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By SG PropertiesPublished 8 min readUpdated

LTV Limits Explained: How Much Can You Really Borrow in 2026?

LTV limits Singapore: banks lend up to 75% on a first housing loan, 45% on a second and 35% on a third, or 55%, 25% and 15% if the loan runs past age 65.

Short answer: A bank can lend you up to 75% of a home's price or valuation (whichever is lower) if you have no other housing loan, 45% if you have one, and 35% if you have two or more. These fall to 55%, 25% and 15% if the tenure is over 30 years (25 for HDB flats) or the loan runs past age 65. HDB loans also cap at 75%.

Updated 27 September 2026. Limits checked against MAS, HDB and CPF Board pages on this date. The bank LTV limits have applied to purchases with an Option to Purchase granted on or after 6 July 2018.

The loan-to-value (LTV) limit decides how much of a property's value a lender can finance, and therefore how much you need upfront. For loans from banks and finance companies, the limits are set by the Monetary Authority of Singapore (MAS) and are not negotiable with your lender.

What are the LTV limits in 2026?

The limit depends on how many outstanding housing loans you have when you apply, and on the loan tenure and your age.

Outstanding housing loansMaximum LTV (standard)Maximum LTV (lower limit applies)Minimum cash down payment
None75%55%5% (standard) or 10% (lower limit)
145%25%25%
2 or more35%15%25%

The count is of outstanding housing loans, not properties owned. A property whose mortgage is fully repaid does not count as an outstanding loan.

Non-individual borrowers, such as companies buying residential property, face an LTV limit of 15%.

When does the lower LTV limit apply?

MAS says the lower limit applies if "the loan tenure exceeds 30 years (or 25 years for HDB flats), or the loan period extends beyond the borrower's age of 65 years." Either condition is enough.

Example: A 45-year-old takes a 25-year bank loan for a private condo. The tenure is under 30 years, but the loan would run to age 70, past 65. The lower limit applies: 55% instead of 75% for a first housing loan.

For joint borrowers, the lender uses an income-weighted average age to decide whether the loan runs past 65.

Practical impact: On a S$2 million first home, 55% LTV means a S$900,000 down payment (45%), of which at least S$200,000 (10%) must be cash. At the standard 75% LTV, the down payment is S$500,000 (25%), with at least S$100,000 (5%) in cash.

MAS also caps bank loan tenure at 30 years for HDB flats and 35 years for other residential property.

How much of the down payment must be cash?

The total down payment is 100% minus the LTV limit. The minimum cash component is a floor within it. The rest can be paid from CPF Ordinary Account savings or cash, subject to CPF limits.

Situation (bank loan)Total down paymentMinimum cashCPF or cash
First housing loan, 75% LTV25%5%20%
First housing loan, 55% LTV45%10%35%
Second housing loan, 45% LTV55%25%30%
Third housing loan, 35% LTV65%25%40%

CPF can generally be used up to the lower of the purchase price and valuation. With a bank loan, you can go up to 120% of that figure only after setting aside the Basic Retirement Sum (CPF Board).

How does an HDB loan compare?

HDB concessionary loanBank loan
Maximum LTV75% of the price, or of the lower of price and valuation for resale flats75%, 45% or 35% (or the lower limits), of the lower of price and valuation
Down payment25%, payable from CPF OA and/or cash25% on a first loan, of which at least 5% cash
Interest rate2.6% a year from 1 October to 31 December 2026, pegged at 0.1 point above the CPF OA rateSet by each bank (fixed or SORA-linked)
Maximum tenureUp to 25 years (shorter if 65 minus your average age, or the remaining lease minus 20 years, is less)30 years for HDB flats; 35 years for other homes
Prepayment penaltyNoneUsually during a lock-in period
Who can borrowAt least one Singapore Citizen buyer, HDB flats only, income ceiling appliesSubject to bank credit assessment, MSR and TDSR

The HDB loan LTV was cut from 80% to 75% with effect from 20 August 2024 (for resale applications received from that date, and BTO flats from the October 2024 sales exercise). In the same package, the maximum Enhanced CPF Housing Grant for first-timer families was raised from S$80,000 to S$120,000 (EdgeProp).

