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Mortgage Servicing Ratio (MSR) calculator

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30% MSR limit

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What is MSR?

The Mortgage Servicing Ratio (MSR) is a limit on how much you can borrow when taking a home loan. This only applies to HDB flats and new executive condominiums (ECs). Under the MSR, your maximum home loan is capped at 30% of your gross monthly income (not including CPF contribution by employer). 

Use our MSR calculator to find out your MSR limit before you purchase your HDB or EC.

How to calculate MSR?

To calculate MSR, take your monthly debt repayments for all your property loans, divide it by your gross monthly income and multiply it by 100%. This figure cannot exceed 30%. 

If you have a variable income, only 70% of your total assessed income will be counted towards MSR. Look at the infographic below to see an example of MSR calculation:

example of msr calculation

If you can’t meet the MSR, there are a few options available:

  • Make a bigger downpayment
  • Increase your loan tenure to reduce monthly repayments
  • Consider a cheaper HDB flat or EC

MSR applies to both HDB loans and bank loans, as long as you’re purchasing an HDB flat or a new EC. If you’re purchasing a new EC, you’ll also need to fulfill TDSR requirements. 

Difference between MSR and TDSR

The Total Debt Servicing Ratio (TDSR) takes into account all of your loan obligations including car loans, student loans etc. However, the MSR only considers your property loans. 

Unlike the TDSR which applies to all housing loans, the MSR only applies to loans for HDB flats and new ECs. 

Why was the MSR introduced?

  • MSR ensures that Singaporeans will borrow within their means to repay their property loans

MSR exemptions

You can be exempted from MSR guidelines if you’re refinancing your loan for HDB flats (bought before 12 January 2013) and ECs (bought before 10 December 2013). This only applies if your unit is owner-occupied (ie. you have purchased the unit for your own stay).




Frequently Asked Questions

What is MSR?

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MSR (Mortgage Servicing Ratio) is a limit on how much you can borrow when taking a home loan. This only applies to HDB flats and new executive condominiums (ECs). Under the MSR, your maximum home loan is capped at 30% of your gross monthly income (not including CPF contribution by employer).

How to calculate MSR?

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To calculate MSR, take your monthly debt repayments for all your property loans, divide it by your gross monthly income and multiply it by 100%. This figure cannot exceed 30%. 

What is the difference between MSR and TDSR?

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MSR only considers your property loans while TDSR takes into account all of your loan obligations including car loans, student loans etc. MSR only applies to loans for HDB flats and new ECs but TDSR applies to all housing loans. 

Does MSR apply to BTO?

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Yes, MSR applies to the purchase of all HDB flats, including BTO. 

Does MSR apply to Resale EC?

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No, the MSR does not apply to a resale EC. Only the TDSR will apply to a resale EC.

Is MSR applicable for bank loan?

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Yes, MSR is applicable for bank loans, as long as it’s used to finance your purchase of an HDB or EC.


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