What is Memorandum of Deposit of Title Deeds in home loan? Why State Bank of India insist on register MODT and how do I register for a property in Bangalore?

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.

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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 Bangalore.

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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

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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 by sub-registrar office, 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

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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

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In Type of Document, select NON-AGRICULTURAL. Refer to below image

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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

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Enter the property schedule which includes measurement, boundaries and property description. Refer to below image

Click on Save and Continue

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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

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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

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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

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In Choose Presenter, select a borrower name in dropdown list and click on Make Presenter. Refer to below image

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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

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MODT does not require Market value calculation, therefore we clicked on Continue to next step. Refer to below image

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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

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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

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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

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At the bottom of page:

• Upload Deed Document: Upload MODT in PDF, file size 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

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Immediately after the submission of application. In home page, application status shows as Pending at SRO. Refer to below image

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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)

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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.

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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)

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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

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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.

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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.

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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.

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We provide assistance to register MODT. To opt for our service, please WhatsApp to + 9 1 - 97424-79020

Thank you for reading…