{"id":329,"date":"2024-02-20T08:59:00","date_gmt":"2024-02-20T08:59:00","guid":{"rendered":"https:\/\/dev.basichomeloan.com\/blog\/?p=329"},"modified":"2025-11-21T10:48:33","modified_gmt":"2025-11-21T10:48:33","slug":"modt-cancellation-process-and-charges","status":"publish","type":"post","link":"https:\/\/www.basichomeloan.com\/blog\/home-loans\/modt-cancellation-process-and-charges","title":{"rendered":"MODT Cancellation Process and Charges Post Home Loan Repayment"},"content":{"rendered":"<p><!--StartFragment --><\/p>\r\n<p><span class=\"cf0\">If you\u2019ve ever taken a home loan, you know the amount of paperwork that comes with it. One document that often confuses people is the Memorandum of Deposit of Title (MODT) &#8211; <\/span><span class=\"cf1\">the paper you sign when you hand over your property documents to the bank as security. Everything feels straightforward while the loan is running, but the real questions usually begin after repayment: How do I cancel the MODT? What are the steps? Whom do I approach?<\/span><\/p>\r\n<p><span class=\"cf1\">To make things easier, this guide walks you through the MODT cancellation process in simple, practical steps so you can get back a clean, updated title to your home without any unnecessary back-and-forth.<\/span><!--EndFragment --><\/p>\r\n<p><strong>Table of Contents<\/strong><\/p>\r\n<ul>\r\n<li><strong><a href=\"#1\">Process of MODT Cancellation<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#2\">What is MODT Cancellation Charge?<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#3\">Bank Wise MODT Cancellation Charges<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#4\">How Long Does MODT Cancellation Take?<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#5\">What is a Memorandum for Deposit of Title Deed<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#6\">What Are MODT Charges?<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#7\">MODT Charges Calculated in India<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#8\">State-Wise MODT Charges for Home Loans<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#9\">Advantages and Disadvantages of MODT<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#10\">Acts in India Related to MODT and its Cancellation<\/a><\/strong><\/li>\r\n<li><strong><a href=\"#11\">Other Legal Provisions Related to the Cancellation of a MODT<\/a><\/strong><\/li>\r\n<\/ul>\r\n<h2><b>How to File MOD Online?<\/b><\/h2>\r\n<ol>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Obtain the Notice of Intimation (NOI):<\/b><span style=\"font-weight: 400;\"> The first step is to get the NOI from your lender. This document the home-loan disbursal and is essential for MODT registration.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Timely Submission:<\/b><span style=\"font-weight: 400;\"> Ensure the NOI is acquired and submitted within the required timeframe (usually within 30 days of the loan agreement).<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prepare Required Documents:<\/b><span style=\"font-weight: 400;\"> Gather the original property documents\/title deed copies, loan closure proof templates you might need later, ID proofs and any lender-specific paperwork.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Access the e-filing Portal:<\/b><span style=\"font-weight: 400;\"> Visit your state\u2019s Department of Registrations and Stamps e-filing portal and open the MOD\/MODT digital form, ensuring you select the correct state portal.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fill out the Digital Form:<\/b><span style=\"font-weight: 400;\"> Enter borrower details, property details, loan amount and other required information exactly as per the NOI and title deed.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Choose Stamp Duty Payment Method:<\/b><span style=\"font-weight: 400;\"> Generate the challan and pay stamp duty via e-payment, demand draft or at the designated bank as supported by the portal. Keep the payment reference.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attach and Submit:<\/b><span style=\"font-weight: 400;\"> Upload or attach the NOI and required documents on the portal and submit the completed form for processing.<\/span><\/li>\r\n<\/ol>\r\n<h2><b>How to File MODT Offline?<\/b><\/h2>\r\n<ol>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Get the Notice of Intimation (NOI):<\/b><span style=\"font-weight: 400;\"> Collect the NOI from your lender, as it confirms the home-loan disbursal and is necessary for offline MODT filing.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Visit the Sub-Registrar\u2019s Office:<\/b><span style=\"font-weight: 400;\"> With the NOI and required documents (title deed copies, ID proof, lender paperwork). Fill out the MODT application form in person.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Submit Supporting Documents:<\/b><span style=\"font-weight: 400;\"> Along with the completed form, the office may request additional affidavits or lender documents, so carry photocopies and originals.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pay Stamp Duty at a Designated Bank:<\/b><span style=\"font-weight: 400;\"> Take the challan to the bank, pay the stamp duty (stamp duty for MODT is typically 0.1%\u20130.5% of the loan amount and often capped in many states at around \u20b925,000\u2013\u20b930,000), and obtain the stamped proof of payment.