What Is MODT?
A Memorandum of Deposit of Title Deeds is executed when you take a home loan or loan against property by depositing your original title deeds with the lender as security — an equitable mortgage. It protects the lender’s rights and creates evidence of the mortgage under Section 58(f) of the Transfer of Property Act, 1882.
Documents Generally Required
- Original title deed and chain of title documents, latest Encumbrance Certificate
- Property tax receipts, approved building plan/completion certificate, if applicable
- Identity proof, PAN, address proof, photographs of borrower(s)
- Home loan sanction letter, loan agreement, bank authorization letter
- Two witnesses, in many states