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BOOK HP TERMINATION ONLINE
How to check hypothecation cancellation online or how to check hypothecation of vehicle online ?
Ans : You can check status of hypothecation of vehicle by sending SMS to the mobile no. - 7738299899 . Format of the SMS is VAHAN space vehicle no . So suppose the vehicle no. is KA01CX1133 , then the SMS format should be VAHAN KA01CX1133. This SMS should be sent to no. 7738299899 . You will get an SMS . It will show the status of hypothecation cancellation.
My car is registered in Andheri RTO in my name . I have time constraint . Is it mandatory for registered owner to visit RTO for hypothecation removal process ?
Ans : For hypothecation removal process in Mumbai , visit of registered owner is not mandatory . Itzeazy provides door step service for hypothecation removal from RC in Mumbai and its adjoining area . Just you need to provide us required documents , We will get the complete work done .
My bike is registered in Thane RTO . Right now I am in Bangalore . How will I get my RC back after hypothecation removal from RTO ?
Ans : In Mumbai RC is being delivered by post to the address mentioned on the RC book . Though visit of registered owner to the RTO is not mandatory for hypothecation removal process, it should be ensured that someone should be able to receive your RC at the registered address after work completion.
I have a car which is registered in Wadala RTO . Its under hypothecation and loan is continuing . To sell car will I have to close loan first ?
Ans : Yes. With loan running on the vehicle you can not sell your car . So, for transfer of ownership process loan has to be closed first .
How can I endorse the hypothecation on the vehicle record?
Ans: If a vehicle is purchased on loan from a financier the same could be endorsed in the registration certificate. The following are the documents required:
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.
Want to apply for Hypothecation removal in Mumbai ? Itzeazy provides service for hypothecation removal process in Mumbai . It helps you to remove hypothecation from RC online in Mumbai. Hypothecation termination is the process of removing hypothecation from the RC in the RTO records of the concerned RTO . After fully repaying your loan, you must terminate the hypothecation against the RC if you have purchased vehicle after taking loan from the bank and it is registered in Mumbai. In this article, we'll talk about the documents required for HP termination in Mumbai and the hypothecation removal procedure in Mumbai.
For HP cancellation, Itzeazy offers door step hassle free service.
Following are the RTOs in Mumbai & its adjoining area where Itzeazy provides services :
For more information on the RTO offices and its addresses please visit page RTO Mumbai
When, how, and how best to remove hypothecation?
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.
If you have purchased vehicle on loan , In the RTO records vehicle will be shown hypothecated to the particular financier . Once you re-pay loan fully , hypothecation has to be removed from the RTO records. Process for removing hypothecation(HP) from RC is called hypothecation termination or hypothecation cancellation .
Following are the steps involved in hypothecation removal process in Mumbai :
Following are the documents required for hypothecation termination in Mumbai :
RTO fees for HP addition/ endorsement
Endorsing hire purchase/lease/hypothecation agreement:
(a) Motorcycle Rs. 500
(b) Light motor vehicle Rs. 1500
(c) Medium/heavy vehicle Rs. 3000
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 Mumbai 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 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.
If you have purchased vehicle on loan from bank or some financial institution , while registering vehicle in the RTO , in RTO records vehicle is shown as hypothecated to that particular bank . Hypothecation is to be removed from RC in the RTO records , once loan is re-paid fully .
Bank or the financial institution provides 2 sets of form35 and NOC for the termination of loan from the vehicle . Normally this form 35 is given by the bank . However , some banks ask registered owner of the vehicle to bring form 35 .To download form 35 pls visit page RTO forms