Home Loan Eligibility and Process for Pre-Launch Apartments

At the pre-launch stage, a project has not yet received its RERA registration. Under the RERA Act, a developer cannot sell units before registration. Banks also do not fund projects that lack it. So no bank will release a loan against an EOI payment.

The loan becomes possible once three things happen. The project gets its MahaRERA number, a bank approves it for lending, and you sign the sale agreement. Bank approval for a project is called APF, or Approved Project Finance, and it speeds up your loan.

Banks judge your eligibility on a few core factors. The table below shows what most lenders look for in 2026.

FOIR stands for Fixed Obligation to Income Ratio. It measures how much of your income already goes to EMIs. So existing car or personal loans reduce what you can borrow.

RBI rules cap how much a bank can lend against a property's value. For loans up to ₹30 lakh, banks can fund 90%. For ₹30 lakh to ₹75 lakh, they can fund 80%. Above ₹75 lakh, the limit drops to 75%.

In September 2026, leading banks offer home loan rates starting from about 7.15% to 7.25%. Here is what a 75% loan could look like at 7.5% interest over 20 years:

The income figures assume your EMI stays at 50% of take-home pay. Adding a working spouse as a co-applicant raises your eligibility and can also split tax benefits.

If your eligibility falls short of the loan you need, a few steps can help before you apply:

• Close small personal loans or credit card dues to lower your FOIR.
• Add an earning spouse or parent as a co-applicant.
• Choose a longer tenure, which lowers the EMI and raises the loan you qualify for.
• Pay your bills on time for a few months to push your CIBIL score higher.

The process runs alongside the project's own timeline, and the steps below take you from EOI to possession:

• Pay the EOI amount from your own savings to secure priority.
• Wait for the project's MahaRERA registration and check which banks have approved it.
• Apply for an in-principle loan sanction to confirm how much you can borrow.
• Pay the 10% booking amount from your own funds after the formal launch.
• Sign and register the Agreement of Sale, and pay stamp duty and registration yourself.
• Submit the agreement to the bank for final sanction and a legal check.
• Let the bank pay the developer directly as each construction milestone completes.
• Pay pre-EMI or full EMI during construction, then regular EMIs after possession.

Most banks release their share only after your own contribution is paid. So plan to cover the first 20% of the price, plus stamp duty and GST, from savings.

Since the bank releases money in stages, you can choose how to repay during the build period. With pre-EMI, you pay only interest on the amount released so far. Say the bank has released ₹30 lakh at 7.5%. Your pre-EMI would then be about ₹18,750 a month.

With full EMI, you start paying both interest and principal from the first release. Your monthly outgo is higher, but you close the loan sooner and pay less interest overall. If you already pay rent, pre-EMI keeps your cash flow easier until possession.

Keep these papers ready, since missing items can hold up your loan sanction for weeks:

• PAN card, Aadhaar and passport-size photos
• Salary slips for the last three months, or business ITRs for two to three years
• Form 16 and bank statements for the last six months
• Employment letter or proof of business
• EOI receipt, booking receipt and Agreement of Sale
• Cost sheet and payment schedule from the developer

NRIs also need a valid passport, visa, overseas salary proof and NRE or NRO account statements.

Under the old tax regime, you can claim up to ₹1.5 lakh yearly on principal and stamp duty. You can also claim up to ₹2 lakh a year on interest for a self-occupied home. Interest paid during construction can be claimed in five equal parts once you get possession.

Tax rules change often, so check the latest limits with your chartered accountant before you plan.

Prestige Falcon City Thane is in its pre-launch stage, and its RERA registration is still in process. So buyers join through an EOI now and apply for a loan after registration and bank approval. Prestige Group's CRISIL DA1+ rating and long delivery record can help the bank approval move faster.

The project follows a 10:10:80 payment plan, which suits stage-wise loan release. You pay the first 20% yourself, and the bank can fund the eight construction milestones that follow. You can check current prices on the Prestige Falcon City Thane price page to plan your loan amount.