Documents Required for an LIC Home Loan

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Applying for a home loan can be an exciting yet daunting process. Especially when it comes to gathering all the necessary documents. As one of the leading housing finance companies in India. LIC Housing Finance has specific document required that applicants must fulfil. 

In this blog, we’ll provide a detailed breakdown of the documents needed for an LIC home loan, along with tips to ensure a smooth submission process.

Detailed Breakdown of the Documents Required for an LIC Home Loan

Category	Documents Required
For Salaried Individuals	– Duly signed application form – Two passport-size photographs- Identity Proof: Aadhaar card, Voter ID, PAN card, Driving License, Passport (mandatory for NRIs)- Signature Proof: Passport, PAN Card – Address Proof: Aadhaar Card, Voter ID, Passport – Income Proof: Last six months’ bank statement, previous three years’ Income Tax Returns (ITR), last 3 months’ salary slip, job confirmation proof – Property Documents: Proof of ownership of property, allotment letter from society (if flat/apartment), up-to-date tax paid receipt
For Self-Employed Individuals	– Duly signed application form – Two passport-size photographs- Identity Proof: Aadhaar card, Voter ID, PAN card, Driving License, Passport (mandatory for NRIs) – Signature Proof: Passport, PAN Card- Address Proof: Aadhaar Card, Voter ID, Passport – Income Proof: Bank statement, proof of business existence, last three years Income Tax Returns (ITR), last three years’ Balance Sheet and Profit & Loss Account certified/audited by a CA – Property Documents: Proof of ownership of property, allotment letter from society (if flat/apartment), up-to-date tax paid receipt
For NRIs	– LIC Home Loan application form – Passport-size photographs – Identity Proof: Passport (mandatory)- Signature Proof: Passport, PAN Card – Address Proof: Aadhaar Card, Voter ID, Utility bills – Income Proof: Job confirmation and last six months’ bank statements – Property Documents: Proof of ownership of property, allotment letter from society (if flat/apartment), up-to-date tax paid receipt
For HUF	– Duly signed application form – Two passport-size photographs – Identity Proof: Aadhaar card, Voter ID card, PAN card, Driving License, Passport (mandatory for NRIs) – Signature Proof: Passport, PAN Card- Address Proof: Aadhaar Card, Voter ID Card, Passport – Income Proof: Bank statement, proof of business existence, last three years Income Tax Returns (ITR), last three years’ Balance Sheet and Profit & Loss Account certified/audited by a CA – Property Documents: Proof of ownership of property, allotment letter from society (if flat/apartment), up-to-date tax paid receipt

Balance Transfer Documents 

If you are looking for a balance transfer with LIC, here are the list of documents that you need to keep ready –

Category	Documents Required
For Salaried Individuals	– KYC Documents: PAN card, Aadhaar card, Passport, residence proof- Income Documents: Salary slips and Form No. 16 for salaried individuals; last three years’ income tax returns; bank statements for the last six to twelve months – Property Documents: Proof of ownership of property; allotment letter from society (if flat/apartment); up-to-date tax paid receipt
For Self-Employed Individuals	– KYC Documents: PAN card, Aadhaar card, Passport, residence proof- Income Documents: Salary slips and Form No. 16 for salaried individuals; last three years’ income tax returns; bank statements for the last six to twelve months; audited balance sheet and Profit and Loss statement – Property Documents: Proof of ownership of property; allotment letter from society (if flat/apartment); up-to-date tax paid receipt

Additional Documents Based on Loan Type

Depending on the type of home loan you’re applying for—be it a home construction loan, home purchase loan, or balance transfer loan—the documentation requirements may vary. Here are some additional documents you might need:

• Home Construction Loan: Sanctioned building plan, detailed construction cost estimates
  
• Home Purchase Loan: Allotment letter from the builder, Possession letter
  
• Balance Transfer Loan: Previous loan statements, Foreclosure letter from the current lender

Additional Documents Based on Applicant Profiles

Certain applicants, such as NRIs and co-applicants, are required to submit additional documentation:

• NRI Applicants:
  • Valid passport and visa
  • Overseas bank account statements (last 6 months)
  • Income proof from overseas (salary certificate, income tax returns)
  • Power of Attorney (if someone is representing you in India)
    
• Co-applicants:
  • Identity and address proof (PAN, Aadhaar, Passport)
  • Income proof (for salaried or self-employed co-applicants)
  • Relationship proof (with the primary applicant)

Tips for Smooth Document Submission

Submitting the right documents in an organized manner can significantly speed up your home loan approval. Here are some practical tips to help you with the process:

• Organise Documents in Advance: Start collecting and organizing your documents early. Ensure that all photocopies are clear and that originals are easily accessible for verification.
  
• Use LIC’s Document Checklist: LIC Housing Finance provides a detailed checklist of documents required for different types of home loans. Make sure you refer to this checklist to avoid missing any crucial paperwork.
  
• Seek Assistance from LIC Representatives: If you’re unsure about any documents or need clarification, don’t hesitate to reach out to an LIC representative. They can guide you through the process and help ensure that your application is complete.

Conclusion

Preparing the necessary documents for your LIC home loan application might seem like a challenging task. But with proper organization and preparation, it can be a smooth process. By following this guide and staying in touch with LIC representatives, you’ll be well-equipped to navigate the documentation requirements successfully. 

If you’re considering a home loan or need assistance navigating the complexities of the process, Credit Dharma is here to help. We offer a free consultation to guide you through your options, ensuring you find the best loan based on your financial situation.

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