HYPOTHECATION termination IN CHENNAI
In general, people make the mistake of believing that after paying off their vehicle loan EMIs, everything is finished and taken care of automatically. However, Hypothecation removal process in Chennai needs to be done at the RTO office where the vehicle was registered in order to make sure that loan or hypothecation is not reflected in the RTO record against the vehicle .
If you don't remove hypothecation from your RC , in the normal circumstances it does not create problem. However when you apply for other RTO related process like Duplicate RC, transfer of ownership of vehicle , vehicle NOC then its mandatory to remove hypothecation from the RTO record first.
There is validity period mentioned on the bank NOC paper. If you don't submit it to the RTO within that period , you will have to again take it from the bank. Bank charges for issuing loan closure letter second time. Also there will be additional hassle in going to the bank. To avoid its advisable to go for HP termination process immediately once you pay off your vehicle loan.
Process for HP termination in Bangalore
Following are the steps for hypothecation termination in Chennai :
- Get Bank NOC and form 35 from the bank
- Submit application for HP termination along with supporting documents to the concerned RTO
- Deposit requisite RTO fees
- Application processing
- Approval of application if everything is in order
- Issue of new RC after HP termination
- Collect new RC from the RTO
Process of HP termination is not completely online in Chennai. Application can be generated online. RTO fees can be deposited Online. However physical submission and collection of documents at RTO is required.
However, Itzeazy has online process for HP termination in Chennai.
DOCUMENTS REQUIRED FOR HP TERMINATION IN CHENNAI
Following are the documents required for HP termination in Chennai :
- 2 nos. of Form no. 35 duly filled
- A certificate from financier for having retained full dues from the financier (for deletion case only)
- Original RC
- Copy of Valid insurance
- Copy of valid pollution under control certificate
HOW TO APPLY FOR HyPothecation termination ONLINE IN CHENNAI
Following are the steps we at Itzeazy follow in the hypothecation removal process in Chennai
Requirement understanding of the client
- Sharing of the list of documents required for HP termination in Chennai
- Advance payment by the client
- Verification of the soft copy of the documents
- Collection of physical copy of documents
- Submission of the document to the RTO
- Time to time update to the client about the progress of the work
- Work completion and dispatch of the document
Visit Required - No
Time required - 15 days
Hypothecation cancellation online in Chennai
Do you want to apply for vehicle Hypothecation cancellation online in Chennai ? Hypothecation termination in Chennai is required If you have bought your vehicle on finance from bank or financial institute and loan has been re-paid fully. Application for HP termination in Chennai should be submitted to the RTO where vehicle is registered. In this article we will discuss RTO hypothecation removal process online in Chennai, documents required for hypothecation termination in Chennai.
Itzeazy makes HP Termination process faster
Itzeazy provides service for Hypothecation termination from RC in Chennai. Service is door step and hassle free.
why to remove Hypothecation From RC
Following are the benefits of removing hypothecation from RC :
- 100% ownership – You have complete control over your vehicle once the hypothecation is removed from RC. You can sell, transfer, scrap or modify your vehicle as you wish. Consent of financier is no longer required.
- Clean title – Hypothecation termination ensures that the you are the only owner . Bank has no say in it. A clean title makes selling or transferring the vehicle easier.
- Insurance benefits - Insurance claims becomes complex procedure , if its under hypothecation from the financier .
- Resale value – When you go to sell your vehicle, dealers often bring down the price based on the basis of pending documentation. Also more you delay, more is the chances that Bank NOC gets expired. It will further bring down the value of the vehicle. With these complications, your negotiation power reduces.
- Hassle-free documentation – You need to take consent from financier every time for every RTO process such as duplicate RC, vehicle NOC, RC transfer etc. Once Hypothecation removed from RC, Its no longer required.
