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Home Loan MOTD cancellation by the Bank
07-Mar-2023 (In Property Law)
Dear Sir/Mam,
I closed my Home loan a year back with no dues. While I asked the concerned bank to cancel my MOTD and provide me a Deed of Receipt on my property, the bank has denied saying that it is customer's responsibility to do this cancellation and the bank is not procedurally and financially responsible to do this.
Can you please guide and advise me what is the right as this seems to not transparent and nowhere written ? Please advise me.
Thank you very much.
Actually the bank through which you had availed loan will have to give documents regarding closure of the loan and return of the documents. By using those papers you need to get released from the charge of loan.
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Dr. S. Diraviam Dinesh
Chennai | 500+ Answers
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What is mortgage cancellation?
The bank will issue a certificate of cancellation once the due amount is paid. The bank will give you a certificate of zero debt once the debt has been cleared, whether in advance or by the end of your loan. This certifies that the bank is no longer owed money. 10-Oct-2022
What is MODT cancellation?
Once executed, a MODT becomes a legally binding contract between the borrower, the lender, or the creditor. The borrower can cancel the MODT after they have paid back the loan, or for other reasons.
What documents are required for mortgage cancellation?
Original Memorandum of Deposit for Title Deed.
Certificate of NOC
PAN card
Aadhaar card.
Two witnesses must provide ID.
Identification of the bank representatives office.
How do I remove a mortgage deed?
If MODT is registered at the bank, then this discharge deed will apply. ...
The discharge deed must be registered in the sub-registrar’s office within 90days from the date the bank handed over the discharge deed.
Register the discharge deed at the same subregistrar office as the MODT.
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