The Memorandum of Deposit of Title Deed (MODT) is a mandatory requirement for all home loan borrowers in Karnataka. It serves as legal proof that you have voluntarily deposited the original property title documents with the lending bank or financial institution in exchange for a sanctioned loan.
WHAT IS MODT?
MODT is essentially an undertaking signed by the borrower confirming that the property’s title deeds are handed over to the bank as security for the loan. This document ensures the lender’s legal right over the property until the loan is repaid.
GOVERNMENT CHARGES FOR MODT REGISTRATION IN KARNATAKA
The charges for MODT registration are calculated based on the sanctioned loan amount and include the following:
- Stamp Duty: 0.5% of the sanctioned loan amount
- Registration Fee: 0.1% of the sanctioned loan amount
- Scanning Charges: Rs. 50 per page
Example: For a loan of Rs. 40,00,000, the MODT charges would be:
- Stamp Duty = Rs. 20,000 (0.5%)
- Registration Fee = Rs. 4,000 (0.1%)
- Scanning (approx.) = Based on document length
- Total = Around Rs. 24,000 (plus scanning charges)
HOW TO PAY MODT CHARGES?
In Karnataka, MODT charges are paid online through the Kaveri Online Services Portal. After making the payment, the registration of MODT is completed at the jurisdictional Sub-Registrar Office (SRO).
NEED ASSISTANCE?
We provide end-to-end support with MODT registration in Karnataka. please write to us at pgnproperties@gmail.com or WhatsApp us at +91-9742479020.
FAQS ON MODT CHARGES IN KARNATAKA
Q1. Is MODT registration mandatory in Karnataka?
Yes. MODT registration is mandatory for all home loan borrowers, as it legally secures the lender’s interest in the property.
Q2. How is MODT different from a Sale Deed?
A Sale Deed transfers ownership of the property, while MODT is only a charge created in favor of the bank until the loan is repaid.
Q3. Can MODT be cancelled?
Yes. Once the loan is fully repaid, the bank issues a Reconveyance Deed or Discharge Deed to cancel the MODT and release the property from the mortgage.
Q4. How long does MODT registration take?
The process is usually completed within 1–2 working days at the Sub-Registrar Office after online payment.
Q5. Can I pay MODT charges offline?
No. Payments are processed only through the Kaveri Online Services Portal in Karnataka.