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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 Delhi
In Delhi there are 13 RTOs .
DL1 - Mall Road RTO
DL2 - IP depot RTO
DL3 - Seikh Sarai RTO
DL4 - Janakpuri RTO
DL5 - Loni Road RTO
DL6 - Sarai Kale Khan RTO
DL7 - Mayur Vihar RTO
DL8 - Wazirpur RTO
DL9 - Palam RTO
DL10 - Raja Garden RTO
DL11 - Rohini RTO
DL12 - Vasant Vihar RTO
DL13 - Surajmal Vihar RTO
The Hypothecation closure letter is to be submitted to the concerned RTO for Hypothecation removal process from RC in Delhi .
RTO fees for HP addition/ endorsement
Cost of endorsing hire purchase/lease/hypothecation agreement:
- Motorcycle Rs. 500
- Light motor vehicle Rs. 1500
- Medium/heavy vehicle Rs. 3000
APPLY FOR HP TERMINATION ONLINE
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.
I want to apply for HP termination. My current address has been changed. Can I apply for HP termination and change of address together?
Ans : Yes. You can apply for HP termination and change of address together. You will get new RC after HP termination with updated address.
Is Aadhar card mandatory for HP termination in Delhi ?
Ans : Yes, Aadhar card is mandatory for HP termination in Delhi. The address on Aadhar card should be of Delhi only.
My car is registered in Delhi. Now I live in Noida. My car loan is over. Address on my Aadhar is of Noida . What should I do?
Ans : To apply for any RTO process in Delhi registered vehicle, address of registered owner should be of Delhi only. Please speak with our team, they will help and guide you .
My vehicle which is registered in Delhi is under hypothecation . Now I want to apply for NOC from Delhi 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 .
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?
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.
How to check if RC has hypothecation?
Ans : The status of hypothecation can be checked from Parivahan website . If vehicle has a loan it would be shown as financed from the bank.
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.
What is hypothecation termination
When you repay your loan fully, bank or the financial institution gives loan closure letter along with 2 sets of form 35. To remove Hypothecation from RTO , Application on form 35 along with bank NOC and other supporting documents needs to be submitted to the RTO.
Normally the validity of the bank NOC is 3 months from the date of issue. So, its important to apply for HP termination timely.
CANCELLATION OF RTO HYPOTHECATION IN DELHI
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 Delhi 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 DELHI
Following are the steps to apply for HP termination in Delhi
- Get loan closure letter and form 35 from the bank
- Apply for HP termination service on the Parivahan website
- Deposit requisite RTO fees
- Submit application for HP termination along with supporting documents to the concerned RTO
- Application processing
- The Hypothecation will be removed from your car once all the documents has been validated.
- Issue of new RC after HP termination
HOW TO DO RTO HYPOTHECATION REMOVAL PROCESS ONLINE IN DELHI
Itzeazy has complete online process for Hypothecation removal in Delhi. following are the steps involved in the process :
- Requirement understanding from the client
- Sharing of documents required for HP deletion by Itzeazy with the client
- Advance payment of service charge by the client
- Verification of the soft copy of the documents
- Collection of physical copy of the documents from door-step
- Document submission to the RTO by Itzeazy
- Work completion and dispatch of RC
DOCUMENTS REQUIRED FOR HYPOTHECATION REMOVAL IN DELHI
The following documents must be submitted by the car owner in order to Hypothecation removal Delhi:
- Form 35 (2 copies, self-attested).
- Registration Certificate.
- NOC form bank (RTO Office copy).
- Copy of PUC.
- Copy of Aadhar Card.
- Copy of Insurance Policy.
- Printout of receipt of payment.
PROCESSING TIME FOR HYPOTHECATION REMOVAL IN DELHI
It is necessary to apply for HP deletion for a vehicle at the RTO where it is registered. Normally, the process for Hypothecation removal in Delhi takes about one month. However, the real timing may differ slightly.
Hypothecation Termination Delhi
Do you want to apply for Hypothecation termination in Delhi ? Itzeazy helps in RTO hypothecation removal process online in Delhi. HP termination in Delhi needs to be done after re-payment of vehicle loan. Service of Itzeazy for hypothecation removal in Delhi is door step. Car hypothecation removal in Delhi is one of the specialized service of Itzeazy. Its important to remove HP from RC in Delhi to sell your vehicle or to transfer your vehicle to other state. Upon loan closure Hypothecation closure letter is given by bank .
Itzeazy makes HP Termination process faster
Itzeazy has a team of expert professionals who helps in the process to remove hypothecation from RC online in Delhi. The HP cancellation process is done online while you sit at your home. Its door step and hassle free service. Application for Hypothecation termination should be submitted to the RTO where vehicle is registered.
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