Memorandum For Deposit Of Title Deed (MODT) Charges: 

Memorandum for deposit of title deed or MODT is applicable for all home loan borrowers. It is essentially an undertaking given by you that you are depositing the title documents of the property with the bank at your own freewill in return for a loan. For some banks, apart from the loan agreement, the undertaking needs to be registered and the government levies a stamp duty towards registration charges.

Technical Evaluation And Legal Fee:

For high-value properties, two valuations are done, and the lower of the two is considered for sanctioning a loan. Some PSU lenders charge a fee for doing this evaluation. Once you submit your property documents with the bank, the bank has to undertake a process to get the documents verified legally. Banks have a team of legal and technical experts or outsourced agents, who verify the submitted documents for each loan applicant and initiate technical inspection for the property.

Most lenders engage firms to scrutinize borrower’s legal documents. Generally, banks include this cost in the processing fee but some PSU lenders charge it separately.

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