From what I read, all borrowers of house loans are subject to the MODT, or Memorandum for the Deposit of Title Deed. In short, you are promising the bank that you will willfully submit the property's ownership paperwork there in exchange for a loan. Let’s take a closer look at the memorandum of deposit of title deeds format. Get end-to-end assistance from the experts at NoBroker to draft your sale deed. Draft your sale agreement from NoBroker and get it delivered to your doorstep here.
The following is the format of the Memoranda of Deposit of Title Deed. You can refer to this document to understand the format. MODT Format
Kamal in the above answer explained very well the meaning of the memorandum of deposit in Tamil. You can go through his answer.
Depending on the state you live in, there is a little stamp duty of between 0.10% and 0.20% of the entire amount of your house loan. There is a restriction, though. No matter how much money is borrowed, the stamp duty on the MODT deed cannot be more than Rs. 25,000. A state tax known as stamp duty is paid to have a document registered with the registrar. It is usually a contract or trade document between two or more individuals. Based on the contract, it is typically a fixed amount or a percentage of the declared agreement amount. Various types of papers have different stamp duties, which are not equal across all states.
You shouldn’t pick up the MODT when you go to the bank to pick up your documentation after your loan has been paid off. Request that the bank to cancel the MODT and offer you a "Deed of Receipt" signed by the lender in your favour then. I hope you understood the memorandum of deposit of title deeds format. Read More: How to get title deeds of property? What is title deed? How to make gift deed through probate?
