Cancellation of mod
JEGADEESAN
(Querist) 05 July 2014
This query is : Resolved
Dear Sir,
I wish to clarify a doubt regarding cancellation of MOD.
Normally Banker asks to register the MOD on immovable property in respect of the loan given by them.
If the loan is closed after particular years then how the MOD will be closed ? What is the procedure to be followed by the borrower to remove the holding of banker(Cancel the MOD) in the records of Registrar ?
Devajyoti Barman
(Expert) 05 July 2014
academic query..give facts and your relation with this query.
R.K Nanda
(Expert) 06 July 2014
academic query.
JEGADEESAN
(Querist) 06 July 2014
Dear Sir,
I wish to clarify a doubt regarding cancellation of MOD.
Normally Banker asks to register the MOD on immovable property in respect of the loan given by them.
If the loan is closed after particular years then how the MOD will be closed ? What is the procedure to be followed by the borrower to remove the holding of banker(Cancel the MOD) in the records of Registrar ?
This is not academic query.Actually My friend has taken a loan from HDFC & he has executed a MOD at the time of housing loan sanctioned.Now he has paid all the amount & remove the holding and get back the original document.For this what is the procedure to be followed?
T. Kalaiselvan, Advocate
(Expert) 07 July 2014
The bankers will give NOC after full and final discharge of loan amount based upon which you may apply with the registrar for release of documents accordingly.
JEGADEESAN
(Querist) 07 July 2014
Dear Kalaiselvan Sir,
Thanks for your reply.
Further Is it require any document like release deed to remove the MOD Registration entry in Registrar's Record or Just NOC is enough?
Sudhir Kumar, Advocate
(Expert) 13 July 2014
this forum does not pronounce procedure adopted by a particular bank. It is query on procedure. Let your friend contact bank.
