Hey Vijay,
Be careful of the MODT, or memorandum of deposit of title deed, if you're looking for a mortgage. A MODT is an assurance provided by house loan borrowers that the title documents have been deposited with the lenders. Today, it applies to all kinds of mortgages. A few banks require both the loan agreement and the undertaking to be recorded. The government charges a 0.10–0.20% stamp tax on the amount of the mortgage. One of the unreported fees for house loans is a MODT. In the event that you cannot make payments on time, lenders will need this undertaking in order to collect debts.
Once the payment has been made, get the NOC from the bank and make sure it contains your name, the loan account number, the address of the property, and other pertinent information. The NOC should also say that all outstanding debts have been paid and the bank has no claim to the property.
Again when the debts are paid off, it is the lender's responsibility to cancel the MODT. Request that your lender revokes the modification and provide a deed of receipt.
Go to the sub-registrar's office with NOC to have the lien taken off the house.
I hope now you understand the process.
Read More: How to Obtain Mortgage NOC for Home Loan?Your Feedback Matters! How was this Answer?
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what is the further procedure after getting noc certificate from bank for modt
vijay
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2022-09-05T11:24:24+00:00 2022-09-05T11:24:25+00:00Comment
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