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Legals Tech provided Legal & technical services in Property Registration work, MODT and NOI with Branches in Maharashtra.
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Filing of
Notice of Intimation
However, most folks would be unacquainted with what is “Filing of Notice of Intimation” it is just in the case of mortgage by the method of “Deposit of Title Deed” to create “Equitable Mortgage.”
e-Filing of Notice of Intimation just in case of mortgage by the technique of Deposit of deed of conveyance came into impact from 1st April 2013. E-filing suggests online or electronic filing of notices of intimation of property mortgage under Section 89B of the Registration Act, 1908.
These amendments are dispensed to safeguard the interests of banks and society. Earlier, the agreement/intimation about mortgage by the Deposit of deed of conveyance was out of property right.
Thanks to this, there was scope for fallacious practices like availing loans from multiple banks on the same property or putting off the already encumbered property; thus, these amendments are brought with the target of preventing such frauds.
Memorandum for Deposit of Title Deed (MODT)
If you seek a home loan, be aware of the Memorandum for Deposit of Title Deed (abbreviated as MODT).
What is MODT? A MODT is an undertaking by home loan borrowers stating that they have deposited the title documents with lenders. It applies to all types of home loans today.
For a few banks, the undertaking has to be registered in addition to the loan agreement. The government levies a stamp duty of 0.10- 0.30% of the home loan amount. A MODT is one of the hidden home loan charges. Lenders require you to give this undertaking to recover debts you do not make payments on time.
A MODT is a part of the State Government requirements and must be registered at the Sub-Registrar Office.
– It is mandatory in a few states but not in all states.
– The pledged property is endorsed at the Sub-Registrar office.