The bank and borrower signs the MEMORANDUM OF DEPOSIT OF TITLE DEED (MODT)
The MODT consist of information about bank, borrower(s), loan amount and property schedule. MODT should be registered in sub-registrar office to record your home loan debt, this debt list in the encumbrance certificate of your property. This means that debt listed in the encumbrance certificate will be reconveyance once the debt is paid in full
Registering MODT in sub-registrar office protect the lender and gives the lender the legal right to take the property as payment if lender default the payment.
Context: My client borrowed Rs. 85,00,000 from State Bank of India (SBI) to finance his residential property purchase in Bangalore. Property locate in BBMP limit.
Let me share my experience that how we register the MODT in Karnataka.
Documents: require to register MODT
- Exemption letter in bank’s letter head
- Memorandum of Deposit of Title Deed (MODT)
- Self attested ID proof from bank’s authorized signatory
- ID proof of borrower(s)
Below is the image of exemption letter. It means that SBI is exempted from personal appearance for registration in sub-registrar office. We highlighted section 88 in below image
Below is the image of MODT. This document has the details of borrower, loan amount and property schedule
Below is the image of self-attested ID proof from bank’s authorized signatory
To register the MODT in sub-registrar office, we need to submit an application on Kaveri Online Services. On kaveri online, once the documents are verified, make the payment and book the registration slot
Here is the weblink to submit an application https://kaveri.karnataka.gov.in/landing-page
Login using your username, password and captcha, refer to below image
In the home page, click on Start a New Application. Refer to below image
Click on DOCUMENT REGISTRATION, refer to below image
Prerequisite for Document Registration, 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) – Deposit of Title Deed (DTD) more than 10lakhs
Click on Continue. Refer to below image
In Type of Document, select NON-AGRICULTURAL. Refer to below image
Jurisdiction: As mentioned in above context, the property locate in BBMP jurisdiction in Bangalore. so we select Others. Refer to below image
- (If property locate in BBMP, CMC, BDA, BMRDA jurisdiction, select Other)
- (If property locate in panchayat jurisdiction, select e-Swathu)
DISTRICT: Select BBMP from dropdown list and select following options from dropdown list
- WARD NUMBER : BBMP Ward No. 5 (check you ward number in your property tax receipt)
- INDEX II: VILLAGE : Jakkuru
- Zone : BBMP
- ROAD : Select your apartment or developer name in dropdown list. In my case, both my apartment or developer name is not listed so I selected Converted Site at top of the list
- PROPERTY NUMBER TYPE : Select Flat No/ Property No. /Villa No from dropdown list
- PRESENT PROPERTY NUMBER DETAILS : Entered my flat number
- Total Area (in Sq. Meter) : 168.99 (entered my super build-up area)
Refer to below filled image
Click on Add More. Refer to arrow mark in below image
- PROPERTY NUMBER TYPE : Select Survey No. from dropdown list
- PRESENT PROPERTY NUMBER DETAILS: Entered property Survey No.
Refer to below image
Similarly you can click on Add more and add as many property details as you want
Click on Submit & Continue. refer to below image
Based on the property information we provided above, below image is the property result
Click on Save Property & Continue
Enter the property schedule which includes measurement, boundaries and property description. Refer to below image
Click on Save and Continue
In my case, three executant. They are a bank and two borrowers, we selected 3 in number of executant. Refer to below image
If you scroll-up and refer to exemption letter, we highlighted section 88, its mean that SBI is exempted from personal present in sub-registrar office.
- So we selected Exempted from Personal Appearance (Section 88 Exempted)
- In Covering Letter Number, enter your loan account number and upload the exemption letter in PDF
- Is Claimant : Select Yes
- Individual Or Organization : Select Organization
Refer to below image
Followed by the details of bank and authorized signatory. The details includes name, address and authorized signatory ID proof number. refer to below image
Click on Save Executant -1 And Go To Next. Refer to below image
In EXECUTANT -2:
- Is Claimant : Select No
- Individual Or Organization: my client borrowing the money as individual and not representing any organization so selected Individual
Refer to below image
Followed by the details of borrower name, age, gender, relative name, mobile number, ID proofs number and address. Refer to below filled image
Click on Save Executant- 2 And Go To Next
In EXECUTANT -3
- Is Claimant : Select No
- Individual Or Organization: my client borrowing the money as individual and not representing any organization so selected Individual
Refer to below image
Followed by the details of borrower name, age, gender, relative name, mobile number, ID proofs number and address. Refer to below filled image
Click on Save Executant- 3 and click on Move to PRESENTER. refer to below image
Click OK in pop-up message. Refer to below image
In Choose Presenter, select a borrower name in dropdown list and click on Make Presenter. Refer to below image
IDENTIFIER mean witness. Enter the details of IDENTIFIER -1, the details includes name, age, gender, relative’s name and address.
