, the cheque is addressed to HDFC bank with the seller’s loan account number, we highlighted the same in image below

The seller handed over the above cheque to the HDFC bank and collected his original title documents

Seller handed over original title documents to ICICI Bank and collected the final settlement cheque of Rs. 3,44,280. The cheque is addressed to the seller’s name, refer to the image below

Both HDFC and ICICI banks are very supportive in the entire process of  loan transfer. I must say that loan transfer is the safe and convenient option for this kind of deal.

SPECIAL NOTES

Ideally, the Agreement of Sale in a loan transfer should be a tri-party agreement (Buyer, Seller, Bank). However, ICICI accepted a two-party agreement since the buyer held a savings account and had a good credit score. An affidavit was submitted instead.

Need Assistance? We offer support for:

  • Document Verification
  • Agreement Drafting & Adjudication
  • Sale Deed Preparation & Registration

Email: pgnproperties@gmail.com
WhatsApp: +91-97424-79020

Categories
Resale Property

How to Sell Your Property in Bangalore: Effective Channels and Strategies

Selling a property in Bangalore can be a seamless process if you choose the right marketing channels. Here are some productive ways to successfully sell your property:

1. Newspaper Advertisement

Though traditional, newspaper advertisements remain effective for targeting the local audience. Real estate sections in newspapers, especially on Sundays, receive high engagement. A well-known publication for real estate listings is The Times of India. The cost of an advertisement depends on the size and placement within the newspaper.

2. Online Listings

Online platforms are the most efficient and cost-effective way to reach a large audience. Your advertisement can be tailored to target potential buyers based on budget, location, age group, and preferences.

Popular Websites for Property Listings

  • 99acres
  • CommonFloor
  • Makaan
  • OLX
  • Quikr
  • Housing.com
  • MagicBricks

These platforms offer free registration and typically provide one free listing. Additional listings or premium features may incur nominal charges.

Tips for an Effective Online Listing

  • Upload high-quality images of your property.
  • Provide a detailed and well-written property description.
  • Highlight key features such as location advantages, amenities, and connectivity.
  • The better the listing, the higher the chances of generating quality leads.

To avoid unnecessary site visits, screen potential buyers through telephonic discussions before scheduling property tours. This helps save time and effort.

3. Television Advertisement

TV advertisements can be expensive but highly effective if aired on the right channels during prime time when viewership is high.

4. Hoardings and Advertisement Boards

Displaying advertisement boards in high-traffic areas can attract potential buyers. Strategically place them in prominent locations and during peak hours for maximum visibility.

5. Real Estate Brokers

Partnering with a real estate broker can streamline the selling process. Brokers have a wide network and access to potential buyers. Before engaging a broker, discuss their commission structure and sign a brokerage agreement to establish clear terms.

6. Vehicle Advertisements

Advertising on vehicles such as cars, buses, vans, and trucks is a popular marketing strategy, especially in metropolitan areas. Mobile advertisements increase visibility and reach a broader audience.

7. Content Marketing and Blogging

Writing articles on platforms like Quora, Medium, and Reddit can help market your property. Share informative content about real estate trends while subtly including details about your property.

8. Movie Theaters

Advertising in cinemas is an effective marketing strategy in metro cities. Property ads are displayed before the movie starts or during intervals, capturing the attention of a captive audience.

9. Local Cable TV

For targeting a local audience, advertising through cable TV channels is a cost-efficient way to reach potential buyers in rural and semi-urban areas.

10. Social Media Groups

There are numerous real estate groups on social media platforms such as Facebook, WhatsApp, Telegram, LinkedIn, and ShareChat. Utilize these groups to market your property and engage with potential buyers.

Conclusion

Selling a property in Bangalore requires a strategic approach. By leveraging a combination of traditional and digital marketing methods, you can maximize your reach and find the right buyer efficiently. Choose the right platforms based on your budget and target audience to ensure a smooth selling experience.

Thank you for reading!

Categories
Resale Property

I am living abroad, looking to buy property in Bangalore. Can you suggest property consultants in Bangalore?

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Buying Resale Property in Bangalore – End-to-End Assistance

Are you living abroad and looking to invest in a property in Bangalore? Finding the right resale property can be challenging, especially when managing legal formalities from a distance. Our expert property consultants provide comprehensive assistance to make your property purchase seamless and hassle-free.

