MODT stands for Memorandum of Deposit of Title Deed
MODT is applicable for all home loan borrowers. It is essentially an undertaking given by you that you are depositing title documents of property with the bank of your own free will in return for a loan.
Context:
I am taking Rs.50,00,000 home loan from State Bank of India (SBI), to finance my 2BHK flat purchase in Bangalore
The Flat is located in BBMP Jurisdiction
We need following documents from bank to register MODT:
- Exemption letter (most the nationalized bank are exempted from personal appearance for registration under section 88)
- MODT (Memorandum of Deposit of Title Deed)
- Bank’s authorized signatory ID proof (the ID proof should have bank’s attestation)
We need above documents to book registration slot in Kaveri Online services.
As per my bank, the bank’s representative will handover above listed documents at sub-registrar office moment before registration. So we collected soft copy of above documents to book registration slot on Kaveri Online Service.
We followed below procedure to register MODT online in Kaveri Online Services
Open the Kaveri Online Services website, here is the link https://kaveri.karnataka.gov.in/landing-page
Login using your username and password, (need to register on kaveri online services to obtain username and password, the username is your email ID and password comes to your registered email.
We just need name, gender, email and mobile number to register)
We highlighted the Register and Login options in below image
After login, the home page looks like below image
Click on Start a New Application. Refer to below image
Click on DOCUMENT REGISTRATION, refer to below image
Read the Prerequisite for Document Registration and click on Continue. Refer to below image
In Article and Sub Article, select the following options from dropdown list
- NATURE OF DOCUMENT: DTD
- ARTICLE: Agreement relating to deposit of title-deeds,pawn or pledge
- SUB ARTICLE: 6 (1-ii) – The pawn or pledge of immovable property, Loan or Debt amount exceeds rupees 10 lakhs
Refer to below filled image
Click on Continue
In type of Document, click on NON-AGRICULTURAL. Refer to below image
- If the property located in Gram Panchayat jurisdiction, select e-Swathu
- If the property located in BBMP, CMC or any other Jurisdiction in Bangalore except Gram Panchayat , Select Others
As per our context, the property located in BBMP jurisdiction so selected Others, Refer to below image
Selected the following information of property from dropdown list
- DISTRICT : BBMP
- WARD NUMBER: BBMP Ward No. 192 (you can find the ward number in property tax receipt, refer to arrow mark in below image)
- INDEX II: VILLAGE: Kammanahalli (enter the village name)
- Zone: BBMP
- ROAD: Raja Aristos Apartment (select apartment name)
- PROPERTY NUMBER TYPE: Flat No. (select Flat No. from dropdown)
- PRESENT PROPERTY NUMBER DETAILS: E1-X (enter your flat number)
- Total Area (in Sq. Meter): 127.74 (enter the super build-up area of flat)
Refer to below filled image
Click on Add More, Refer to below image
- PROPERTY NUMBER TYPE : Survey No. (Select Survey No. from dropdown list)
- PRESENT PROPERTY NUMBER DETAILS: 145/1 (enter the Survey number)
Refer to below filled image
Click on Submit & Continue,
Based on the information provided, below is our property finding, refer to below image
Click on Save Property and Continue
In the property Schedule, enter the measurement, boundaries and description of property.
Part area means the area considered for market valuation, entered my super build-up area of flat. Refer to below filled image
Click on Save and Continue
In Executant -1, entered the details of bank
- I am taking loan in State Bank of India, the bank has given me Section 88 exemption letter, so we clicked on Exempted from Personal Appearance (Section 88 Exempted)
- In Covering Letter Number: Entered my loan account number
- Uploaded the exemption letter in PDF. In below exemption letter, we highlighted section 88 for your reference
- Is Claimant: Yes (Select Yes)
- Individual Or Organization: Organization
Refer to below filled image
Followed by the details of bank name, address, authorized signatory name, age, gander, address and ID proof number. Refer to below filled image
Click on Save Executant-1 And Go To Next
In Executant -2, entered the details of borrower
- Is Claimant: No (Select No)
- Individual Or Organization: Individual (I am taking loan as individual and not as organization so selected Individual. Should select individual even if you jointly borrow loan with family members). Refer to below image
Followed by the details of borrow name, age, gender, ID proof and address, refer to below filled image
Click on Save Executant-2
The presenter mean, the person who present the documents in sub-registrar office for registration.
