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?

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PGN Property Management · Accepted Answer

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 fullRegistering 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 Bangalore.----------------------------------Documents:&nbsp;require to register MODTExemption letter in bank’s letter headMemorandum of Deposit of Title Deed (MODT)Self attested ID proof from bank’s authorized signatoryID 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 imageBelow is the image of MODT. This document has the details of borrower, loan amount and property scheduleBelow 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 by sub-registrar office, make the payment and book the registration slotHere is the weblink to submit an application&nbsp;https://kaveri.karnataka.gov.in/landing-pageLogin using your username, password and captcha, refer to below image&nbsp;In the home page, click on&nbsp;Start a New Application.&nbsp;Refer to below imageClick on&nbsp;DOCUMENT REGISTRATION,&nbsp;refer to below imagePrerequisite for Document Registration, click on&nbsp;Continue.&nbsp;Refer to below image-------------------------------------------------------In Article and Sub Article, select the following options from dropdown list:NATURE OF DOCUMENT: DTDARTICLE: Agreement relating to deposit of title-deeds,pawn or pledgeSUB ARTICLE: 6 (1) (II) - Deposit of Title Deed (DTD) more than 10lakhsClick on&nbsp;Continue.&nbsp;Refer to below image-------------------------------In&nbsp;Type of Document,&nbsp;select&nbsp;NON-AGRICULTURAL.&nbsp;Refer to below image------------------------------------Jurisdiction:&nbsp;As mentioned in above context, the property locate in BBMP jurisdiction in Bangalore. so we select&nbsp;Others.&nbsp;Refer to below image(If property locate in BBMP, CMC, BDA, BMRDA jurisdiction, select&nbsp;Other)(If property locate in panchayat jurisdiction, select e-Swathu)DISTRICT: Select BBMP from dropdown list and select following options from dropdown listWARD NUMBER : BBMP Ward No. 5 (check you ward number in your property tax receipt)INDEX II: VILLAGE : JakkuruZone : BBMPROAD : 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 listPROPERTY NUMBER TYPE : Select Flat No/ Property No. /Villa No from dropdown listPRESENT PROPERTY NUMBER DETAILS : Entered my flat numberTotal Area (in Sq. Meter) : 168.99 (entered my super build-up area)Refer to below filled imageClick on&nbsp;Add More.&nbsp;Refer to arrow mark in below imagePROPERTY NUMBER TYPE : Select Survey No. from dropdown listPRESENT PROPERTY NUMBER DETAILS: Entered property Survey No.Refer to below imageSimilarly you can click on Add more and add as many property details as you wantClick on&nbsp;Submit &amp; Continue.&nbsp;refer to below imageBased on the property information we provided above, below image is the property resultClick on&nbsp;Save Property &amp; Continue-------------------------------------------&nbsp;Enter the property schedule which includes measurement, boundaries and property description. Refer to below imageClick on&nbsp;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 imageIf 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&nbsp;Exempted from Personal Appearance (Section 88 Exempted)In&nbsp;Covering Letter Number,&nbsp;enter your loan account number and upload the exemption letter in PDFIs Claimant : Select&nbsp;YesIndividual Or Organization : Select&nbsp;OrganizationRefer to below imageFollowed by the details of bank and authorized signatory. The details includes name, address and authorized signatory ID proof number. refer to below imageClick on&nbsp;Save Executant -1 And Go To Next.&nbsp;Refer to below image-------------------------------------------In&nbsp;EXECUTANT -2:Is Claimant : Select&nbsp;NoIndividual Or Organization: my client borrowing the money as individual and not representing any organization so selected&nbsp;IndividualRefer to below imageFollowed by the details of borrower name, age, gender, relative name, mobile number, ID proofs number and address. Refer to below filled imageClick on&nbsp;Save Executant- 2 And Go To Next----------------------------------------------------------------------In&nbsp;EXECUTANT -3Is Claimant : Select&nbsp;NoIndividual Or Organization: my client borrowing the money as individual and not representing any organization so selected&nbsp;IndividualRefer to below imageFollowed by the details of borrower name, age, gender, relative name, mobile number, ID proofs number and address. Refer to below filled imageClick on&nbsp;Save Executant- 3&nbsp;and&nbsp;click on&nbsp;Move to PRESENTER.&nbsp;refer to below imageClick&nbsp;OK&nbsp;in pop-up message.&nbsp;Refer to below image-----------------------------------------------------------------&nbsp;In&nbsp;Choose Presenter,&nbsp;select a borrower name in dropdown list and click on&nbsp;Make Presenter.&nbsp;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 imageClick on&nbsp;Save IDENTIFIER -1 And Go To NextEnter 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 imageClick on&nbsp;Save and Continue--------------------------------------MODT does not require Market value calculation, therefore we clicked on&nbsp;Continue&nbsp;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 imageClick on&nbsp;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 imageClick on&nbsp;Calculate.&nbsp;The calculation page appears below, refer to below imageThe 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&nbsp;Save and Continue--------------------------------Final page summaries following details:PropertyPresenterClaimantExecutantIdentifierStamp DutyReview 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:&nbsp;Upload MODT in PDF, file size less than 5MBUpload Annexures:&nbsp;Merge the ID proofs of bank’s authorized signatory and your in one PDF and upload hereDate Of Execution: Select the date mentioned in MODT or exemption letterSelect 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&nbsp;Declaration&nbsp;and click on&nbsp;Agree and SubmitRefer to below image------------------------------------------Immediately after the submission of application. In home page, application status shows as&nbsp;Pending at SRO.&nbsp;Refer to below image-------------------------------------------------In 3 working days, application is approved and status changed to&nbsp;Pending for Payment.Clicked on&nbsp;Make Payment&nbsp;and made the payment through UPI. Refer to below imageBelow is the payment receipt (Stamp duty + registration fee + Scanning fee)---------------------------------------Immediately after the payment, the status changed to&nbsp;Pending to Book Appointment.&nbsp;Clicked on&nbsp;Schedule&nbsp;to book an appointment.&nbsp;refer to below imageWe 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&nbsp;View&nbsp;in home page. refer to arrow mark in below imageClick on Printer symbol. Refer to below imageTake 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 letterMemorandum of Deposit of Title DeedPrintout of application summary reportPrintout of transaction receiptID proofs--------------------------------------------------In the sub-registrar office, the presenter submitted above listed documents in registration counter. Both the borrowers gave Thumb impression and webcam photoBelow is the image of registered documentJust within 15 min, we completed our registration.-------------------------------------&nbsp;We followed below procedure to cross verify the registration in encumbrance certificate (EC):Log into Kaveri Online Service and click on&nbsp;Start a New Application.&nbsp;Refer to below imageClick on&nbsp;ENCUMBERANCE CERTIFICATE -(ONLINE EC).&nbsp;refer to below imageIn Prerequisite for EC, click on&nbsp;Continue.&nbsp;Refer to below imageSelect District, Taluk, Hobli and village name from dropdown list. Enter flat number. Refer to below imageIn&nbsp;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 wellClick on&nbsp;Search.&nbsp;Refer to below imageBelow 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 MODTRegistered Sale deedLatest Encumbrance Certificate (EC) - EC should reflect the transaction details of MODT And Sale DeedBank collected the original title documents from borrowers and handover the cheque to seller. The cheque is written in the seller’s name.--------------We provide assistance to register MODT. To opt for our service, please WhatsApp to + 9 1 - 97424-79020Thank you for reading…