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Arul Arumugam Tvr   12 July 2020

Mod cancellation

Good Morning sir, i understood the procedure of cancellation of MoD. Still i need clarification in the following aspects. Person X received loan from shriram finance ltd by mortgaging his land and he does paid his loan properly. The loan account is over due.since i need tha land i would like to close the account by paying his loan amount whatever the sriram finance demand for closing rha loan account. Now pls tell me the procedure to cancel mod and how to register the property in my name. This is my contact no 8667419509. I am in urge and waiting for ur guidance thank you sir


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Quick Summary
This discussion clarifies the process for cancelling a 'Memorandum of Deposit' (MoD) when a property loan needs to be settled by a new buyer. The buyer should first request the seller to obtain a No Objection Certificate (NOC) and an outstanding dues statement from the finance company. After executing a sale agreement, the buyer pays off the finance company directly, receives a 'No Dues Certificate', and then proceeds with registering the property in their name, ideally with the assistance of a legal professional.

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Hemant Agarwal

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     12 July 2020

1. IF you are the Buyer party, THEN ask the Seller party to obtain NOC and outstanding dues statement from the finance Co. pertaining to the financed Land.

2. Check NOC, Execute registered Sale Agreement, Buyer pays off the Finance Co and balance amount to the Seller, Takes possession immediately. Also obtain No Dues Certificate from the Finance Co.  Coordinate with a local propery lawyer for technical details and procedures.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

G.L.N. Prasad

G.L.N. Prasad (Retired employee.)     13 July 2020

Meet Shri Ram Finance with the borrower and strike a deal for getting such link documents after payment.   Always do all this through a professional advocate.   Though you may have to spend an extra amount, you can avoid many risks in the future.


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