How to Remove Hypothecation From RC | Step By Step in Hindi

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How to Remove Hypothecation From RC | Step By Step in Hindi

Download Form 35 : https://goo.gl/BpVLEQ (Application Form)
Download Form 60 : https://goo.gl/Lau6FW (If don't have pancard)

HP termination refers to an application for making an entry of termination of agreement of hire purchase, lease or hypothecation agreement in the certificate of hypothecation.

#Hypothecation : Hypothecation on the other hand, is defined under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as a charge in or upon any movable property, existing or future, created by a borrower in favour of a secured creditor without delivery of possession of the movable property to such creditor, as a security for financial assistance and includes a floating charge and crystallisation of such charge into a fixed charge on movable property.

In case of failure by the owners of the hypothecated property to repay the debt within the stipulated time, the creditor would have the option to recover its dues by way of sale of the hypothecated property.

#Guidelines :-

1.Apply for making an entry of hire-purchase, lease or hypothecation agreement in the certificate of registration of a motor vehicle in Form 35, duly signed by the registered owner of the vehicle and the financier

2.Confirm whether it is the case of termination due to failure to make repayment to financier

3.If all dues are cleared then provide certificate of due clearance from financier

4.Pay appropriate fee as specified in rule 81 of the Central Motor Vehicle Rules 1989

5.If the termination is due to failure of repayment the financier then RC should be issued in the name of financier

#Documents required

1.Application in Form 35
2.Certificate of registration
3.Allotment letter of the vehicle
4.Valid insurance certificate
5.Proof of address*
6.Pollution under control certificate*
7.R.C.Book*
8.Attested cop of PAN card or Form 60 and Form 61 (as applicable)*
9.No Objection Certificate from financier*
10.Chassis & Engine Pencil Print*
11.Signature Identification of owner*

#Reference

1.The Motor Vehicles Act 1988 (Section 51 of Chapter IV)
2.The Central Motor Vehicles Rules 1989 (Rule 61)
3.State transport official websites

Documents marked with asterisk (*) may be required in some states.

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