The Short Answer
TDSR limits total monthly debt commitments relative to gross monthly income. MSR limits the housing-loan instalment relative to gross monthly income for HDB flats and certain executive condominiums. LTV limits the loan amount relative to the property's value.
A loan must fit every limit that applies. Passing one test does not override the others, and a bank may approve less after considering income stability, existing credit, property valuation, loan tenure and its own credit policy.
Planning note: This guide reflects official guidance checked on 9 August 2026. It is not a loan offer or financial advice. Rules, calculation methods and lender policies can change. Obtain approval-in-principle and confirm the final cash, CPF and loan structure before paying a booking fee or exercising an option.
Purpose: Use the Limits to Set a Realistic Search Budget
The purpose of TDSR, MSR and LTV planning is not to calculate the highest price a household can stretch to. It is to remove unrealistic options early, identify the likely binding constraint and preserve enough liquidity for stamp duties, legal fees, renovation, interest-rate changes and emergencies.
Use this guide after defining your purchase objective in the Singapore Property Buyer's Guide. If you are still comparing purchase formats, read New Launch vs Resale Condo Singapore as well, because payment timing can change even when the total approved loan is similar.
1. TDSR: Total Debt, Not Only the Mortgage
The Total Debt Servicing Ratio compares total monthly debt commitments with gross monthly income. Current official MoneySense guidance states a 55% threshold for property loans that fall under TDSR.
Planning formula: TDSR = total monthly debt payments ÷ gross monthly income. A household earning S$15,000 a month has a 55% total-debt ceiling of S$8,250 before the lender applies the prescribed assessment method and its own credit criteria.
The proposed housing instalment is only one part of that total. Car loans, personal loans, credit facilities and other recognised obligations reduce the headroom available for a mortgage. Banks also assess income and debts under the applicable rules; a self-calculated ratio is not an approval.
Worked example: private condo buyer
A household earns S$15,000 gross each month and has S$1,500 of recognised monthly debt commitments. The planning-level TDSR ceiling is S$8,250, leaving S$6,750 of headroom for the assessed housing instalment. The bank may still recognise a different income amount, use a required assessment rate and approve a smaller loan.
2. MSR: A Separate Mortgage-Only Limit
The Mortgage Servicing Ratio compares the monthly housing-loan instalment with gross monthly income. Current official guidance sets MSR at 30% for a housing loan on an HDB flat or an executive condominium where the minimum occupation period has not expired.
MSR does not normally apply to a private condominium that is not subject to the EC restriction. Where MSR and TDSR both apply to a bank loan, the proposed loan must fit both tests.
Worked example: EC buyer
A household earning S$12,000 gross each month has a planning MSR ceiling of S$3,600. If it also has S$900 in other monthly debts, the 55% TDSR calculation leaves S$5,700 of housing headroom. In this simplified example, the S$3,600 MSR is the tighter monthly-servicing constraint.
This comparison is only directional. The lender determines the assessed instalment, recognised income and treatment of each obligation.
3. LTV: The Maximum Loan Against Property Value
The Loan-to-Value limit compares the loan amount with the property's value. For bank housing loans to individuals, the current bands depend mainly on the number of outstanding housing loans and whether the lower-LTV tenure or age condition applies.
| Outstanding housing loans | Standard maximum LTV | Lower maximum LTV | Minimum cash downpayment |
|---|---|---|---|
| None | 75% | 55% | 5% at 75% LTV; 10% at 55% LTV |
| One | 45% | 25% | 25% |
| Two or more | 35% | 15% | 25% |
MoneySense states that the lower LTV applies when the tenure exceeds 30 years (25 years for an HDB flat) or the loan period extends beyond the borrower's age of 65. Lenders also consider all existing loans and credit facilities, monthly repayment obligations and benefits or rebates connected with the purchase.
Worked example: no outstanding housing loan
For a S$1.8 million property with no outstanding housing loan and no lower-LTV trigger, a 75% planning cap is S$1.35 million. The remaining 25%, or S$450,000, is the downpayment. At least 5% of the purchase price, or S$90,000, is the minimum cash component under this band; CPF usage and valuation rules still need to be checked separately.
Valuation matters: a bank can lend against the applicable property value, not simply an optimistic asking price. Any amount above valuation can increase the cash requirement. CPF Board also states that the amount above market value cannot be paid with CPF savings.
How TDSR, MSR and LTV Work Together
Think of the three rules as separate gates:
- LTV gate: caps the loan quantum against property value.