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Return to the Sub-Registrar:<\/b><span style=\"font-weight: 400;\"> With the stamped proof and a photocopy of the NOI, submit these for final verification.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complete Registration:<\/b><span style=\"font-weight: 400;\"> Once the sub-registrar verifies the proof of payment and documents, the office will accept the hard copy, register the MODT and update government records.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Keep Copies &amp; Note Cancellation Steps:<\/b><span style=\"font-weight: 400;\"> After the loan closure request, NOC from the bank and follow the MODT cancellation process later to get the title deed released.<\/span><\/li>\r\n<\/ol>\r\n<h2><strong><span id=\"1\">Process of MODT Cancellation<\/span><\/strong><\/h2>\r\n<p>Below is a one-glance table summarising the entire MODT cancellation procedure:<\/p>\r\n<p dir=\"ltr\">\u00a0<\/p>\r\n<div dir=\"ltr\" align=\"left\">\r\n<table style=\"border-collapse: collapse; border-width: initial;\" border=\"1\"><colgroup><col width=\"208\" \/><col width=\"208\" \/><col width=\"208\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Step<\/strong><\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\"><strong>What You Need To Do<\/strong><\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Key Requirements<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Close Your Home Loan<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Clear outstanding dues and close the account.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Loan Closure Certificate\/NOC<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Collect Original Property Documents<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Retrieve all original property papers from the bank.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Title Deed, Sale Deed, Original MODT<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Apply for MODT Cancellation<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Submit a written request to cancel MODT.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">NOC, Original MODT, ID Proof, and Charges<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Lender Verification<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Lender verifies loan closure and property details.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Additional documents, if required<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Issue of Cancellation\u00a0 Deed<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Bank prepares and signs the cancellation deed; borrower signs it too.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Deed + Signatures (Borrower, Lender, 2 Witnesses)<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Register the Cancellation Deed<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Register it at the Sub-Registrar\u2019s Office.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Stamp Duty, Registration\u00a0 Fee, and Acknowledgement.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" role=\"presentation\">Update Land &amp; Property Records<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Ensure the lender\u2019s charge is removed from official records.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Updated EC and Updated Land\/ Municipal records<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<h2><strong><span id=\"2\">What is the MODT Cancellation Charge?<\/span><\/strong><\/h2>\r\n<p>You must cancel the MODT after fully repaying your home loan to remove the lender\u2019s charge from your property.<\/p>\r\n<div dir=\"ltr\" align=\"left\">\r\n<table style=\"border-collapse: collapse; border-width: initial;\" border=\"1\"><colgroup><col width=\"312\" \/><col width=\"312\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Item<\/strong><\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Details<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Purpose<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">To formally release the lender\u2019s charge after loan closure.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Who Initiates<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Borrower, with bank-issued NOC.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Typical Cost<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Rs. 1,000 &#8211; Rs. 10,000, based on the bank and state.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Why It Varies<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Bank policies, registrar fee<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p>&nbsp;<\/p>\r\n<h2><strong><span id=\"3\">Bank Wise MODT Cancellation Charges<\/span><\/strong><\/h2>\r\n<p>Upon fully repaying a home loan, borrowers must cancel the Memorandum of Deposit of Title Deed (MODT) to lift the lender&#8217;s lien on the property. This cancellation process often incurs charges that vary across banks. Below is an overview of MODT cancellation charges for some major Indian banks:<\/p>\r\n<div dir=\"ltr\" align=\"left\">\r\n<table style=\"width: 73.8799%; border-collapse: collapse; border-width: initial;\" border=\"1\"><colgroup><col style=\"width: 49.4969%;\" width=\"202\" \/><col style=\"width: 