- In Choose Presenter, i choose my name (borrower name) from dropdown list , it mean that I will present the required documents in sub-registrar office for registration of MODT
- Click on Make Presenter
Refer to below image
IDENTIFIER mean witnesses, we should provide the details of at least two witnesses
In IDENTIFIER -1, enter the details of first witness, the details includes name, age, gender, relationship, address.
In IDENTIFIES, select the borrower name from dropdown list. It mean that IDENTIFIER -1 is witnessing the name selected in IDENTIFIES
Refer to below filled image
In IDENTIFIER -2, enter the details of second witness, the details includes name, age, gender, relationship, address.
In IDENTIFIES, select the borrower name from dropdown list. It mean that IDENTIFIER -2 is witnessing the name selected in IDENTIFIES
Refer to below filled image
Click on Save and Continue
MODT Registration does not require Market Value calculation, therefore click Continue to next step. Refer to below image
I am taking loan of Rs. 50 lakh so entered Rs. 50,00,000 in Consideration Amount. Refer to below image
Click on Save and Continue
My exemption letter is in one page and MODT in two page. Total number of pages are 3
Entered 3 in Number of pages. Refer to below image
Click on Calculate
The government fees displays. Refer to below image
As per the above government fee displayed, the cost break-up as follows
- Stamp Duty at 0.2% of loan value : 50,00,000 * 0.2% = 10,000
- Registration fee at 0.1% of loan value: 50,00,000 * 0.1% = 5,000
- Scanning fee Rs. 210
The total government fee is Rs. 15,210
Click on Save and Continue
Below is the summary report before we submit for SRO Approval. Refer to below image
At the bottom of page,
- Upload Deed Document: Upload the MODT issued by bank in PDF
- Upload Annexures: Upload the bank’s authorized signatory ID proof and borrower ID proof (merge both the ID proofs in one PDF and upload here)
- Date Of Execution: Select the current date
- Select Sub-Registrar Office: I want to register this MODT in JP Nagar sub-registrar office, selected JP Nagar from dropdown list (we can register the MODT in any sub-registrar office listed in dropdown)
Check the Declaration boxes and click on Agree and Submit. Refer to arrow marks in below image
Immediately after submitting the application, the status shows as Pending at SRO. Refer to below image
My application is approved on the same day of application submission. The status changed to Make Payment. Refer to below image
Made the payment through UPI, refer to below payment challan
Save this challan before we proceed with application page, because sub-registrar office may demand this challan to cross verify the transaction details
Immediately after the payment, the status changed to Schedule, click on the Schedule and book the registration slot. Refer to below image of my slot confirmation
As per the above Schedule, the bank’s representative carried following documents to sub-registrar office
- Original copy of Exemption letter
- MODT (Memorandum of Deposit of Title Deed)
- Bank’s authorized signatory ID proof
- Bank’s Cheque
The Borrower carried following documents
- Printout of Application summary report from Kaveri Online Services
- Printout of payment challan
- ID Proof
The presenter (borrower) presented below documents in registration counter.
- Printout of Application summary report from Kaveri Online Services
- Original copy of Exemption letter
- MODT (Memorandum of Deposit of Title Deed)
- Bank’s authorized signatory ID proof and Borrower ID proof
- Payment challan
The borrower gave the thumb impression and webcam photo
The borrower and two witnesses signed the MODT
The sub-registrar office scanned MODT and handback to presented. The registered MODT looks like below image
We highlighted the loan value in above MODT image
The bank’s representative collected following title documents from borrower
- Sale deed
- Tax receipt
- Khata
The bank’s representative handed over the cheque to seller, cheque is written in favour of seller’s name (not in borrower’s name) . Refer to below cheque image
As per the MODT, the loan value is Rs. 50 lakhs but bank has given cheque at value of Rs.49,25,000 because our final settlement to seller is Rs. 49,25,000 only, remaining Rs. 75K is adjusted in upcoming EMI
We provide assistance to register MODT. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to + 9 1 – 9 7 4 2 4 7 9 0 2 0.
Thank you for reading…
