TDSR vs MSR Singapore: The 55% and 30% Loan Limits Explained

Short answer: TDSR caps all your monthly debt repayments at 55% of gross monthly income, for any property loan from a bank. MSR caps home loan repayments alone at 30%, but only for HDB flats and ECs bought from developers. For those, both apply to bank loans, and the lower limit wins. HDB loans face MSR only.

Updated 27 September 2026. Thresholds, assessment rates and exemptions checked against MAS explainers and MoneySense on this date. The 55% TDSR has applied since 16 December 2021, and the current assessment rate floors since 30 September 2022.

What is the difference between TDSR and MSR?

The formulas MAS publishes are:

• TDSR = total monthly debt obligations ÷ gross monthly income × 100% ≤ 55%
• MSR = monthly instalments for all property loans ÷ gross monthly income × 100% ≤ 30%

What is TDSR, and what debts does it count?

The TDSR is a limit MAS sets on how much of your income can go to debt when a financial institution grants a property loan. It covers any individual borrowing to buy property or borrowing against property. That includes residential and non-residential property, in Singapore or overseas, and refinancing. The rules do not apply to company borrowers. However, MAS says an individual who sets up a company solely to buy property is still covered.

MAS counts these monthly obligations, including the new loan you are applying for:

• property loans
• car loans
• student loans
• renovation loans
• credit card debt
• other secured or unsecured loans, including revolving credit

The 55% threshold applies to property loans where the Option to Purchase (OTP) was granted on or after 16 December 2021. It replaced the 60% cap in place since June 2013. According to MAS, TDSR for refinancing property loans granted before 16 December 2021 remains at 60%.

What is MSR in Singapore?

The MSR limits how much of your gross monthly income can go to property loan repayments. The cap is 30%. According to MAS, it applies "only to housing loans for the purchase of an HDB flat, or an executive condominium" where the EC's minimum occupation period has not expired. In practice, this means an EC bought directly from the developer.

Unlike the TDSR, the MSR ignores car loans and credit cards. However, it counts every property loan you have, not just the new one. If you are a guarantor on someone else's property loan, MAS requires at least 20% of that loan's monthly repayment to be counted.

The 30% cap applies whether you borrow from HDB or a bank. MoneySense, the government's financial literacy site, lists MSR at 30% for both. It marks the TDSR as not applicable to HDB loans.

When does TDSR apply, and when does MSR?

Where both ratios apply, the binding limit is whichever allows the lower instalment. For most borrowers with few other debts, that is the MSR, because 30% is well below 55%. The TDSR only bites first if your non-property debts, such as car loans and credit cards, exceed 25% of your income.

What interest rate is used to test TDSR and MSR?

Lenders do not assess you at today's low rate. They use a medium-term interest rate that is higher. These floors apply to purchases where the OTP was granted on or after 30 September 2022:

The actual HDB loan rate is 2.6% a year, confirmed until 31 December 2026, which is below the 3% floor. So HDB assesses you at 3%. See our HDB loan vs bank loan comparison for what each loan actually costs.

How is your income counted?

MAS sets minimum haircuts on income that is not fixed:

You can also count eligible financial assets as if they were income, spread over 48 months after a haircut:

For example, at the minimum 70% haircut, S$480,000 of unpledged cash counts as at most 30% × S$480,000 ÷ 48 = S$3,000 a month of income.

How much can you borrow under TDSR and MSR?

Your maximum loan comes from your maximum monthly instalment, using the standard amortisation formula:

Maximum loan = M × [1 − (1 + r)^−n] ÷ r

Here M is the maximum monthly instalment, r is the assessment rate ÷ 12, and n is the tenure in months. The multipliers we use below are 209.46 (4%, 30 years), 189.45 (4%, 25 years) and 210.88 (3%, 25 years).

The ratios are only one limit. Your loan is also capped by the loan-to-value (LTV) limit, which is 75% for a first housing loan. MAS also caps bank loan tenure at 30 years for HDB flats and 35 years for other homes. A lower LTV applies if the tenure goes past 30 years (25 for HDB flats) or past age 65. See our LTV guide for details.

All examples below are hypothetical. We recomputed each figure.

Example 1: Private condo, bank loan, no other debts. Income S$10,000 a month. TDSR allows 55% × S$10,000 = S$5,500. MSR does not apply. Maximum loan at 4% over 30 years = S$5,500 × 209.46 = S$1,152,037. At 75% LTV, this supports a purchase price of up to about S$1.54 million.

