Drafting an effective letter for hypothecation cancellation requires clarity and courtesy. Start by clearly stating your name and address as the vehicle owner, followed by details about the vehicle and its financing. Specify that you've completed all loan payments and received necessary documents from the financier, such as Form No. 35 and a No Objection Certificate (NOC). Request the cancellation of hypothecation in both your registration book and records. Finally, verify the truthfulness of your statements and sign the affidavit. Remember, clear communication and thoroughness are essential for a successful letter.
Sample Hypothecation Cancellation Affidavit
AFFIDAVIT
I, ____________ (Vehicle Owner Name) S/o, D/o, W/o __________ Residence of ________ (Vehicle Owner Address) do hereby solemnly affirm and declare as under :-
- That I the owner of Vehicle ___________ (Vehicle Details) bearing its Registration No. ______________ (vehicle registration number).
- That the said vehicle was financed with ____________________ (Bank/Company Name from whom vehicle was financed)
- That I have paid full and final loan ______ (EMI /Installments) of the said vehicle to the said financer.
- That the financer has issued the _____ (Form No. 35) along with the _______ (NOC – No Objection Certificate /Letter) of termination.
- That the H.P. (Hypothecation) may be canceled in my registration book and as well as in records also.
DEPONENT
VERIFICATION:-
Verified that the contents of my above-said affidavit are true and correct to the best of my knowledge and belief and nothing has been concealed therein.
DEPONENT
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Kshitij Tarun