Why Choose Us?

We specialize in helping buyers find affordable resale properties that offer high returns on investment. Our team ensures that you get the best property based on your budget, preferred location, and investment goals.

Our Services Include:

✔ Property Search & Shortlisting – We identify the best resale properties based on your budget and location preference.

✔ Power of Attorney Assistance – Ensuring a smooth transaction for buyers who cannot be physically present.

✔ Sale Agreement Drafting & Adjudication – Legal documentation to secure your property purchase.

✔ Bank Loan Coordination – Assistance in securing a home loan from leading banks.

✔ Sale Deed Drafting & Registration – Ensuring a legally sound and hassle-free registration process.

✔ MODT (Memorandum of Deposit of Title Deed) Registration – Facilitating the mortgage registration process.

✔ Khata Transfer Assistance – Updating property records with municipal authorities.

✔ Property Tax Name Change – Ensuring official records reflect the new ownership.

Get in Touch

For personalized property consultation, contact us:

📧 Email: pgnproperties@gmail.com

📱 WhatsApp: +91-9742479020

Let us help you find the perfect resale property in Bangalore with a smooth and secure buying experience!

Categories
Resale Property

Checklist for Buying a Resale Property in Bangalore

Purchasing a resale property in Bangalore requires thorough due diligence to ensure a smooth and legally compliant transaction. Below is a comprehensive checklist to guide you through the process:

  1. Property Documents Collection

Ensure you collect all relevant property documents from the seller, including:

  • Sale deed
  • Mother deed (previous ownership documents)
  • Encumbrance certificate (EC)
  • Latest property tax receipts
  • Approved building plan
  • Occupancy certificate (if applicable)
  1. Document Verification

Engage a legal expert to verify the authenticity of the collected documents. This step ensures that the property has a clear title and is free from legal disputes or encumbrances.

  1. Sale Agreement

Draft a detailed sale agreement outlining the agreed price, payment terms, and obligations of both parties.

  1. Sale Agreement Adjudication

Get the sale agreement adjudication (stamped) by paying the applicable stamp duty at a sub-registrar’s office or an authorized bank.

  1. Home Loan (if applicable)

If financing the purchase through a home loan, initiate the loan application process and ensure the lender verifies the property’s legal status.

  1. TDS Obligation

If the property value exceeds ₹50 lakh, deduct 1% TDS (Tax Deducted at Source) from the sale price and remit it to the Income Tax Department.

  1. General Power of Attorney (GPA) (if applicable)

If the seller is unavailable for registration, ensure they provide a legally valid GPA authorizing a representative to complete the transaction on their behalf.

  1. Government Fees

Pay the necessary government charges, including:

  • Stamp duty
  • Registration fee
  • Cess (if applicable)
  1. Sale Deed Registration

Execute and register the sale deed at the sub-registrar’s office to transfer ownership officially.

  1. MODT (Memorandum of Deposit of Title Deed)

If purchasing through a home loan, execute an MODT agreement with the lender, acknowledging the bank’s lien on the property until loan repayment.

  1. Khata Transfer

Apply for Khata transfer with the local municipal authority (BBMP/BMRDA/BDA) to reflect your name as the new owner in municipal records.

  1. Name Change in Property Tax Records & Utility Bills

Update your name in:

  • Property tax records
  • Electricity, water, and other utility bills

Need Assistance?

We provide end-to-end support for buying resale properties in Bangalore, including:
✅ Property valuation
✅ Document verification
✅ Sale agreement drafting
✅ Sale deed registration
✅ Khata transfer
✅ Name change in property tax records

For expert guidance, contact us:
📧 pgnproperties@gmail.com
📲 WhatsApp: +91-9742479020

Thank you for reading!

Categories
Resale Property

Guide to buy resale property in Bangalore

Congratulations! you have made the decision to buy resale property in Bangalore by investing your life’s savings.

In the case of a property being bought from a builder, the registration process is typically guided by the builder’s legal team. But if one is buying a resale property, at a lot of times seller or buyer aren’t well versed with the documents that are needed or how the whole process works. As part of this post, we are trying to give an overall picture of the process and different aspects of buying a property as well as key things to know as a buyer.

