Prestige Park Street Velachery Home Loan Process

Published On: 15 June 2026

Securing a home loan for Prestige Park Street depends on its RERA status. Prestige Estates Projects Limited is developing this project at 140, Velachery Road, Chennai 600042. Guindy sits just 3.9 km away. The 3.48-acre project is currently in its pre-launch phase. Banks cannot disburse loan funds until Tamil Nadu RERA issues the registration number.

Once RERA approval comes through, buyers can finance up to 80 percent of the apartment cost through banks. This applies to the Rs 4 Crore 3 BHK or the larger 4 BHK layouts. Your final loan amount depends on your income and credit eligibility.

Detail	Info
Developer	Prestige Estates Projects Limited
Location	140, Velachery Road, Chennai 600042
Configurations	3 BHK, 4 BHK, 4 BHK+Family Room, 4.5 BHK+Study
Starting Price	Rs 4 Crore (3 BHK)
Possession	October 2030
RERA Status	Awaiting TNRERA registration
Land Area	3.48 acres, 4 towers

Approved Banking Partners

Prestige Group is a publicly listed developer. This makes the banking process straightforward once legal clearances go public. Once the TN-RERA number goes live, top lenders such as SBI, HDFC, ICICI, and Axis Bank are expected to pre-approve the project.

A pre-approved project means the bank has already verified the land title and CMDA permissions. You'll only need to submit salary slips, bank statements, and tax returns to get your individual loan sanctioned.

Paying the Down Payment

A home loan does not cover the entire apartment cost, and it cannot fund the initial booking token. To reserve a flat now, you pay the Expression of Interest (EOI) deposit from personal savings. After allotment, you pay your mandated down payment out of pocket to register the agreement. The bank steps in to fund the remaining balance only after you've paid your share and signed the sale contract.

Stage-by-Stage Loan Disbursement

The bank does not issue a single lump-sum payment to the builder. Prestige plans to hand over the four towers, A, B, C, and D, by October 2030. To protect loan funds, the bank follows a construction-linked payment schedule. Money releases only when the developer hits specific milestones, such as the foundation or a floor's roof slab.

Pre-EMI Benefits During Construction

This staggered payout keeps your monthly expenses manageable. Until keys are handed over in 2030, you pay only Pre-EMI on your home loan. Pre-EMI is interest-only, calculated on the amount the bank has released so far, not your full approved loan. The full EMI, which includes the principal, starts only once 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 typically starts only 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, major lenders such as SBI, HDFC, Axis, and ICICI Bank are expected to process home loans for verified buyers. The developer will confirm the final approved bank list closer to launch.

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

No. The initial booking amount is generally paid upfront from your own funds. The bank loan activates later, for the remaining balance.

4. What is Pre-EMI in this project?

Pre-EMI is the interest-only payment made while construction is ongoing. It is generally calculated on the funds the bank has actually disbursed to the builder, not the total approved loan amount.

5. What documents do I need for a Prestige Park Street home loan?

You will typically need salary slips, bank statements, Form 16 or ITR, PAN card, and Aadhaar card. Self-employed buyers should also submit business proof and audited financials for the last two years. Exact requirements vary by lender.

6. What loan tenure options are available for Prestige Park Street buyers?

Most banks offer tenures of up to 30 years for salaried buyers, depending on age and repayment capacity. A longer tenure lowers the EMI but increases the total interest paid over time.