Want to do RTO Hypothecation removal process online in Delhi, Itzeazy provides service for RTO HP cancellation process online. Hypothecation(HP) cancellation/ removal from RTO in Delhi is done by Regional Transport Authority/office ( RTA/RTO) .
Hypothecation in vehicles is done because the majority of people take loans from a bank or any financial institution for purchasing the said vehicle. Now, what do you mean by Hypothecation?
Hypothecation means a practice/process where an asset is pledged as collateral to secure a debt or loan.
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 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
Keeping the importance and need of HP deletion from RC, after paying off all dues on the vehicle, you can apply for HP Cancellation from RTO Delhi. But before applying, make sure all the required documents are obtained, like an NOC from the bank or respective financing company. You can apply online 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 deletion and the required changes in RC together.