Select the IDENTIFIES from dropdown list. Refer to below image
Click on Save IDENTIFIER -1 And Go To Next
Enter the details of IDENTIFIER -2, the details includes name, age, gender, relative’s name and address.
Select the IDENTIFIES from dropdown list. Refer to below image
Click on Save and Continue
MODT does not require Market value calculation, therefore we clicked on Continue to next step. Refer to below image
Sanctioned loan amount from SBI is Rs.85,00,000 so entered Rs.85,00,000 in Consideration Amount. Refer to below image
Click on Save and Continue
Exemption letter in one page and MODT in two pages, total of three pages so entered 3 in Number of Pages. Refer to below image
Click on Calculate. The calculation page appears below, refer to below image
The break-up of above calculation is:
- Stamp Duty : 0.2% of loan sanction amount (0.2% * 85,00,000 = 17,000)
- Registration fee: 0.1% of loan sanction amount (0.1% * 85,00,000 = 8,500)
- Scanning Fee : 35 per page. Total pages Including registration page is 6 (6 *35 = 210)
Total government fee is Rs. 25,710/-
Click on Save and Continue
Final page summaries following details:
- Property
- Presenter
- Claimant
- Executant
- Identifier
- Stamp Duty
Review the above information and make necessary corrections before we submit the application. We cannot edit the application once the application submitted unless the sub-registrar office send remark for corrections. Below is the image of summary page
At the bottom of page:
Upload Deed Document: Upload MODT in PDF, file size should be less than 5MB
Upload Annexures: Merge the ID proofs of bank’s authorized signatory and your in one PDF and upload here
Date Of Execution: Select the date mentioned in MODT or exemption letter
Select Sub-Registrar Office: Select the name of sub-registrar office in dropdown list. I selected Byataranapura out of 10 other sub-registrar office in list because Byataranapura is closest from my home and shortest to travel.
Click on the Declaration and click on Agree and Submit
Refer to below image
Immediately after the submission of application. In home page, application status shows as Pending at SRO. Refer to below image
In 3 working days, application is approved and status changed to Pending for Payment.
Clicked on Make Payment and made the payment through UPI. Refer to below image
Below is the payment receipt (Stamp duty + registration fee + Scanning fee)
Immediately after the payment, the status changed to Pending to Book Appointment. Clicked on Schedule to book an appointment. refer to below image
We got the registration slot tomorrow morning. Below image is my slot confirmation.
We need printout of summary report for tomorrow registration, we followed below procedure to take the printout.
Click View in home page. refer to arrow mark in below image
Click on Printer symbol. Refer to below image
Take a printout, application consist of 5–6 pages. (use back to back printout to save paper within 3 instead of 6 papers)
As per the schedule, we carried following documents to sub-registrar office:
- Exemption letter
- Memorandum of Deposit of Title Deed
- Printout of application summary report
- Printout of transaction receipt
- ID proofs
In the sub-registrar office, the presenter submitted above listed documents in registration counter. Both the borrowers gave Thumb impression and webcam photo
Below is the image of registered document
Just within 15 min, we completed our registration.
We followed below procedure to cross verify the registration in encumbrance certificate (EC):
Log into Kaveri Online Service and click on Start a New Application. Refer to below image
Click on ENCUMBERANCE CERTIFICATE -(ONLINE EC). refer to below image
In Prerequisite for EC, click on Continue. Refer to below image
Select District, Taluk, Hobli and village name from dropdown list. Enter flat number. Refer to below image
In PERIOD OF EC SEARCH: We registered this MODT on 7th October 2023. I just need one day EC for cross verification so I selected 7th Oct 2023 in From Date and To Date as well
Click on Search. Refer to below image
Below image is my search result.
As per the above search result, borrowers name in column no. 5 and bank’s name in column no. 6. It means that we successfully registered the MODT.
Carry the following title documents to bank:
- Registered MODT
- Registered Sale deed
- Latest Encumbrance Certificate (EC) – EC should reflect the transaction details of MODT And Sale Deed
Bank collected the original title documents from borrowers and handover the cheque to seller. The cheque is written in the seller’s name.
This completes the procedure to register the MODT.
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…
