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 is just 3.9 km away. The 3.48-acre project is 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, 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 typically start 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, most major national and private lenders, such as SBI, HDFC, Axis, and ICICI Bank, are expected to process home loans for verified buyers. The final list of approved banks is confirmed by the developer nearer to launch.

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

No. The initial booking amount to block the apartment is usually 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 monthly payment you make while the building is under construction. It is generally calculated only on the funds the bank has actually disbursed to the builder, rather than your total approved loan amount.

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

You will typically need your salary slips, bank statements, Form 16 or ITR, PAN card, and Aadhaar card. Self-employed buyers should also submit business proof and audited financial statements 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 home loan tenures of up to 30 years for salaried buyers, depending on your age and repayment capacity. A longer tenure lowers your EMI but increases the total interest you pay over time.