RTOs in Chennai where Itzeazy provides online service for hypothecation removal from RC
- TN01 - Chennai Central
- TN02 - Chennai North West
- TN03 - Chennai North East
- TN04 - Chennai East
- TN05 - Chennai North
- TN06 - Chennai South East
- TN07 - Chennai South
- TN09 - Chennai West
- TN10 - Chennai South West
- TN11 - Tambaram
- TN13 - Ambattur
- TN22 - Meenambakkam
Cost for hypothecation addition
Adding a hire-purchase, lease, or Hypothecation removal Chennai cost:-
- Rs. 500 Indian rupees for motorcycles
- A light vehicle costs Rs. 1500
- A medium or heavy vehicle costs Rs 3000
Why to Choose Itzeazy
🏍️ Faster processing - We make the HP termination process faster
🏍️ Guaranteed service - Get guarantee success with our consultants
🏍️ No hidden cost - Transparent pricing
🏍️ Accurate guidance - We have the knowledge and experience to make the process smooth and stress-free
🏍️ Our presence - Apply for services from anywhere in India, always open for you
🏍️ Door step service - Document pickup & drop from the convenience of your home
🏍️ Safety & Confidentiality - Your privacy is out utmost priority
To book order or for any query or concern please speak to one of the consultants over phone or chat. You can also write to us. We will get back to you.
Where can I get the NOC after car loan repayment?
Ans : Bank or the financial institute which has given car loan, will provide NOC for hypothecation removal from RTO. It will also provide 2 sets of form 35 signed by the bank. Pls note that you need to submit original bank NOC and form 35 set in the RTO for hypothecation cancellation process. Soft copy of these documents will not serve the purpose.
My vehicle is registered in Chennai but I am in Bangalore currently . Is it necessary to visit Chennai RTO for hypothecation termination process ?
Ans : Physical presence of registered owner is not required for hypothecation deletion process in Chennai RTO . If you are in Bangalore , dont worry. Just you need to send your documents to our Chennai office . We will get the work done and send back your documents to Bangalore .
My vehicle which is registered in Chennai is under hypothecation . Now I want to apply for NOC from Chennai to Mumbai . Do I need to close the loan first ?
Ans : You can manage to get the work done with Loan continuation letter from the bank. In this case you will have to take NOC from bank which is also called loan continuation letter. On the basis of this letter from bank, RTO will issue NOC .
There was hypothecation on my car which I re-paid 2 years back . I got loan closure letter from the bank. The validity of it is expired. Can I apply for hypothecation termination with this expired paper ?
Ans : To apply for vehicle hypothecation cancellation, in general loan closure should be valid. Some RTOs accept expired loan closure letter . For detail info on this Pls speak to our team they will guide you.
My vehicle was on loan which I have already closed 3 years back . Bank had given NOC for loan closure which expired long back . Now I want to go for removal of Hypothecation from vehicle in the RTO. Do I need to take fresh NOC from the bank?
Ans: Yes, you will have to take fresh NOC from the bank , as it has been already expired. In some cases work can be managed to get the done with expired NOC . For information on it you may contact one of our representative.
Is hypothecation removed automatically in RTO Chennai?
Ans : No. Hypothecation is not removed automatically. Bank issues NOC certificate and form 35 set for vehicle loan closure. Application for hypothecation removal should be submitted in the concerned RTO for HP termination from the RTO record.
Is form 35 and NOC the same?
Ans : No. Form 35 and NOC are not the same . NOC is given by the financer once you repay the loan on vehicle completely. It is stated in the NOC that loan has been closed and bank has no objection in the removal of hypothecation from the RTO record against the said vehicle.
Form 35 is the RTO application form used for the hypothecation termination from the RTO record of the vehicle.2 sets of form 35 is to be submitted in the RTO for hypothecation cancellation along with supporting documents. This form 35 should be signed by both bank as well as registered owner.
I have purchased a bike which is registered in other state. There is hypothecation on it. Who will apply for hypothecation termination in the RTO?
Ans : Since bike is still in the name of previous owner, so seller should apply for hypothecation termination in the RTO.
APPLY FOR HP TERMINATION