RTO Hypothecation termination in Chennai

Do you want to apply for vehicle hypothecation termination in Chennai? Itzeazy provides service for RTO hypothecation removal process in Chennai. Hypothecation cancellation in Chennai is done by Regional transport office .

You can apply for Hypothecation cancellation from RTO Chennai after paying off bank loan on the vehicle, . But before applying, make sure all the required documents are obtained, like NOC from the bank or respective financing company.

Process for Hypothecation termination in Chennai

Following are the steps for hypothecation termination in Chennai :

Collect loan closure letter and form 35 from the bank
Apply online for HP termination
Deposit requisite RTO fees for HP termination
Submit application form along with supporting documents to the concerned RTO
Processing of the application at RTO
Hypothecation cancellation done, issue of new RC

Processing time - 30 days

Where to apply for vehicle hypothecation removal

You can apply for HP cancellation at the RTO where vehicle is registered. If you require any changes in RC after termination, like an address change, you can do a HP termination and the required changes in RC together.

Depending on where is vehicle registered, documents need to be submitted.

How to apply for hypothecation termination in Chennai

Itzeazy provides Consultancy for Hypothecation termination in Chennai. It provides end to end assistance and documentation support to the clients.

Itzeazy takes care of the entire process of HP termination in Chennai i.e.

Documentation support
Submission of the application at RTO
Follow up with RTO for the progress of work
Issue of RC & delivery of it

Itzeazy provides service in the following RTOs :

TN01 - Ayanavaram RTO
TN02 - Anna Nagar RTO
TN03 - Tondiarpet RTO
TN04 - Pulianthoppu RTO
TN05 - Vysarbadi RTO
TN06 - Mandaveli RTO
TN07 - Thiruvanmiyur RTO
TN09 - K. K. Nagar RTO
TN10 - Valasarawakkam RTO
TN11 - Tambaram RTO
TN13 - Ambattur RTO
TN22 - Meenambakkam RTO

Over View

Hypothecation Termination in Chennai

In case you had bought your vehicle through Bank Financing, the vehicle would be hypothecated with the bank and name of the bank would appear in your RC book. Once you have cleared the loan, you should get the HP terminated.

HP termination for a vehicle in Chennai is to be applied in the concerned RTO where the vehicle is registered.

Normally RTO hypothecation removal process in Chennai takes approx. 3-4 weeks time. However actual time may vary some time. Visit of registered owner or vehicle to the RTO is not required.

What if hypothecation is not removed

If a vehicle is purchased on loan from a bank/ financier the same would be endorsed in the registration certificate. As soon as loan gets over , one must get RC hypothecation removal done . Its important because :

Ownership can not be transferred without removal of Hypothecation from the vehicle
NOC for other RTO will not be issued without doing HP removal
In case of loss of RC , application for duplicate RC needs to be endorsed by financer also

Advantages of RTO Hypothecation Removal 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 claim - 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.

Process

Process for Hypothecation cancellation in Chennai

Order online
Make advance payment online
Upload documents for verification
Schedule pickup
Document pick-up & Process starts
Work completed
Documents delivered & order closed

Document Required

Documents required for Hypothecation cancellation in Chennai

Original RC
2 copy of application in Form No.35
NOC from Bank
Copy of valid insurance
Copy of valid pollution certificate

Forms

RTO Forms for Hypothecation cancellation in Chennai

FAQ's

Hypothecation cancellation in Chennai - FAQ

1. How can I remove hypothecation from RTO Chennai?

Hypothecation cancellation process in Chennai is not online completely . Application can be filled online. Fees can be paid online . However physical submission of application forms and supporting documents is required at concerned RTO in Chennai.

Following are the steps for HP termination in Chennai :

Arrange loan closure letter and form 35 from the bank
Visit the official website of parivahan: https://parivahan.gov.in/parivahan/
Select ‘Vehicle related Services’
Select ‘State’ and input the ‘RTO number’, then click ‘Proceed’
Select ‘Apply for Hypothecation Termination’
Enter your vehicle details such as Vehicle Registration No. and the last five characters of chassis number
Fill up the application detail carefully
Deposit Requisite RTO fees online
Take print of RTO fees receipt
Submit signed application forms along with supporting documents to the concerned RTO.
Application will be scrutanized and processed
You will get new RC after HP removal after one month

2. Do we need to visit RTO for hypothecation removal in Chennai?

Yes, its mandatory to visit RTO for hypothecation removal in Chennai for documents submission and collection of RC after the work completion.

3. Can I cancel my hypothecation online in Chennai?

4. I am transferring my vehicle from Bangalore to Mumbai which is on loan from bank. Is it necessary to repay full loan amount to get NOC from RTO ?

Either you can repay complete loan and remove hypothecation or loan continuation letter can be taken from the bank

5. Is hypothecation removed automatically?

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.

6. How to check if RC has hypothecation?

The status of hypothecation can be checked from Parivahan website . If vehicle has a loan it would be shown as financed from the bank.

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