Thursday, October 22, 2009

How to remove bank hypothecation for car loans

Till now i used to think all govt offices work in a sluggish manner.But my last visit to the
Attapur RTO office has proved otherwise. I went to the RTO for removing the hypothecation of car on my RC book since i have pre-closed my bank loan.
To my surprise the process got over in 10 minutes time with absolutely no hassle.
So for hyderebaadi's who are looking for information on how to get the hypothecation removed
here goes the process,

1) Make sure that the Bank sends Form-35 along with the closure statement.
The Form comes attached with NOC to the Insurance company and the RTO
2) You'll need the following documents
*Original RC book
* Copy of valid Insurance
* Copy of valid Pollution certificate
3) Reach RTO and submit the above documents with FORM-35 and NOC's (original)
4)Pin up the documents alongwith a selfaddressed envelope(You'll get the envelope in the RTO office itself)
4) Pay 325 Rs (Fee-100/-,Service Charge=200/-,Tax-25/-)
5)Take the receipt.

and viola the changed RC book comes within a week's time by post. In my case it arrived in 4 days time.
Just ensure that the text 'Self Owned' is printed in the place of 'Hypothecated'.

So simple is the process !