Main eligibility conditions for an HDB loan (MyNiceHome, updated 23 August 2026):

  • At least one buyer must be a Singapore Citizen.
  • Gross monthly household income of up to S$16,000 for families and S$8,000 for singles. These ceilings were raised from S$14,000 and S$7,000 for HFE letter applications from 24 August 2026.
  • You must not own or have an interest in private residential property, or have sold one in the 30 months before applying.
  • A household can take at most two HDB housing loans in total.
  • Monthly repayments are capped at 30% of household income (the Mortgage Servicing Ratio).

How do TDSR and MSR further limit borrowing?

LTV is not the only cap. For a bank loan, your total monthly debt repayments cannot exceed 55% of gross monthly income under the Total Debt Servicing Ratio (TDSR). MAS counts property loans, car loans, student loans, renovation loans, credit card debt and other loans. For revolving credit, lenders use the minimum payment due on the latest statement.

For HDB flats and ECs bought from the developer, the Mortgage Servicing Ratio (MSR) also caps property loan repayments at 30% of gross monthly income. See our TDSR vs MSR guide for the assessment rates and worked examples.

Worked examples

All examples are hypothetical. Repayments are our calculations using standard monthly amortisation, and bank rates are illustrative assumptions, not quotes.

Example 1: First-time buyer, S$800,000 HDB resale flat, HDB loan, age 35, 25 years

  • HDB loan at 75% (assuming the valuation equals the price): S$600,000
  • Down payment: S$200,000 (25%), which can come fully from CPF OA if the balance is enough
  • Monthly repayment at 2.6%: about S$2,722
  • MSR check: HDB assesses at a 3% floor, giving about S$2,845 a month. At 30% MSR, that needs household income of at least about S$9,485, within the S$16,000 ceiling.

Example 2: Private condo (first housing loan), S$1.5 million, age 42, 30-year bank loan

  • The loan would run to age 72, past 65, so the lower limit applies: 55% → S$825,000
  • Down payment: S$675,000 (45%)
    • Minimum cash: 10% = S$150,000
    • Remaining S$525,000 from CPF or cash
  • Monthly repayment at an assumed 3.5%: about S$3,705

Example 3: One outstanding housing loan, second property at S$1.2 million, age 38, 25-year bank loan

  • The loan ends at age 63 and the tenure is under 30 years, so the standard limit applies: 45% → S$540,000
  • Down payment: S$660,000 (55%)
    • Minimum cash: 25% = S$300,000
    • Remaining S$360,000 from CPF or cash
  • A Singapore Citizen buying a second home also pays 20% ABSD (S$240,000), on top of the down payment (MOF).

What counts as an outstanding housing loan?

The count is assessed when you apply for the new loan. One nuance MAS spells out: if someone is brought in to help a borrower meet the TDSR, that person is treated as a co-borrower rather than a guarantor, and "lower LTV limits will apply to their future housing loan applications" (MAS). Being a co-borrower on a family member's loan can therefore reduce what you can borrow for your own home later.

FAQ

Can I get a higher LTV if I use CPF?

No. The LTV limit caps how much the lender can lend, however you fund the rest.

Does refinancing affect my LTV?

MAS says borrowers "are not subject to TDSR and LTV limits when they refinance their loans for owner-occupied residential properties" (MAS, 7 April 2020). Refinancing does not change your outstanding loan count.

Can I borrow more from a finance company instead of a bank?

No. MAS applies the same LTV limits to finance companies as to banks.

What happens if the valuation comes in below the price?

The loan is based on the lower of the price and the valuation. If you agree to pay S$1.2 million and the valuation is S$1.1 million, a first housing loan at 75% is capped at S$825,000. For HDB resale flats, the amount above valuation (cash over valuation) must be paid in cash; it cannot be covered by a loan or CPF (CPF Board). For private homes, CPF can be used above valuation only up to 120% of it, and only after setting aside the Basic Retirement Sum.

Did the LTV limits change in 2026?

No. As of 1 October 2026, the bank LTV limits are those MAS has applied since July 2018, and the HDB loan LTV has been 75% since 20 August 2024. What changed in 2026 is the HDB loan income ceiling, raised to S$16,000 for families and S$8,000 for singles from 24 August 2026.

Summary

The age-and-tenure rule catches many buyers in their 40s and 50s: a first private home can need a 45% down payment, with 10% in cash, instead of 25%. Second-home buyers face 45% LTV (55% down, at least 25% in cash) plus ABSD. Knowing your LTV tier before you shortlist is essential if you have an existing loan or a long tenure.

Sources

This page explains Singapore's loan rules and is not financial advice. Your lender or HDB will confirm your actual loan amount.

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