Hypothecation termination Mumbai

Want to apply for hypothecation removal in Mumbai online? Itzeazy provides service for hypothecation termination in Mumbai online. RTO hypothecation removal process in Mumbai is done by RTO.

You can apply for HP Cancellation from RTO Mumbai, after paying off loan on the vehicle. But before applying, make sure all the documents required for Hypothecation cancellation has been arranged, like NOC from the bank or financing company.

Process for Hypothecation termination in Mumbai

Following are the steps for hypothecation termination in Mumbai :

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

Where to apply for vehicle hypothecation removal

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

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

How to apply for Hypothecation removal in Mumbai online

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

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

MH01 - Tardeo RTO
MH02 - Andheri RTO
MH03 - Wadala RTO
MH04 - Thane RTO
MH05 - Kalyan RTO
MH43 - Vashi RTO
MH46 - Panvel RTO
MH47 - Borivali RTO
MH48 - Vasai RTO

Over View

Hypothecation Termination in Mumbai

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 deleted.

HP termination in Mumbai is to be applied in the concerned RTO where the vehicle is registered.

Normally HP deletion of vehicle process 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 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

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 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.

Process

Process for Hypothecation cancellation in Mumbai

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 Mumbai

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/ Aadhar card) , any one

Forms

RTO Forms for Hypothecation cancellation in Mumbai

FAQ's

Hypothecation cancellation in Mumbai - FAQ

1. How can I remove hypothecation from RTO Mumbai?

Hypothecation cancellation process in Mumbai 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 Mumbai.

Following are the steps for HP termination in Mumbai :

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 Mumbai?

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

3. Can I cancel my hypothecation online in Mumbai?

4. I am transferring my vehicle from Mumbai to Bangalore 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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