When writing a letter to request hypothecation cancellation from a bank, clarity and politeness are essential. Start by addressing the letter to the branch manager, including your name, loan account number, and the reason for the request. Clearly state that you have repaid the loan and completed all EMIs, emphasizing your need for a No Objection Certificate (NOC) to proceed with the hypothecation cancellation. Express gratitude for their assistance and sign off politely. Avoid unclear language and ensure all necessary details are included for a successful letter.
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- FAQs
Sample Request Letter to Bank for Hypothecation Cancellation
- Write an application to Bank for issuance of NOC, Form No. 35 required for HP (Hypothecation) Cancellation of Vehicle
To,
The Branch Manager,
_____________ (Bank Name),
_____________ (Branch Name/ Address)
Date: __/__/____ (Date)
Respected Sir/Madam,
I would like to state that my name is ________________ (Name) and I am holding a loan account with your bank. My account number is ___________ (Account number). I have repaid the loan and already paid all the EMI for the loan account. Also, completed full and final payment of loan account. I want to have hypothecation cancellation from the registered authority for which I will be requiring a No Objection Certificate (NOC).
Therefore, I request you to kindly issue NOC for my loan so that I can get hypothecation canceled as early as possible. I shall be thankful.
Yours Truly,
____________ (Signature)
____________ (Name),
____________ (Date)
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FAQs
- What is a hypothecation cancellation request letter?
- A hypothecation cancellation request letter is a formal communication addressed to a bank, requesting the issuance of a No Objection Certificate (NOC) and Form No. 35 necessary for canceling hypothecation of a vehicle.
- What documents are typically required for hypothecation cancellation?
- The main documents required for hypothecation cancellation include a No Objection Certificate (NOC) from the bank, Form No. 35, and any other relevant documents specified by the registering authority.
- Is it necessary to repay the entire loan amount before requesting hypothecation cancellation?
- Yes, it is essential to repay the entire loan amount and fulfill all associated EMIs before requesting hypothecation cancellation to ensure the process can be completed smoothly.
- What should be included in a hypothecation cancellation request letter?
- A hypothecation cancellation request letter should include the borrower's name, loan account number, details of loan repayment, a clear request for a No Objection Certificate (NOC), and a polite closing expressing gratitude for the bank's assistance.
- How long does it typically take for a bank to issue a No Objection Certificate (NOC) for hypothecation cancellation?
- The time taken for a bank to issue a No Objection Certificate (NOC) for hypothecation cancellation can vary depending on internal processes and workload. It is advisable to follow up with the bank periodically to expedite the process.
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