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Transfer of previously hypothecated bike.. Headache

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  • #1

    Transfer of previously hypothecated bike.. Headache

    Guys any idea about transferring a used bike that was earlier under hypothecation?

    My bike was hypothecated earlier by the first owner, which was cleared and so the bank gave noc and form 35.

    But here at the KR Puram rto they're saying that the chip in the rc still has the hypothecation and that it can only be cancelled at Indiranagar, where the rc was issued initially. Only then can they transfer it. Is this true? I feel they're asking me to run around pointlessly, wasting time and money.

    Could you help me a bit with this?
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  • #2
    Re: Transfer of previously hypothecated bike.. Headache

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    • #3
      Re: Transfer of previously hypothecated bike.. Headache

      Hey Shaurya yes thats the true fact that if the vehicle is register in one RTO and the hypothecation has to be cancelled from the same RTO
      Santosh BA
      Ride or Die till I die

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      • #4
        Re: Transfer of previously hypothecated bike.. Headache

        Originally posted by Shaurya7 View Post
        Guys any idea about transferring a used bike that was earlier under hypothecation?



        My bike was hypothecated earlier by the first owner, which was cleared and so the bank gave noc and form 35.



        But here at the KR Puram rto they're saying that the chip in the rc still has the hypothecation and that it can only be cancelled at Indiranagar, where the rc was issued initially. Only then can they transfer it. Is this true? I feel they're asking me to run around pointlessly, wasting time and money.



        Could you help me a bit with this?

        The previous owner has to get NOC from the bank and has to submit it with rc to the rto where it is registered to cancel the hypothication. Only after this you can transfer the bike. On the RC card they wont write anything about hypothication. It will be written inside the chip. After cancellation of hypothication , you can take a B extract from Bangalore one and submit along with RC to change ownership
        Ride Safe! Journey is more important than destination

        StormRyder!!!

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        • #5
          Re: Transfer of previously hypothecated bike.. Headache

          Originally posted by Shaurya7 View Post
          Guys any idea about transferring a used bike that was earlier under hypothecation?

          My bike was hypothecated earlier by the first owner, which was cleared and so the bank gave noc and form 35.

          But here at the KR Puram rto they're saying that the chip in the rc still has the hypothecation and that it can only be cancelled at Indiranagar, where the rc was issued initially. Only then can they transfer it. Is this true? I feel they're asking me to run around pointlessly, wasting time and money.

          Could you help me a bit with this?
          One has to change the hp name from the same RTO frome where the hp was issued. For that, the owner has to get a noc from the bank and he himself has to get it changed from the hp by signing on the register. A sum between 1-1.5K is needed for the transfer. Please talk to the previous owner regarding this. If the hp change process is not yet complete, you can get into legal trouble later on.
          A bike on the road is worth two in the shed.

          Weekend Rides Around Kolkata
          My Ride To Sunderbans -           Hemnagar & Samsernagar
          Saagar Kinare - Bakkhali Calling

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          • #6
            Re: Transfer of previously hypothecated bike.. Headache

            brother the cancellation of hypothecation is done on 2 front,,

            1st-- cancellation of hypothecation at bank and then issuance of noc from bank itself,,,

            2nd-- cancellation of hypothecation at the same registration office where the vehicle was registered

            both of these 2 tasks should be performed by the owner himself only then he could legally sell off the vehicle,,,,,

            Comment

            • #7
              HP cancellation and ownership transfer in Mumbai

              hi guys,
              I saw a used ride which is having some loan pending with it. current owner is going abroad soon. we both belong to different RTO MH03 and MH04.
              i am looking to avoid agent as far as i can. i have previous idea of getting NOC from first RTO and transferring ownership. loan clearance is new to me.
              i have following queries.
              1. Is there any way where i (next owner) can get it transferred after he (current owner) provides me NOC from Bank after clearing loan?
              2. Has current owner to be present in RTO for cancelling HP?
              3. Can HP clearance and ownership transfer be done simultaneously? or once HP removed, new RC goes to current owner from RTO by post?
              4. if i get TTO set aoong with signed form35 from bank and current owner, will i need any help from previous owner?

              thanks.

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