1. Property Documents:

As soon as you finalize a property based on your requirements and growth aspects, it is prudent on buyer’s part to collect the following documents from seller for verification.

  • Mother Deed
  • Sale Deed
  • Encumbrance certificate
  • Tax Paid receipt
  • Khata
  • Occupation Certificate
  • Aadhar & PAN

2. Property Verification

Verify above-listed documents from a real estate lawyer. This is to ascertain the legal ownership of the property, tax liabilities with the property and to ensure that it is complying with the various regulations.

3. Sale Agreement

Property Sale Agreement is probably the most important document in the whole chain because even sale deed is executed based on terms covered under sale agreement as well as is legally binding. Sale agreement covers various aspects of the sale such as Indemnity Clauses, agreed cost, advance paid, Penalty clause, Right to call-off the deal, the procedure to be followed in case of default by either party, losses or obligations to be covered by buyer or seller etc. In case the agreement is not well drafted, it may allow one of the parties to breach the agreement and still get away with it.

Since even sale deed is executed based on terms & conditions agreed upon in the sale agreement; hence it is all the more important to have an expert drafted and thoroughly vetted sale agreement.

Below is the image of sale agreement draft

 

Seller and buyer signs all the pages of sale agreement. Two witnesses signs at last page of sale agreement.

4. Sale Agreement Adjudication:

If you are opting home loan to finance your property purchase, the sale agreement should be adjudicated in sub-registrar office, the adjudication cost is 0.5% of buying price or guidance value, whichever is higher.

Sale agreement adjudication looks like below image

5. Home Loan

Home loan process can be triggered with the bank. The first step in securing a home loan is to get the loan sanctioned for which bank would need to look at the income proofs, property marketability and the credit score of the buyer including security or guarantor documents (some of this might be bank specific). The cheque or DD of the loan amount is issued in name of seller and once the property is registered original copies would be deposited with bank including registered sale deed.

6. TDS (Tax Deducted at Source):

As per the government regulation, the buyer responsible to deduct the TDS and not the seller. If the buyer does not discharge the duty of TDS payment, buyer can be penalized for non-payment.

1% TDS is applicable if buying price or guidance value is more than Rs. 50 Lakhs, whichever is higher. TDS is applicable for residential property, commercial property and land. But this does not include agricultural land.

TDS for NRIs is different because the government deducts capital gains and TDS. Below is the TDS rate for NRIs

Buyer needs to pay TDS on or before registering the sale deed, as the registering officer verifies the TDS challan before proceeding sale deed registration, also It is important to mention TDS Challan number in sale deed.

The buyer does not require a TAN. When filling the Form 26QB, submit the names, addresses, PAN, phone number and email id of both the buyer and the seller.

Submit the complete address of schedule property (to be purchased), the date of the agreement, the date of the payment, and the buying price. Make TDS payment online via net banking or physically at the bank. If there is more than one buyer or seller, need to furnish the details of each party in Form 26QB.

The TDS challan looks like below image

 

7. Registration of Sale Deed

The sale deed is an instrument in writing that transfers the ownership of the property. Registration of the property is the final step in the process as registration implies that the buyer (in whose name property is registered) is the lawful owner of the property with all rights, obligations, and duties towards the same. The objective of registration is to prevent fraud and dispute at the same time maintaining public records for the same. The immovable property can be registered at sub-registrar’s office within whose jurisdiction the property falls.

The Stamp duty payable on sale deed is determined from a number of factors and is governed by State Government through Registrar Office. The stamp duty is levied on the value of buying price or guidance value, whichever is higher.

Below is the total government charge for resale property registration (subject to Bangalore)

  • Stamp Duty & Surcharge charge: 5.1% of buying price or guidance value, whichever is higher
  • Registration: 1% of buying price or guidance value, whichever is higher
  • Cess: 0.5% of buying price or guidance value, whichever is higher
  • Scanning: Rs. 35 per page

Please note that 0.5% stamp duty paid for sale agreement adjudication shall be adjusted at the time of paying stamp duty for Sale Deed Registration, provided you select Denotation of Stmap duty and upload sale agreement in Kaveri Online Services.

