Singapore Mortgage Calculator 2025 — TDSR, MSR & MAS Stress Test
Calculate Singapore mortgage repayments for 2025. Enter your property price, loan details, and income to see monthly payments, TDSR ratio, MSR ratio (HDB/EC), and whether you pass the MAS 4% stress test.
How Singapore Mortgages Work — TDSR, MSR, and the Stress Test
- TDSR (55%): MAS requires that all monthly debt payments (stress-tested mortgage + existing debts) not exceed 55% of gross monthly income. Banks compute this at a floor rate of 4% to guard against rate rises.
- MSR (30%): For HDB flats and ECs financed by bank loans, the monthly mortgage alone must not exceed 30% of gross income — an additional restriction tighter than TDSR.
- Stress test: Your actual rate may be 3–4%, but banks use max(actual rate, 4%) for TDSR/MSR calculations. This calculator shows both the real monthly payment and the stress-tested payment.
Singapore Home Loan Guide 2025 — TDSR, MSR, LTV and Stress Test
Singapore's mortgage market is tightly regulated by the Monetary Authority of Singapore (MAS) through the TDSR and MSR frameworks. These rules ensure borrowers are not over-leveraged and can continue to service debts even if interest rates rise. Understanding these ratios before applying for a loan can save time and prevent disappointment.
Total Debt Servicing Ratio (TDSR)
TDSR limits all monthly debt obligations to 55% of gross monthly income. It covers the proposed mortgage plus any car loans, personal loans, credit card minimum payments, and other existing debts. Banks must stress-test the mortgage component at the higher of the actual rate or a 4% floor. A S$5,000/month income with no other debts means maximum allowable monthly debts of S$2,750 at the stress-tested rate.
Mortgage Servicing Ratio (MSR)
MSR applies specifically to bank loans for HDB flats and Executive Condominiums. The monthly mortgage repayment alone must not exceed 30% of gross income. For a S$5,000/month earner, the maximum HDB mortgage repayment is S$1,500/month — roughly equivalent to about a S$330,000 loan at 4% over 25 years. MSR does not apply to private condominiums or landed property.
LTV Limits and Down Payment Requirements
Singapore's Loan-to-Value limits set the maximum bank loan as a percentage of the property value. For a first property with no outstanding loans, LTV is 75% — meaning you need a minimum 25% down payment (at least 5% must be in cash; the rest can be CPF). For a second property, LTV drops to 45%. The Additional Buyer's Stamp Duty (ABSD) also applies on second and subsequent purchases. Use our Stamp Duty Calculator to estimate BSD + ABSD costs.
Sources: MAS Notice 632 (TDSR), HDB Eligibility Rules (MSR). Reviewed May 2025.
Frequently Asked Questions
The Total Debt Servicing Ratio (TDSR) limits total monthly debt obligations — including the new mortgage plus all existing debts — to 55% of gross monthly income at the stress-tested rate. If your stress-tested mortgage payment plus other debts exceed 55% of income, banks cannot approve the loan. TDSR applies to all property loans in Singapore.
The Mortgage Servicing Ratio (MSR) caps the monthly mortgage repayment at 30% of gross monthly income for HDB flats and Executive Condominiums (ECs) financed by bank loans. It is an additional restriction on top of TDSR. MSR does not apply to private condominiums, landed property, or commercial property.
MAS requires banks to stress-test borrowers by computing TDSR/MSR using the higher of the actual loan rate or a floor rate of 4% per annum for residential properties. This ensures borrowers can service the loan even if rates rise. The stress-tested payment is higher than your actual monthly repayment.
For your first property loan with no outstanding loans, LTV is 75% (you need at least 25% down, with 5% in cash). For a second property, LTV drops to 45% (25% cash component). For a third or more, LTV is 35% (25% cash). HDB concessionary loans have separate rules — currently 80% LTV.
Yes. Singapore residents can use CPF Ordinary Account (OA) savings to service eligible home loans, subject to the Valuation Limit and Basic Retirement Sum requirements. CPF usage for housing has limits to protect retirement adequacy. Consult CPF Board guidelines for your specific situation.
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