Prestige Park Street Velachery Home Loan Process

Published On: 15 June 2026

Securing a home loan for Prestige Park Street at 140 Velachery Road depends entirely on the project's Tamil Nadu RERA registration status. Because the 3.48-acre property is currently in its 2026 pre-launch phase, banks cannot legally disburse any loan funds until the government issues the official RERA certificate. Once that RERA number is active, buyers can finance up to 80 percent of the apartment cost—whether that is the Rs 1.55 Crore 3 BHK or one of the larger 4 BHK layouts—through major banks, based on their personal income and credit eligibility.

Approved Banking Partners

Prestige Group is a publicly listed developer, which makes the banking process straightforward once the legal clearances are public. As soon as the TN-RERA number goes live, top financial institutions like State Bank of India (SBI), HDFC, ICICI, and Axis Bank will officially pre-approve the site. A pre-approved project means the bank has already verified the land title and CMDA permissions. You will only need to provide your salary slips, bank statements, and tax returns to get your individual loan sanctioned.

Paying the Down Payment

A home loan will not cover the entire cost of the apartment, and it cannot be used for the initial booking token. To reserve a flat right now, you have to pay the initial Expression of Interest (EOI) deposit from your personal savings. After the unit is allotted, you must pay your mandated down payment out of pocket to register the agreement. The bank will only step in to fund the remaining balance after you have paid your share and signed the official sale contract.

Stage-by-Stage Loan Disbursement

The bank will not issue a single, lump-sum check to the builder. Prestige plans to hand over the four towers (A, B, C & D) by October 2030. To protect the loan funds, the bank uses a strict construction-linked payment schedule. They will only release money when the developer completes specific physical milestones on the site, such as pouring the foundation or finishing the roof slab for your specific floor.

Pre-EMI Benefits During Construction

This staggered payout system keeps your monthly expenses manageable. Until the keys are handed over in 2030, you will only pay Pre-EMI on your home loan. Pre-EMI means you are strictly paying the interest on the exact amount the bank has released to the builder so far. You do not start paying the full EMI—which includes the heavy principal amount—until the apartment is finished and ready to occupy.

FAQs

1. Can I get a home loan for Prestige Park Street right now?

You can get a personal loan eligibility letter from your bank today, but actual property loan disbursement will only start after the project receives its official TN-RERA registration number.

2. Which banks will provide loans for this Velachery project?

Once the RERA certificate is issued, all major national and private lenders, including SBI, HDFC, Axis, and ICICI Bank, will process home loans for verified buyers.

3. Can I use the home loan for the initial booking token?

No. The initial amount of booking to block the apartment must be paid upfront using your own personal funds. The bank loan activates later for the remaining balance.

4. What is Pre-EMI in this project?

Pre-EMI is the lower monthly interest payment you make while the building is under construction. It is calculated only on the funds the bank has actually disbursed to the builder, rather than your total approved loan amount.