CANCELLATION OF RTO HYPOTHECATION IN Ghaziabad

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 Ghaziabad 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 .

Reasons to cancel your vehicle's hypothecation

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 dont 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.

RTO HYPOTHECATION REMOVAL PROCESS IN GHAZIABAd

Itzeazy has following process for Hypothecation removal in Ghaziabad

Requirement understanding of the client
Sharing of the list of documents required
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

DOCUMENTS REQUIRED FOR HP TERMINATION IN GHAZIABAD

Following are the documents required for HP termination

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 certificate
Copy of address proof of the registered owner

My vehicle is registered in Ghaziabad RTO. It was under hypothecation and now loan is closed . Currently I don't live in Ghaziabad . Do I need to visit RTO physically for HP termination process.

Ans : Yes. For HP termination process in Ghaziabad RTO , physical presence of registered owner is mandatory.

I bought my car through loan from bank. Loan has been completed . Now I am moving to Bangalore. What will be the procedure to get NOC for my car from RTO Ghaziabad?

Ans : NOC from Noida will be 2 stage process :

1. HP termination

2. NOC for car from Ghaziabad to Bangalore

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 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.

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.

Cost for adding or endorsing hypothecation

The RTO fees for hypothecation addition is :

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

APPLY FOR HP TERMINATION

Hypothecation Termination Ghaziabad

Looking for RTO hypothecation removal process online in Ghaziabad , Itzeazy provides service for Hypothecation termination in Ghaziabad . So if you bought your vehicle on finance from bank , HP termination in Ghaziabad needs to be done after re-payment of loan . Services of Itzeazy for hypothecation removal in Ghaziabad is door step.

Itzeazy makes HP Termination process faster

Car hypothecation removal in Ghaziabad is one of the specialized service of Itzeazy. Its important to remove HP from RC in Ghaziabad to sell your vehicle or to transfer your vehicle to other state.

To book order or for any query or concern please speak to one of the consultants over phone or chat. You can also drop a message . We will get back to you shortly.