About this calculator
Two ratio caps decide how much a Singapore bank may lend you, and both are computed at a stress rate you will never actually pay. The Total Debt Servicing Ratio (TDSR) says all your debt payments together — this loan plus car loans, personal loans and credit-card minimums — may not exceed 55% of gross monthly income. The Mortgage Servicing Ratio (MSR) adds a second, tighter cap for public housing: the instalment on an HDB flat, or a new executive condo still inside its five-year minimum occupation period, may not exceed 30% of gross monthly income on its own. Private property has no MSR.
For both tests MAS requires the loan to be priced at its medium-term interest rate — 4% a year for residential property since the September 2023 revision of MAS Notice 645 (5% for non-residential). With real packages priced off SORA around 1.5%–2.2% in late 2026, the tested payment is roughly a third larger than the payment you will make, which is why a lower market rate does not let you borrow more. One warning the headline hides: some older comparison sites still quote the pre-2021 TDSR of 60%. That figure is dead — the limit has been 55% since December 2021.
How to use it
- Enter your gross monthly income (before CPF deductions). Bonuses, commissions and rental income are haircut by at least 30% by banks — reduce the figure first if yours is mostly variable.
- Add every other monthly debt payment: MAS counts car and personal loans and a share of your credit-card limits, not just balances.
- Pick the property type — HDB flats and new ECs trigger the 30% MSR on top of the TDSR.
- Set the LTV you plan to use (75% is the MAS maximum for a first bank loan) and the package rate you realistically expect, for the true repayment figure.
- Read the binding test in the table: it tells you whether clearing other debts or choosing private property would move your ceiling.
The formula
PV is the standard annuity present value at the MAS medium-term rate of 4% (monthly rate 4% ÷ 12). The TDSR budget subtracts your existing debts because the 55% cap covers all of them; the MSR budget ignores other debts because it caps this instalment alone. HDB's own loans run the same tests at a 3% floor instead — see the HDB loan calculator.
Worked example
A buyer earning S$12,000 a month with S$800 of car-loan payments, buying an HDB flat over 30 years: the TDSR leaves S$5,800 a month, which at the 4% floor supports S$1,214,875. The MSR leaves only S$3,600, supporting S$754,060 — so the MSR binds, and at 75% LTV the flat budget is about S$1,005,414. The same buyer purchasing a private condo skips the MSR and can borrow the full S$1,214,875, supporting a S$1,619,834 property. At a real package rate of 2.00%, the HDB-sized loan actually costs S$2,787 a month — the gap between the tested and real payment is the regulator's safety margin, not a bank trick.
Sources: MAS Notice 645 — TDSR framework and the September 2023 medium-term interest rate revision (4% residential, 3% for HDB loans, 5% non-residential); MSR under the HDB rules, current October 2026. Last updated: October 2026.
Frequently asked questions
Why is my loan sized at 4% when packages are under 2%?
Because MAS Notice 645 fixes a medium-term interest rate for the TDSR/MSR tests — 4% for residential property since September 2023 — and banks must use the higher of that floor or the loan's own later-years rate. The point is that you could still service the loan if rates returned to their long-run norm. Your repayment is calculated at your actual package rate; only the size of the loan is set at 4%.
Is the TDSR 55% or 60%?
55%. The TDSR was cut from 60% to 55% in the December 2021 cooling measures and has not moved since. Sites still quoting 60% are working from pre-2021 rules and will overstate what you can borrow by roughly a tenth.
Does the MSR apply to resale ECs and private condos?
The MSR applies to HDB flats and to executive condos bought from the developer while still within the five-year minimum occupation period (and to refinancing of those loans). A resale EC after its MOP is treated as private property for this test, and private condos and landed homes are never MSR-tested — only the TDSR applies.
How do banks treat my bonus and rental income in the TDSR?
Variable income — bonuses, commissions, allowances and rent — must be haircut by at least 30% under MAS rules, and self-employed income is assessed from tax notices with similar caution. Financial assets can be converted into deemed income over 48 months, with smaller haircuts if the assets are pledged to the bank. If most of your pay is variable, enter about 70% of it here to get a realistic ceiling.
Can a longer tenure get me a bigger loan?
Up to a point: the same budget at 4% supports a larger loan over 35 years than over 25. But MAS cuts the LTV limit to 55% when the tenure passes 30 years (25 for HDB flats) or runs beyond age 65, so the extra borrowing room can be eaten by the bigger down payment. Refinancing and repricing aside, most buyers get more from clearing a car loan — every S$500 of monthly debt removed adds roughly S$105,000 of loan room at the 4% floor over 30 years.
What formula does this affordability calculator — singapore (tdsr & msr) calculator use?
TDSR loan = PV of (55% × income − other debts) at 4% over the tenure; MSR loan = PV of (30% × income) at 4%; your loan = the lower of the two PV is the standard annuity present value at the MAS medium-term rate of 4% (monthly rate 4% ÷ 12). The TDSR budget subtracts your existing debts because the 55% cap covers all of them; the MSR budget ignores other debts because it caps this instalment alone. HDB's own loans run the same tests at a 3% floor instead — see the HDB loan calculator. The worked example on this page applies the formula step by step with real numbers, so you can verify the result by hand.