The EMI for a 2 BHK in Prestige Falcon City Chennai starts at ₹90,254 per month for a 20-year home loan at an 8.50% interest rate. Located on the main Medavakkam–Sholinganallur Road in South Chennai, this 23-acre township by the Prestige Group offers 2 BHK flats from 1,001 sq. ft. to 1,220 sq. ft. The base price starts at ₹1.30 Crore and goes up to ₹1.46 Crore at the pre-launch price of ₹13,000 per sq. ft. To buy a flat here, you need a 20% down payment of ₹26 Lakhs to ₹29.2 Lakhs. Major banks will give you a loan for the remaining ₹1.04 Crore to ₹1.17 Crore.

2 BHK Price and Home Loan Details

Before we check your monthly bank payment, let us look at the total flat cost. Prestige Falcon City Chennai has two types of 2 BHK flats across its 22 tall towers.

As per Indian banking rules, banks give up to 80% of the base flat cost as a home loan. You must pay the remaining 20% from your own pocket as a down payment. You also have to pay government taxes like GST (5%), Tamil Nadu Stamp Duty (7%), and Registration charges (2%).

Note: After the pre-launch offer ends, the base price will go up to ₹14,500 per sq. ft. This will increase both the flat price and your monthly EMI.

Monthly EMI for a 2 BHK in Prestige Falcon City Chennai (By Years)

Your monthly EMI depends on three things: your total loan amount, the bank interest rate, and how many years you take to pay back the loan. Top banks like SBI, HDFC, and ICICI give home loans at around 8.50% interest per year if your credit score (CIBIL) is above 750.

1. EMI for 2 BHK Compact (1,001 Sq. Ft. | Loan Amount: ₹1.04 Crore)

If you buy the 1,001 sq. ft. flat priced at ₹1.30 Crore and take an 80% bank loan of ₹1.04 Crore, here is what you will pay every month:

2. EMI for 2 BHK Regular (1,220 Sq. Ft. | Loan Amount: ₹1.168 Crore)

If you pick the bigger 1,220 sq. ft. 2 BHK flat priced at ₹1.46 Crore with an 80% loan of ₹1.168 Crore, your monthly EMI will be:

Why You Do Not Pay the Full EMI Right Away

Prestige Falcon City Chennai is a new project under construction, and it will be ready by December 2031. Because of this, you do not have to pay the full ₹90,254 EMI from Day 1.

The builder uses a safe 10:10:80 Payment Plan linked to the building work:

• Booking Stage: You pay a booking amount (EOI) of ₹2 Lakhs to ₹3 Lakhs to lock in the low pre-launch price.
• Agreement Stage (Within 30 Days): You pay 10% of the flat cost when you sign the sale agreement.
• Building Stages (80%): The bank pays your loan money to the builder in small steps as the 14-floor towers go up (like when the foundation, parking, floors, and walls are built).

What is Pre-EMI?

While your flat is being built, you can choose Pre-EMI. In this plan, you only pay interest on the small amount the bank has given to the builder so far. For example, if the bank releases ₹20 Lakhs in the first year, you only pay about ₹14,166 per month instead of ₹90,254. Your full EMI starts only after the flat is ready.

Minimum Monthly Salary Needed for This Home Loan

Banks in Chennai check your monthly salary before giving a loan. As a basic rule, banks allow up to 50% of your monthly take-home salary to go toward loan EMIs.

• For a 2 BHK Compact (₹90,254 EMI): Your family take-home salary should be ₹1.75 Lakhs to ₹1.85 Lakhs per month.
• For a 2 BHK Regular (₹1,01,362 EMI): Your family take-home salary should be around ₹2.00 Lakhs per month.

Simple Tip for Buyers: If your single salary is less, apply for a Joint Home Loan with your working wife, husband, parent, or sibling. Banks will add both salaries together so you can get a bigger loan easily. Also, women co-owners get a 0.05% discount on interest rates from banks like SBI and HDFC.

5 Easy Ways to Reduce Your 2 BHK EMI

• Book at the Pre-Launch Price: Buying now at ₹13,000 per sq. ft. instead of the later launch price of ₹14,500 per sq. ft. saves you ₹15 Lakhs on the flat cost. This reduces your monthly EMI by ₹10,400 every month for 20 years.
• Pay a 30% Down Payment: If you have extra savings, paying a 30% down payment (₹39 Lakhs) reduces your loan to ₹91 Lakhs. This brings your 20-year EMI down to ₹78,972 per month.
• Keep Your Credit Score Above 750: Banks give their lowest interest rates (8.35% to 8.50%) to buyers with a CIBIL score above 750. Even a small 0.50% drop in interest saves you ₹7.9 Lakhs over 20 years.
• Save Money on Income Tax: Once you get the keys to your flat, you can claim tax deductions up to ₹1.5 Lakhs per year on the loan amount (Section 80C) and up to ₹2 Lakhs per year on the loan interest (Section 24b) under the Old Tax Regime.
• Use Rent Money to Pay Your EMI: This project is right next to Gleneagles Global Health City hospital and just 10 minutes (5 km) from the Sholinganallur OMR IT Hub. Because IT workers love living in big gated communities with a 70,000+ sq. ft. clubhouse, you can easily get ₹35,000 to ₹45,000 per month in rent. This rent can pay for almost half of your monthly EMI.