Hi,
I am constructing a House in chennai (self construction) o my own plot.I approached a private bank for loan and I have been sanctioned home loan.As a security the bank is demanding my property sale deed and MODT agreement to be executed.As a procedure,the bank has taken my original sale deed even before amount disbursement.
My doubt is what is the steps for MODT and is it safe to register the documents in bank name.
Also once I pay my home loan (pre-pay) will there be any delay in cancelling MODT by bank and return of documents.What is the guarantee the documents will be safe?.What is the steps involved in cancellation of MODT?What if the bank returns the documents in a bad state?