50.5031%;\" width=\"216\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Bank<\/strong><\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>MODT Cancellation Charges<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">State Bank of India (SBI)<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">0.1% and 0.3% of the loan amount<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">HDFC Bank<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">Up to \u20b910,000<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">ICICI Bank<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">\u20b95,000 \u2013 \u20b97,500<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">Axis Bank<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">\u20b97,500 \u2013 \u20b910,000<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">Punjab National Bank (PNB)<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">Up to \u20b95,000<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p><i><strong>Note:<\/strong> These charges are indicative and may vary based on factors such as loan amount and specific bank policies.<\/i> It is advisable to reach out to the lender directly for the most updated information.<\/p>\r\n<h2><strong><span id=\"4\">How Long Does MODT Cancellation Take?<\/span><\/strong><\/h2>\r\n<p>To help you plan better, here\u2019s a fast overview of the entire MODT cancellation timeline:<\/p>\r\n<div dir=\"ltr\" align=\"left\">\r\n<table style=\"border-collapse: collapse; border-width: initial;\" border=\"1\"><colgroup><col width=\"312\" \/><col width=\"312\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Stage<\/strong><\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\"><strong>Time Duration<\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\" role=\"presentation\">Loan Closure + NOC Issuance<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">3-15 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\" role=\"presentation\">Collecting Original Documents<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">Same day &#8211; 3 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\" role=\"presentation\">Submitting Cancellation Request<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">1 day<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\" role=\"presentation\">Bank Verification<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">2-7 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\" role=\"presentation\">Preparation of Cancellation\u00a0 Deed<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">1-3 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\" role=\"presentation\">Registration at the Sub-Registrar Office<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">1 day<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\" role=\"presentation\">Update in Land\/ Municipal Records<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">7-30 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">\r\n<p dir=\"ltr\">Total Estimated Time<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\" style=\"text-align: center;\">10-45 days<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p>&nbsp;<\/p>\r\n<h2><strong><span id=\"5\">What is a Memorandum for Deposit of Title Deed (MODT)?<\/span><\/strong><\/h2>\r\n<p>A Memorandum of Deposit of Title Deed (MODT) is a legal document executed when a borrower deposits the title deeds of their property with a lender as collateral for a loan. This process, known as creating an equitable mortgage, grants the lender a security interest in the property, allowing them to sell it to recover the loan amount in case of default.<\/p>\r\n<h2><strong><span id=\"6\">What Are MODT Charges?<\/span><\/strong><\/h2>\r\n<p>When applying for a housing loan, understanding all associated fees is crucial, including Memorandum of Deposit (MoD) charges. These charges, ranging from 0.2% to 0.5% of the loan amount, are payable by the borrower upon property registration or receipt of the first loan installment, with a cap of Rs. 25,000 regardless of the loan size.<\/p>\r\n<p>Paying MoD charges is mandatory; borrowers cannot avoid this fee. This also applies when transferring the loan to another individual or lender; an MoD is essential for the transfer process. The MoD secures the lender\u2019s right to repossess and auction the property in case of default, ensuring recovery of losses. Compliance with these regulations is necessary for the disbursement of the final loan amount by any financial institution, as noted in encumbrance certificates.<\/p>\r\n<p><strong>Suggested read: <a href=\"https:\/\/www.basichomeloan.com\/blog\/home-loans\/moratorium-period-in-home-loans\">Moratorium Period in Home Loan<\/a><\/strong><\/p>\r\n<h2><strong><span id=\"7\">How Are Memorandum of Deposit of Title Deeds (MODT) Charges Calculated in India<\/span><\/strong><\/h2>\r\n<p>&nbsp;<\/p>\r\n<table dir=\"ltr\" style=\"border-collapse: collapse; border-width: initial; border-spacing: 0px; height: 254px;\" border=\"1\" width=\"741\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\"><colgroup><col width=\"39\" \/><col width=\"373\" \/><col width=\"208\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Step<\/strong><\/td>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Description<\/strong><\/td>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Example (Loan \u20b950 lakh)<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">1<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Identify the sanctioned home-loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\u20b950,00,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">2<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Apply the state-specific MODT stamp duty rate (e.g., 0.2%)<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\u20b950,00,000 \u00d7 0.2% = \u20b91,00,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">3<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Check if the state has a cap on stamp duty for MODT<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">If cap is \u20b925,000 then actual duty = \u20b925,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">4<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Add registration\/handling\/scan charges if applicable<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">e.g., scan\/document-handling fee \u20b9500\u20131,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">5<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Final MODT payable = (Stamp Duty or Cap) + Registration\/Handling fees<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">\u20b925,000 + \u20b91,000 = \u20b926,000<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<h2><strong><span id=\"8\"><br \/>State-Wise MODT Charges for Home Loans<br \/><br \/><\/span><\/strong><\/h2>\r\n<table dir=\"ltr\" style=\"border-collapse: collapse; border-width: initial; border-spacing: 0px; height: 333px;\" border=\"1\" width=\"741\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\"><colgroup><col width=\"100\" \/><col width=\"234\" \/><col width=\"210\" \/><col width=\"249\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>State<\/strong><\/td>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Stamp Duty Rate for MODT<\/strong><\/td>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Registration Fee \/ Other Fees<\/strong><\/td>\r\n<td style=\"border-width: initial; text-align: center;\"><strong>Capping \/ Notes<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">Tamil Nadu<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">0.5% of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">1% of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Stamp duty capped at \u20b9 30,000; Registration fee capped at \u20b9 6,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">Karnataka<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">0.5% of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">0.1% of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Plus scan\/document-handling charges (e.g., \u20b935\/page)<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">Maharashtra<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Approximately 0.3% of the loan amount (stamp duty)<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Typically ~1% registration (varies)<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">No specific cap is mentioned in the cited source<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">Andhra Pradesh<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">In the range of 0.1%-0.5% of the loan amount (stamp duty)<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">~1% registration fee of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Precise capping, not detailed<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial; text-align: center;\">Generic\/other states<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">0.1%-0.5% of the loan amount<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Varies by state and bank policy<\/td>\r\n<td style=\"border-width: initial; text-align: center;\">Standard cap in many states: \u20b9 25,000-\u20b9 30,000 for stamp duty component<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<h2>\u00a0<\/h2>\r\n<h2><strong><span id=\"9\">Advantages and Disadvantages of MODT<\/span><\/strong><\/h2>\r\n<p>Have a look at the table below to understand in-depth about the pros and cons of MODT:<\/p>\r\n<div dir=\"ltr\" align=\"left\">\r\n<table style=\"border-collapse: collapse; border-width: initial;\" border=\"1\"><colgroup><col width=\"336\" \/><col width=\"288\" \/><\/colgroup>\r\n<tbody>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Advantages<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Disadvantages<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Facilitates quick loan processing by using property as collateral.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Involves additional costs such as stamp duty and registration fees.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Provides legal clarity and security for both borrower and lender.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Requires formal cancellation after loan repayment, which may involve additional procedures and charges.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Ensures the lender\u2019s right to recover dues in case of default, potentially leading to better loan terms for the borrower.<\/p>\r\n<\/td>\r\n<td style=\"border-width: initial;\">\r\n<p dir=\"ltr\">Non-compliance with MODT procedures can lead to legal complications.