Example 2: HDB resale flat, HDB loan vs bank loan. Household income S$10,000 a month. MSR allows 30% × S$10,000 = S$3,000 for either loan. Both use a 25-year tenure, which keeps the full 75% LTV.

The HDB loan assesses you at a lower rate, so it supports S$64,272 more borrowing on the same income.

Example 3: New EC from the developer, with a car loan. Income S$10,000 a month. The borrower has a car loan of S$1,000 a month and takes a bank loan over 30 years.

• MSR limit: 30% × S$10,000 = S$3,000. The car loan does not count.
• TDSR limit: 55% × S$10,000 − S$1,000 = S$4,500.
• The lower limit binds: S$3,000 a month, so the maximum loan = S$3,000 × 209.46 = S$628,384.

The same borrower buying a resale EC or private condo faces only the TDSR. That allows S$4,500 a month, or S$942,576.

Example 4: Variable income and the 30% haircut. Fixed salary S$6,000 a month, plus variable bonus and commission averaging S$2,000 a month over 12 months. The borrower has a car loan of S$800 a month and is buying a private condo with a 30-year bank loan.

• Income counted: S$6,000 + 70% × S$2,000 = S$7,400.
• TDSR limit: 55% × S$7,400 − S$800 = S$3,270.
• Maximum loan = S$3,270 × 209.46 = S$684,938.

Without the haircut, the limit would have been S$3,600 a month (S$754,060). The haircut reduces the loan by S$69,122.

Are there exemptions when you refinance?

Yes. MAS lists these cases:

The owner-occupier refinancing exemption has applied to all owner-occupied homes since 1 September 2016. MAS also confirmed in April 2020 that such borrowers are not subject to TDSR or LTV limits when they refinance.

Separately, MAS allows lenders to go above the 55% threshold only in exceptional cases. These need enhanced credit evaluation and a debt reduction plan, and must be reported to MAS.

FAQ

Does TDSR apply to HDB loans?

No. HDB loans are assessed on the 30% MSR, and MoneySense lists the TDSR as not applicable to them. A bank loan for an HDB flat must meet both the 30% MSR and the 55% TDSR.

Does MSR apply to private condos?

No. MSR applies only to HDB flats and to ECs bought from the developer while the MOP has not ended. Private condos, landed homes and resale ECs are limited by the 55% TDSR alone.

Why is my maximum loan lower than the bank's advertised rate suggests?

Banks must assess you at the higher of 4% or the loan's thereafter rate, not at the current package rate. HDB assesses its loans at 3%, even though it charges 2.6%.

Do my car loan and credit cards reduce my MSR?

No. MSR counts only property loans. But car loans, credit card debt and other loans count toward the 55% TDSR. So they can still limit a bank loan for an HDB flat or EC if they push the TDSR limit below the MSR limit.

Did TDSR or MSR change in 2026?

No. As of 27 September 2026, MAS lists the TDSR at 55% (from 16 December 2021) and the MSR at 30%. The 4% and 3% assessment rate floors date from 30 September 2022.

Sources

• MAS: Mortgage Servicing Ratio and Total Debt Servicing Ratio Rules, covering the 30% MSR, its scope, the formulas and the 20% guarantor rule
• MAS: Calculating TDSR for Property Loans, covering the debts counted, the 4% and 5% floors, income haircuts and financial assets
• MAS: TDSR Thresholds for Property Loans, covering the 55% threshold from 16 December 2021 and exceptional cases
• MAS: Who TDSR applies to, covering scope, refinancing exemptions and loans outside TDSR
• MAS: Macroprudential Policies in Singapore, covering the timeline of the MSR (2013) and TDSR (2013, 2021) and the 60% rule for pre-16 December 2021 loans
• MAS, MND and HDB: Measures to Promote Sustainable Conditions in the Property Market, 29 September 2022, covering the 4%, 5% and HDB 3% floors
• MAS: TDSR rules on refinancing fine-tuned, 2 September 2016
• MAS: MAS clarifies LTV and TDSR rules for residential mortgages and mortgage equity withdrawal loans, 7 April 2020
• MAS: Loan Tenure and Loan-to-Value Limits, covering tenure caps and LTV
• MoneySense: Buying a property: how much can you afford?, covering MSR and TDSR for HDB loans versus bank loans
• CPF Board: News release of 22 September 2026, confirming the 2.5% OA rate (and so the 2.6% HDB loan rate) to 31 December 2026

This page explains how Singapore's loan limits work and does not give personal financial advice. Your lender or HDB will confirm your actual eligible loan amount.