How Much Home Can You Afford in Singapore: TDSR, MSR and the Loan Ceiling
How to work out your real property budget in Singapore — the TDSR and MSR loan limits, the downpayment stack, cash vs CPF, and the honest monthly number you can carry.
SG Block Index · updated 2026-07-16 · data.gov.sg & OneMap
Before you fall for any home, work out what you can actually carry. In Singapore your budget is set by two loan limits — the Total Debt Servicing Ratio and, for HDB and Executive Condos, the Mortgage Servicing Ratio — plus the downpayment you can raise and the monthly repayment you can live with. The maximum a bank will approve and the amount you should borrow are rarely the same number.
TDSR: the 55% total-debt ceiling
The Total Debt Servicing Ratio limits your combined monthly debt — home loan, car loan, personal loans, credit-card minimums — to 55% of gross monthly income. Lenders stress-test the home loan at a higher notional interest rate than you are quoted, so your car loan and other debts eat directly into what you can borrow for property. Clearing other debt before you apply is often the fastest way to raise your budget.
MSR: the extra 30% cap for HDB and ECs
For an HDB flat or a new Executive Condominium, the Mortgage Servicing Ratio adds a second, tighter limit: the housing loan by itself cannot exceed 30% of gross income. Whichever of TDSR and MSR binds first sets your ceiling — for most HDB buyers it is MSR. MSR does not apply to private condos (resale or new launch other than ECs within their first years), where TDSR alone governs.
The downpayment stack
The loan is only part of it — you must fund the gap in cash and CPF upfront:
| Item | HDB flat (HDB loan) | Private condo (bank loan) |
|---|---|---|
| Max loan | Up to ~75% (LTV) | Up to 75% (LTV) |
| Downpayment | ~25%, CPF or cash | 25%, of which ≥5% in cash |
| Stamp duty | BSD, cash/CPF | BSD (+ ABSD if applicable), cash first |
| Legal & valuation | Cash | Cash |
The full itemised list for a flat is in the real cost of buying an HDB flat, and the loan choice itself in HDB loan vs bank loan. Remember that CPF can cover much of the downpayment and monthly instalment, but leaving CPF invested has its own trade-offs.
Borrow to a monthly you can carry
Passing TDSR is a floor, not a target. A repayment that consumes half your take-home leaves no room for rate rises, a job gap, or a child. A sound rule is to keep the actual mortgage nearer a third of take-home pay and to pressure-test it at an interest rate a couple of points above today’s. Set that honest monthly first, work back to a purchase price, then shortlist homes that fit — the rankings and rent-vs-buy guide help you spend the budget where it buys the most daily life.
Figures on this page are computed from the current snapshot and update each rebuild. Contains information from data.gov.sg (Singapore Open Data Licence) and OneMap, Singapore Land Authority. This is general information for research, not financial or professional advice.
Frequently asked questions
- How much home loan can I get in Singapore?
- Your loan is capped by the Total Debt Servicing Ratio at 55% of gross monthly income across all debts, stress-tested at a higher notional rate. For HDB flats and new ECs the Mortgage Servicing Ratio adds a tighter 30%-of-income cap on the housing loan alone — whichever binds first sets your ceiling.
- What is the difference between TDSR and MSR?
- TDSR limits all your monthly debt repayments combined to 55% of gross income and applies to every property loan. MSR limits just the housing loan to 30% of gross income and applies only to HDB flats and Executive Condominiums. For most HDB buyers, MSR is the binding limit.
- How much downpayment do I need?
- For a private property, 25% (at least 5% in cash, the rest cash or CPF). For an HDB flat on an HDB loan, up to about 25%, payable in CPF or cash. On top of the downpayment, budget stamp duty and legal fees, with some of it payable in cash upfront.