RAIL encouraged loading a site in under 1000ms on cable and (not well documented) between 3000ms and 5000ms on 3G. This loosely correlates to Google's research that 53% of mobile users will abandon a site if it doesn't load in 3s. So 5s is the headroom we give you for loading and becoming interactive so a user can realistically tap on a part of your user interface and have something useful happen. Loading is more nuanced than we as web developers once thought however.
It's is a pretty broad term and we don'the think it's enough for the page to "look" done. It should be engagable.