MAS Home Loan Rules: LTV, TDSR, MSR and the 4% Stress Test in One Place

Short answer: MAS sets three rules that cap a bank home loan. The loan-to-value (LTV) limit allows up to 75% of the price on a first housing loan. TDSR caps all debt repayments at 55% of income, tested at an interest rate of at least 4%. For HDB flats and ECs within their minimum occupation period, MSR adds a 30% cap.

This page is the overview: which rules MAS sets, how they combine when a bank sizes your loan, and when each one last changed. For the detail on each rule, see our guides to LTV limits, TDSR vs MSR and HDB loans vs bank loans.

Which home loan rules does MAS set, and which does it not?

MAS sets the lending rules that banks and other financial institutions must follow. Stamp duties and HDB's own loan terms come from other agencies.

Sources: MAS explainers on LTV limits, MSR and TDSR, and calculating TDSR; MAS, MND and HDB joint release, 29 September 2022.

What are the current LTV limits?

MAS counts outstanding housing loans, not properties owned. The lower limit in each row applies if the loan tenure is over 30 years (25 years for HDB flats) or the loan runs past the borrower's age of 65. For joint borrowers, MAS uses an income-weighted average age.

Source: MAS, Loan tenure and loan-to-value limits (for options to purchase granted on or after 6 July 2018). Non-individual borrowers face a 15% LTV limit.

The limits are the same for citizens, PRs and foreigners. The part of the down payment above the cash minimum can come from CPF Ordinary Account savings or cash. Our LTV guide has worked examples.

How do TDSR and the 4% stress test work?

A bank adds up all your monthly debt repayments, including the new home loan, car loans, student loans, renovation loans, credit card and other loans. The total must not exceed 55% of gross monthly income. If it does, the loan amount is reduced.

The new home loan's repayment is not calculated at your actual rate. For residential property, banks use the higher of 4% or the "thereafter" rate, which MAS defines as the highest rate the bank offers at any time during the loan. MAS also sets minimum haircuts:

• Variable income (commissions, bonuses, allowances): averaged over the preceding 12 months, then at least a 30% haircut.
• Rental income: at least a 30% haircut, backed by a stamped tenancy agreement with at least six months left to run.

For HDB flats and ECs still within their minimum occupation period, the MSR also applies: all the borrower's property loan repayments must stay within 30% of gross monthly income. Our TDSR vs MSR guide shows maximum-loan calculations for each.

How do the rules stack when a bank sizes your loan?

The bank applies every rule that fits your case, and the smallest result wins. Here is our estimate for one case, to show the mechanics.

Case: a S$1.2 million private condo, first housing loan, borrower aged 34, 30-year tenure, gross income S$8,000 a month, existing car loan of S$800 a month, no other debt.

Our estimate, using the standard loan annuity formula at the 4% floor. It assumes the bank's thereafter rate is not above 4% and that the bank recognises the full S$8,000 as fixed income. A real assessment may differ.

In this case TDSR binds, not LTV. The buyer could borrow up to about S$754,000, not S$900,000, and would need about S$446,000 for the down payment. At least S$60,000 of that (5% of the price) must be cash; the rest can come from cash or CPF. Buyer's stamp duty of S$32,600 (IRAS rates) comes on top, paid separately.

Without the car loan, the TDSR limit would rise to about S$922,000, and the 75% LTV cap of S$900,000 would bind instead.

When did MAS home loan rules last change?

As of 28 September 2026, MAS's explainer pages show the limits in this article. We found no change to LTV, TDSR, MSR or the 4% floor announced in 2026.

What about refinancing?

Refinancing has its own rules:

• Owner-occupied home: TDSR and MSR do not apply, but the bank still does its own credit assessment.
• Investment property: you can refinance above the TDSR limit if you commit to a debt reduction plan with the bank to repay at least 3% of the outstanding balance over no more than three years.
• LTV: there is no regulatory LTV limit on a refinanced loan. The bank can lend up to the amount outstanding.
• Tenure: the new loan cannot run longer than the maximum (30 or 35 years) minus the years since the original loan was disbursed.

Sources: MAS, Refinancing rules for housing loans; MAS release, 2 September 2016.

FAQ

Does MAS set the HDB loan rules?

No. HDB sets the terms of its own concessionary loan: a 75% LTV since 20 August 2024, the 30% MSR, and a 3% interest rate floor for working out how much you can borrow. The HDB loan rate is 2.6% a year, pegged to the CPF Ordinary Account rate. See our HDB loan vs bank loan comparison.

What monthly repayment does the 4% floor imply?

At 4%, a S$500,000 loan over 25 years works out to about S$2,639 a month (our calculation, standard annuity formula). A bank uses that figure, or a higher one if its thereafter rate is above 4%, in your TDSR test, whatever rate you actually pay.

Can I use CPF for the minimum cash down payment?

No. The minimum cash portion (5% for a first housing loan at 75% LTV, 25% if you already have a housing loan) must be paid in cash. Any down payment above that can come from CPF Ordinary Account savings or cash.

Do foreigners face different LTV limits?

No. MAS's LTV limits depend on the number of outstanding housing loans, the tenure and the borrower's age, not nationality. Foreigners pay a different stamp duty: ABSD is 60% on any residential purchase, according to IRAS.

Does TDSR apply if I already own my home and want to refinance?

Not if the home is owner-occupied. For an investment property, you can refinance above the TDSR limit only with a debt reduction plan of at least 3% of the balance over up to three years.

Sources

• MAS, Loan tenure and loan-to-value limits
• MAS, Mortgage Servicing Ratio and Total Debt Servicing Ratio rules
• MAS, Calculating TDSR for property loans
• MAS, Refinancing rules for housing loans
• MAS, Macroprudential policies in Singapore
• MAS, MND and HDB, Measures to promote sustainable conditions in the property market (29 September 2022)
• MAS, TDSR rules on refinancing fine-tuned (2 September 2016)
• MND, MOF and MAS, Extension of the holding period of Seller's Stamp Duty and higher SSD rates (3 July 2025)
• EdgeProp, New measures to cool public housing resale market; LTV limit cut for HDB loans (August 2024)
• CPF Board, HDB loan or bank loan? 3 differences you should know
• IRAS, Additional Buyer's Stamp Duty (ABSD)
• IRAS, Buyer's Stamp Duty (BSD)