Documents required to submit an application for Sale Deed registration on Kaveri Online Services :

  • Seller’s sale deed
  • Tax paid receipt (Current financial year)
  • eKhata
  • Sale Agreement
  • Sale Deed Draft
  • TDS Challan
  • Stamp duty & registration charge payment receipt
  • Aadhar and PAN (Seller & Buyer)
  • Active mobile phone for OTP Authentication
  • Two Witnesses and their aadhaar

8. MODT: (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 at your own free will in return for a loan.

Following are title documents deposited in bank under MODT

  • Mother deed
  • Sale deed
  • Sale Agreement
  • Encumbrance certificate
  • Tax paid receipt
  • Khata
  • Occupation certificate
  • and additional documents applicable for land like RTC, layout plan, building plan, etc.

After MODT registration, bank’s name reflects in encumbrance certificate. In the below encumbrance certificate, we encircled the bank details for your reference.

Below is the total government charge for MODT registration (subject to Bangalore)

  • Stamp duty: 0.5% of loan sanctioned amount
  • Registration: 0.1% of loan sanctioned amount
  • Scanning Rs. 35 per page

Bank’s representative presence is not mandatory for MODT registration in sub-registrar office.

Usually, MODT is registered immediately after the sale deed registration in same sub-registrar office. (back to back process)

The registered MODT looks like below image:

Note: After the Sale deed & MODT registration, it’s important to change the name in khata, property tax and utility bill

This completes the step-by-step guide to buy resale property.

In Bangalore. we provide end-to-end assistance to buy resale property. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to + 9 1 – 97424 79020 .

Thank you for reading…

Categories
Resale Property

Steps to follow while buying a resale property in Bangalore?

When buying a resale property in Bangalore, it is essential to follow a systematic process to ensure a secure and legally compliant transaction. This comprehensive guide outlines the critical steps, including the collection and verification of necessary property documents, execution and adjudication of the sale agreement, securing a home loan, fulfilling tax obligations such as TDS, and finalizing the sale deed registration. Adhering to these steps will help safeguard your investment and facilitate a smooth property acquisition process

In the case of a property being bought from a builder, the registration process is typically guided by the builder’s legal team. But if one is buying a resale property, a lot of times seller or buyer aren’t well versed with the documents that are needed or how the whole process works. As part of this post, we are trying to give an overall picture of the process and different aspects of buying a property as well as key things to know as a buyer.

1. Property Documents:

As soon as you finalize a property based on your requirements and growth aspects, it is prudent on buyer’s part to collect the following documents from seller for verification.

  • Parent Deed
  • Sale Deed
  • Encumbrance certificate
  • Tax Paid receipt
  • eKhata
  • Occupation Certificate
  • Aadhar & PAN

2. Property Verification

Verify the above-listed documents from a real estate lawyer. This is to ascertain the legal ownership of the property, tax liabilities with the property and to ensure that it is complying with the various regulations.

If you are opting home loan, your bank might verifies the documents

3. Sale Agreement

Property Sale Agreement is probably the most important document in the whole chain because even sale deed is executed based on terms covered under sale agreement as well as is legally binding. Sale agreement covers various aspects of the sale such as Indemnity Clauses, agreed cost, advance paid, Penalty clause, Right to call-off the deal, the procedure to be followed in case of default by either party, losses or obligations to be covered by buyer or seller, etc. In case the agreement is not well drafted, it may allow one of the parties to breach the agreement and still get away with it.

Since even sale deed is executed based on terms & conditions agreed upon in the sale agreement; hence it is all the more important to have an expert drafted and thoroughly vetted sale agreement.

Below is the image of sale agreement draft

Seller and buyer sign all the pages of sale agreement. Two witnesses sign at last page of sale agreement.

4. Sale Agreement Adjudication:

If you are opting home loan to finance your property purchase, the sale agreement should be adjudicated in sub-registrar office, the adjudication cost is 0.5% of buying price or guidance value, whichever is higher.

(Guidance value is the minimum amount for which a property can be registered hence property would not be registered lower than the guidance value fixed by department of stamp & registration of your locality.)

