Vehicle Sale

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Contributed by Sumeet Popli

Vehicle sale under Hypothecation

I had started a thread asking if the transfer of ownnership and the removal of hypothecation on the RC of a vehicle could be carried out in a single step. Got the answer a few days back. I had sold my Avenger in Aug. 07 while it was still under Hypothecation from GE Countrywide.

The deal was sealed in Aug. 07. The possesion of vehicle along with papers (still in my name) were handed over to the new fellow.

I prepaid my loan (with no interest on outstanding principal, only a charge of Rs. 500 as prepayment fee). Had to call up the customer care to get the NOC for the removal of HP on my RC. which arrived in 2 weeks.

But due to a no. of reasons, could never go to the RTO for the getting the required changes endorsed. Finally did it on Dec. 20.

So , Here is what is required for the same.

Documents to be submitted:

  • Original RC of the Vehicle
  • Attested photocopy of the Pollution Under Control Certificate
  • Attested photocopy of the Insurance.
  • Attested photocopy of the residence proof of the present owner (in

my case, me)

  • Attested photocopy of the residence proof of the new owner

Forms needed:

  • Form # 35, which is the NOC from the Hypothecation FI.
  • Form # 29, Sale Agreement (in duplicate)
  • Form # 30, Transfer of ownership (in duplicate)

Fee:

  • Rs. 100 for notary attestation
  • Rs. 100 for removal of Hypothecation charges
  • Rs, 30 for transfer of ownership charges
  • Rs. 370 for new RC (Smart Card)

Time Required for new RC: 15-30 days.

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