Hypothecation termination Faridabad

Want to apply for vehicle hypothecation termination in Faridabad ? Itzeazy provides service for RTO hypothecation removal process online in Faridabad. Hypothecation cancellation from RTO in Faridabad is done by Regional Transport office.

You can apply for HP Cancellation in RTO Faridabad, after paying off all dues 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 Faridabad

Following are the steps for hypothecation termination in Faridabad :

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 : 7 days

You can apply for the HP cancellation at the respective RTO. 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.

Apply for HP termination in Faridabad online

Itzeazy provides Consultancy for vehicle Hypothecation termination in Faridabad , provides end to end assistance along with documentation support to the clients.

Itzeazy takes care of the entire process of HP termination in Faridabad 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 :

RTO Faridabad (HR51)

Tehsil court compound, Sector-12, Faridabad

RTO Ballabhgarh (HR29)

RLA cum SDM Panchayat Bhawan, Ballabhgarh

Over View

Hypothecation termination in Faridabad

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 hypothecation removal or hypothecation termination 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

HP termination in Faridabad is to be applied in the concerned RTO where the vehicle is registered. Normally HP deletion of vehicle process takes approx. 1 month time. However actual time may vary some time.

Visit of registered owner or vehicle to the RTO is not required.

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 Faridabad

Order online
Make 50% payment online
Upload documents for pre-check
Schedule pickup
Document pick-up & Process starts
Work completed
Make 50% balance payment & share address for dispatch
Documents delivered & order closed

Document Required

Documents required for Hypothecation cancellation in Faridabad

Original RC
2 copy of application in Form No.35
NOC from Bank
Copy of valid insurance
Copy of valid pollution certificate
Copy of Address proof (voter card/ passport/ telephone(MTNL/BSNL)/electricity bill/ Adhar card) , any one

Forms

RTO Forms for Hypothecation cancellation in Faridabad

Form 35
Sample form 35
Bank NOC sample
Form 34
Sample form 34

FAQ's

Hypothecation cancellation in Chennai - FAQ

1. How can I remove hypothecation from RTO Faridabad?

Hypothecation cancellation process in Faridabad 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 Faridabad.

Following are the steps for HP termination in Faridabad :

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 Faridabad?

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

3. Can I cancel my hypothecation online in Faridabad?

4. I am transferring my vehicle from Faridabad 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 .

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