<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<p>&nbsp;<\/p>\r\n<h2><strong><span id=\"10\">Acts in India Related to MODT and its Cancellation<\/span><\/strong><\/h2>\r\n<ol>\r\n<li><b>Transfer of Property Act, 1882:<\/b> Governs the creation of mortgages, including equitable mortgages, through the deposit of title deeds.<\/li>\r\n<li><b>Registration Act, 1908: <\/b>Mandates the registration of documents affecting immovable property, including MODTs, to ensure legal validity.<\/li>\r\n<li><b>Indian Contract Act, 1872:<\/b> Provides the legal framework for contracts, under which MODT agreements are executed.<\/li>\r\n<li><b>Limitation Act, 1963:<\/b> Specifies the time limits for initiating legal actions related to property and contract disputes, including those involving MODT cancellation.<\/li>\r\n<\/ol>\r\n<h2><strong><span id=\"11\">Other Legal Provisions Related to the Cancellation of a MODT<\/span><\/strong><\/h2>\r\n<ol>\r\n<li><b>No Objection Certificate (NOC):<\/b> Essential for cancellation, the NOC from the lender confirms that the borrower has cleared all dues, allowing for the release of the property\u2019s title deeds.<\/li>\r\n<li><b>Stamp Duty and Registration Fees:<\/b> Applicable during both the execution and cancellation of the MODT, varying by state and loan amount.<\/li>\r\n<li><b>Legal Documentation:<\/b> Proper execution and registration of cancellation deeds are crucial to legally nullify the MODT and remove the lender\u2019s charge on the property.<\/li>\r\n<\/ol>\r\n<h2><strong>Takeaway<\/strong><\/h2>\r\n<p>Cancelling the MODT is the final step in completing your home loan journey, yet it\u2019s one that many borrowers overlook. With a clear understanding of the MODT cancellation process, the documents required, and the MODT charges involved, you can finish this stage smoothly and avoid delays. Once the cancellation deed is registered and property records are updated, your home becomes fully and legally yours again. Taking a little time to complete this final formality ensures long-term peace of mind and a clear, dispute-free title.<\/p>\r\n<h2><strong>FAQs About the MODT Cancellation Process and Charges<\/strong><\/h2>\r\n\r\n<div class=\"schema-faq wp-block-yoast-faq-block\">\r\n<div id=\"faq-question-1723099824517\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Who should cancel MODT?<\/strong>\r\n<p class=\"schema-faq-answer\">The borrower is responsible for initiating the cancellation of the Memorandum of Deposit of Title (MODT) after the complete repayment of the home loan.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1723099864952\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Are MODT charges refundable?<\/strong>\r\n<p class=\"schema-faq-answer\">No, MODT charges are not refundable. They are one-time fees paid for the legal process of recording the mortgage.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1723099873400\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">Who pays the MODT cancellation charges?<\/strong>\r\n<p class=\"schema-faq-answer\">The borrower typically pays the MODT cancellation charges, as it involves removing the lien from the property title after loan repayment.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1723099885458\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">What is a MOD cancellation in a home loan?<\/strong>\r\n<p class=\"schema-faq-answer\">MOD cancellation in a home loan refers to the legal process of removing the mortgage lien recorded under the Memorandum of Deposit of Title, signifying that the loan against the property has been fully repaid.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1723099892155\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">What is MOD in a home loan?<\/strong>\r\n<p class=\"schema-faq-answer\">MOD stands for Memorandum of Deposit of Title. It&#8217;s a legal document indicating that the property title has been deposited with the lender as security for the home loan.<\/p>\r\n<\/div>\r\n<div id=\"faq-question-1723099901078\" class=\"schema-faq-section\"><strong class=\"schema-faq-question\">What are MODT charges?<\/strong>\r\n<p class=\"schema-faq-answer\">MODT charges are fees associated with the Memorandum of Deposit of Title, paid to the registrar or relevant legal body. These charges cover the cost of legally recording the mortgage of the property as security for the loan and vary between 0.2% to 0.5% of the loan amount, subject to a maximum cap, often Rs. 25,000.<\/p>\r\n<\/div>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve ever taken a home loan, you know the amount of paperwork that comes with it. One document that often confuses people is the Memorandum of Deposit of Title (MODT) &#8211; the paper you sign when you hand over your property documents to the bank as security. Everything feels straightforward while the loan is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[287],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MODT Cancellation Process and Charges: Complete Guide for Homeowners<\/title>\n<meta name=\"description\" content=\"MODT cancellation process and charges explained: Learn the steps, fees, and formalities to complete MODT cancellation after your home loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.basichomeloan.com\/blog\/home-loans\/modt-cancellation-process-and-charges\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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