Sale Agreement after adjudication looks like below image 

5. Home Loan

Home loan process can be triggered with the bank. The first step in securing a home loan is to get the loan sanctioned for which bank would need to look at the income proofs, property marketability and the credit score of the buyer including security or guarantor documents (some of this might be bank specific). The cheque or DD of the loan amount is issued in name of seller and once the property is registered original copies would be deposited with bank including registered sale deed.

6. TDS (Tax Deducted at Source):

Who Pays TDS: As per the government regulation, the buyer responsible to deduct the TDS and not the seller. If the buyer does not discharge the duty of TDS payment, buyer can be penalized for non-payment.

TDS rate: 1% TDS is applicable if buying price or guidance value is more than Rs. 50 Lakhs, whichever is higher. TDS is applicable for residential property, commercial property and land. But this does not include agricultural land.

TDS for NRIs is different because the government deducts capital gains and TDS for the NRIs. Below is the TDS rate for NRIs

When to pay TDS: Buyer needs to pay TDS on or before registering the sale deed, as the registering officer verifies the TDS challan before proceeding sale deed registration, also It is important to mention TDS Challan number in sale deed.

Details required to pay TDS: The buyer does not require a TAN. When filling the Form 26QB, submit the names, addresses, PAN, phone numbers and email id of both the buyer and the seller.TAN is required if purchased from NRI

Submit the complete address of schedule property (to be purchased), the date of the agreement, the date of the payment, and the buying price. Make TDS payments online via net banking or physically at the bank. If there is more than one buyer or seller, need to furnish the details of each party in Form 26QB. Pay the TDS on refiling website https://www.incometax.gov.in/iec/foportal/

The TDS challan looks like below image

7. Registration of Sale Deed

The sale deed is an instrument in writing that transfers the ownership of the property. Registration of the property is the final step in the process as registration implies that the buyer (in whose name property is registered) is the lawful owner of the property with all rights, obligations, and duties towards the same. The objective of registration is to prevent fraud and dispute at the same time maintaining public records for the same. The immovable property can be registered at sub-registrar’s office within whose jurisdiction the property falls.

The stamp duty is levied on the value of buying price or guidance value, whichever is higher. Below is the total government charge for resale flat

  • Stamp Duty & Surcharge: 5.1% of buying price or guidance value, whichever is higher
  • Registration: 1% of buying price or guidance value, whichever is higher
  • Cess: 0.5% of buying price or guidance value, whichever is higher
  • Scanning: Rs. 35 per page

Please note that 0.5% stamp duty paid for sale agreement shall be denoted at the time of registration of sale deed in stamp duty, provided you upload the original adjudication certificate Kaveri Online Services.

The application for Sale Deed must be submitted on Kaveri Online Service. The application get approved within 2-3 working days, pay the government charges and book the slot for registration

Documents required to submit an application on Kaveri Online Services for Sale Deed Registration: 

  • Parent Deed
  • Seller’s sale deed
  • Encumbrance Certificate
  • Tax paid receipt (Current financial year)
  • eKhata
  • Occupation certificate
  • Sale Agreement
  • Printed sale deed to register now
  • TDS Challan
  • Aadhar and PAN (Seller & Buyer)
  • Active mobile phone for OTP Authentication
  • Two Witnesses’ Aadhaar

8. MODT: (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 at your own free will in return for a loan.

Following are title documents deposited in bank under MODT

  • Parent 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.

After MODT registration, bank’s name is reflected in encumbrance certificate. In the below encumbrance certificate, we encircled the bank details for your reference.

Irrespective of MODT is registered or not, bank collects all the title documents, which include sale deed, sale agreement, and latest encumbrance certificate.

Below are the government charges for MODT registration

  • Stamp duty: 0.5% of loan sanctioned amount
  • Registration: 0.1% of loan sanctioned amount
  • Scanning Rs. 35 per page

bank’s representative presence is not mandatory for MODT registration in sub-registrar office.

Usually, MODT is registered immediately after the sale deed registration in same sub-registrar office.

The registered MODT looks like below image:

Note: After the sale deed registration, it’s important to change the name in khata, property tax and utility bill. To do so you need photo copy of title documents, hence before you hand over the tile documents to bank, take the scanned copy of documents

This completes the procedure to buy resale flat in Bangalore.

In Bangalore. we provide end-to-end assistance to buy resale property. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to + 9 1 – 97424 79020.

Thank you for reading…