TDSR Calculator Singapore: TDSR & MSR Loan Limits
Monthly income
Gross, before CPF. Combine all borrowers on the loan.
Bonus, commission, allowances: 30% is shaved off
Car loan, other property loans, personal loans, credit card minimums
Loan
Income-weighted if joint
Max 30 years
Your monthly income, S$8,000
- Max mortgage S$2,400
- Assessed incomeS$8,000
- TDSR: 55% of income, less other debtsS$4,400
- MSR: 30% of incomeS$2,400
- Loan this supports at 4% over 25 yearsMAS medium-term stress rate; you pay your bank's rateS$454,686
- Loan-to-value limit75%
Banks and HDB make the final call and may lend less. Price here assumes your cash and CPF cover the rest: at least 5% of the price in cash, plus stamp duty.
Maximum loan
S$454,686
- Max monthly instalment
- S$2,400
- Limited by
- MSR (30%)
- Stress-test rate
- 4%
- Tenure
- 25 years
How this works
Total Debt Servicing Ratio (TDSR): all your monthly debt repayments, including the new mortgage, can't exceed 55% of gross monthly income. Mortgage Servicing Ratio (MSR): for an HDB flat, or an executive condominium bought from the developer, the home loan instalment alone can't exceed 30% of gross monthly income. Bank loans for HDB flats and new ECs must pass both.
Lenders don't use today's rate. MAS requires banks to assess residential loans at the higher of a 4% medium-term interest rate floor or the loan's thereafter rate (since 30 September 2022). HDB assesses its own loans at a 3% floor, although borrowers pay 2.6%. The calculator finds the largest loan whose instalment at that stress rate fits under the 30% or 55% cap, then divides by the loan-to-value limit to get the maximum price.
Variable income (bonuses, commissions, allowances) is cut by 30%, using the average of the last 12 months. Loan-to-value limits are 75% for a first housing loan, 45% with one outstanding housing loan and 35% with two or more, each 20 points lower if the tenure is over 25 years (HDB flats) or 30 years (other property), or if the loan runs past age 65. HDB loans lend up to 75% and must be repaid by 65, over at most 25 years.
FAQs
What is the TDSR limit in Singapore?
55% of gross monthly income. All monthly debt repayments, including the new home loan, car loans and other property loans, must stay at or below 55%, assessed at a stress-test interest rate of at least 4%.
How much can I borrow on a S$8,000 monthly income?
About S$454,700 from a bank for an HDB flat over 25 years: the 30% MSR allows a S$2,400 instalment, tested at 4%. With a 75% loan limit that supports a flat of about S$606,200. An HDB loan on the same income (tested at 3%) allows about S$506,100.
What is the difference between TDSR and MSR?
TDSR caps all your debt repayments at 55% of income and applies to every property loan from a bank. MSR caps just the home loan instalment at 30% of income, and only applies to HDB flats and new executive condominiums bought from developers.
Does TDSR apply to HDB loans?
No. HDB loans are assessed on the 30% Mortgage Servicing Ratio at a 3% interest rate floor. TDSR is a MAS rule for loans from banks and other financial institutions.