- TDSR gate: caps the assessed mortgage plus all other recognised monthly debt.
- MSR gate: adds a tighter mortgage-only cap where it applies.
- Lender gate: applies valuation, income recognition, age, tenure, credit history and internal policy.
The practical maximum loan is no higher than the lowest applicable result. A buyer may have enough income for a large mortgage but be constrained by LTV because of an existing housing loan. Another buyer may qualify for a 75% LTV band but receive less because TDSR headroom is insufficient.
How to Use the PropertyOne Calculators
- Start with TDSR: enter conservative gross income and every monthly debt obligation in the TDSR Stress Test.
- Model the repayment: use the Mortgage Calculator to compare the proposed loan at a base rate and a higher-rate scenario.
- Check total funding: open the Condo Affordability Calculator to compare price, cash, CPF and the illustrative loan.
- Add transaction costs: estimate BSD and any applicable ABSD with the Stamp Duty Calculator.
- Ask a lender: obtain approval-in-principle using your real documents before paying a booking fee or exercising an option.
Run three scenarios: expected income and rate, a higher-rate case, and a case with reduced income or an existing debt that lasts longer than planned. Do not push raw salary, CPF balance or debt details into an enquiry form; keep those figures between you and the relevant professional.
Common Planning Mistakes
- Using 55% of income as the mortgage budget without subtracting other debts.
- Assuming a 75% LTV band guarantees a 75% approved loan.
- Applying MSR to every private condominium.
- Ignoring the lower-LTV age and tenure condition.
- Forgetting the minimum cash component of the downpayment.
- Using purchase price when the bank valuation is lower.
- Treating CPF availability as unlimited cash.
- Budgeting to the regulatory maximum with no emergency buffer.
A safer shortlist starts below the maximum. Preserve room for stamp duties, legal fees, renovation, maintenance and changes in interest rates or household income.
Move From Loan Limits to a Project Shortlist
Once the financing range is credible, compare real units rather than abstract price points. Browse the New Launch Condo Calendar, then review current projects such as Narra Residences, One Marina Gardens and Promenade Peak.
Use the same rate, tenure and downpayment assumptions for every option. Compare total quantum, payment timing, unit layout and exit audience, not only price per square foot.
Browse current launches and use verified unit pricing when you speak with a lender.
Frequently Asked Questions
What is the current TDSR limit in Singapore?
The TDSR threshold is 55% of gross monthly income. It measures total monthly debt commitments, not only the proposed mortgage. The lender also applies its own credit assessment and prescribed calculation rules.
What is the current MSR limit in Singapore?
MSR is 30% of gross monthly income for a housing loan on an HDB flat or an executive condominium where the minimum occupation period has not expired. It is a mortgage-only ratio and may apply together with TDSR for a bank loan.
What is the maximum LTV for a Singapore bank housing loan?
For an individual with no outstanding housing loan, the maximum bank-loan LTV is generally 75%, or 55% under the lower-LTV tenure or age condition. Lower bands apply when the borrower has one or more outstanding housing loans.
Does passing TDSR guarantee a 75% property loan?
No. The final loan is constrained by the lowest applicable result from TDSR, MSR where relevant, LTV, valuation, CPF and cash rules, and the lender's credit assessment. Approval-in-principle is more reliable than a planning estimate.
Do credit-card and car-loan payments affect TDSR?
Yes. TDSR considers total monthly debt commitments, which can include obligations such as car loans, personal loans and credit facilities as assessed by the lender. Reducing debt can increase mortgage headroom, but the bank determines the recognised amount.
Which PropertyOne calculators should I use before applying for a loan?
Use the TDSR Stress Test first, then compare mortgage repayments and overall funding with the Mortgage and Condo Affordability calculators. Treat all outputs as illustrations and obtain approval-in-principle from a lender before committing.
Official Sources and Review Date
Thresholds and guidance were checked on 9 August 2026. Use the live official pages for the latest position:
- MoneySense: Buying a property - how much can you afford? - TDSR, MSR, bank-loan LTV bands, minimum cash and age/tenure conditions; page updated 1 July 2026.
- MoneySense: How home loans work - loan assessment, approval-in-principle and property loan fact sheets; page updated 1 July 2026.
- CPF Board: Using CPF savings for a property downpayment - minimum cash and amount above market value.
- CPF Board: Considerations when using CPF to buy property - CPF usage limits, bank-loan planning and emergency reserves.