Property affordability calculator Singapore
Affordability is set by whichever limit binds first. The loan may not push debt repayments past 55% of income under TDSR, or 30% under MSR for an HDB flat or new EC, nor exceed 75% of the price from a bank. Cash and CPF pay the rest, with stamp duties on top.
Rules last changed on 20 August 2024.
Find the highest price you can buy at
- Highest price
- S$1,768,000
- Loan
- S$1,326,000
- Monthly instalment
- S$5,954
What binds: Cash and CPF for the down payment and duties run out first. The loan is at the 75% LTV limit, and TDSR would allow more.
At the highest price
| Price | S$1,768,000 |
|---|---|
| Loan (LTV limit, 75%) | S$1,326,000 |
| Down payment | S$442,000 |
| From CPF | S$200,000 |
| From cash | S$242,000 |
| Buyer's Stamp Duty | S$58,000 |
| Additional Buyer's Stamp Duty (0%) | S$0 |
| Minimum cash required (down payment not met by CPF, and duties) | S$300,000 |
| Total upfront funds, cash and CPF | S$500,000 |
| Estimated monthly instalment | S$5,954 |
| TDSR, tested at 4% | 42.2% of 55%, within |
Largest loan by servicing: S$1,728,055 (TDSR S$1,728,055).
Not modelled
- CPF usage limits by remaining lease are not applied: Prevo's CPF usage rule set is not yet published, so CPF may cover the whole down payment.
- The minimum cash part of a bank loan's down payment is not yet a Prevo rule set, so CPF may cover the whole down payment here.
- Stamp duties are paid in cash here; CPF reimbursement of stamp duty is not modelled.
- Grants, income ceilings and scheme eligibility are not checked.
Rules used for 2 October 2026
- 55% of gross monthly income; the 30% minimum haircut on variable and rental income unchanged, in force from 16 December 2021 (source)
- 30% of gross monthly income for bank and HDB loans on HDB flats, in force from 27 August 2013
- Bank loans 4% (non-residential 5%); HDB loans 3%, in force from 30 September 2022 (source)
- HDB loan cut to 75%; bank loans 75% / 45% / 35% (55% / 25% / 15% if tenure or age limits are exceeded), in force from 20 August 2024 (source)
- Maximum 35 years for private property, 30 for a bank loan on an HDB flat, 25 for an HDB loan; tighter LTV beyond 30 years (private) or 25 years (HDB flat), or past age 65, in force from 27 August 2013 (source)
- Top residential rate 6% above S$3 million; non-residential top rate 5% above S$1.5 million, in force from 15 February 2023 (source)
- Citizens' second property 20%, foreigners 60%, entities 65%, in force from 27 April 2023
Current rates
| Limit | Setting | In force from |
|---|---|---|
| TDSR, all monthly debt repayments | 55% of gross monthly income | 16 December 2021 |
| MSR, HDB flat or new EC, bank loan | 30% of gross monthly income | 27 August 2013 |
| MSR, HDB loan | 30% of gross monthly income | 27 August 2013 |
| Rate a bank loan is tested at | The higher of 4% and the loan's own rate | 30 September 2022 |
| LTV, bank loan, no other housing loan | 75% | 20 August 2024 |
| LTV, HDB loan | 75% | 20 August 2024 |
| Longest tenure, private property | 35 years | 27 August 2013 |
The loan is the smaller of what TDSR (and MSR, where it applies) allows and what LTV allows at the price. Each row is the rule set the calculator reads.
A worked example
A citizen aged 35, buying a first private home with a bank loan over 30 years at a thereafter rate of 3.5%, earning S$15,000 a month with no other debts, and holding S$300,000 in cash and S$200,000 in CPF, reaches about S$1,768,000. The loan is S$1,326,000, and S$58,000 of stamp duty is paid in cash. Cash and CPF for the down payment and duties run out first. The loan is at the 75% LTV limit, and TDSR would allow more.
Rule history
Every published version of the rules this calculator uses, with the date it took effect.
ABSD rates
Chosen by: The date the purchase is documented. A change can keep the previous rates for an Option to Purchase granted before it; the rule set's transitional records that.
- From 27 April 2023In force todayCitizens' second property 20%, foreigners 60%, entities 65%Read the policy event in the archive
- From 16 December 2021 to 26 April 2023Citizens' second property 17%, foreigners 30%, entities 35%Read the policy event in the archive
Not modelled before 16 December 2021.
BSD rates
Chosen by: The date the purchase is documented: the Option to Purchase exercised, or the sale and purchase agreement signed.
- From 15 February 2023In force todayTop residential rate 6% above S$3 million; non-residential top rate 5% above S$1.5 millionPrimary source
Not modelled before 15 February 2023.
Loan tenure caps
Chosen by: The date the loan is granted.
- From 27 August 2013In force todayMaximum 35 years for private property, 30 for a bank loan on an HDB flat, 25 for an HDB loan; tighter LTV beyond 30 years (private) or 25 years (HDB flat), or past age 65Read the policy event in the archive
Not modelled before 27 August 2013.
Loan-to-Value limits
Chosen by: The date the loan is granted. Some changes exempted an Option to Purchase granted earlier; the rule set's transitional records that.
- From 20 August 2024In force todayHDB loan cut to 75%; bank loans 75% / 45% / 35% (55% / 25% / 15% if tenure or age limits are exceeded)Primary source
- From 30 September 2022 to 19 August 2024HDB loan cut to 80%; bank loans 75% / 45% / 35%Read the policy event in the archive
Not modelled before 30 September 2022.
MSR limit
Chosen by: The date the loan is granted.
- From 27 August 2013In force today30% of gross monthly income for bank and HDB loans on HDB flatsRead the policy event in the archive
- From 12 January 2013 to 26 August 201330% of gross monthly income for bank loans on HDB flats; HDB concessionary loans 35%Read the policy event in the archive
Not modelled before 12 January 2013.
Stress interest rate
Chosen by: The date the loan is granted.
- From 30 September 2022In force todayBank loans 4% (non-residential 5%); HDB loans 3%Read the policy event in the archive
Not modelled before 30 September 2022.
TDSR limit
Chosen by: The date the loan is granted.
- From 16 December 2021In force today55% of gross monthly income; the 30% minimum haircut on variable and rental income unchangedRead the policy event in the archive
- From 29 June 2013 to 15 December 202160% of gross monthly income; at least a 30% haircut on variable and rental incomeRead the policy event in the archive
Not modelled before 29 June 2013.
Questions
How is the maximum price worked out?
The loan is capped by TDSR at 55% of income, by MSR for an HDB flat or new EC, and by the LTV limit at the price. The rest of the price and the stamp duties must come from cash and CPF. The highest price where they cover it is the answer.
Which limit usually binds?
With modest savings, cash for the down payment and stamp duty runs out first. With high savings and lower income, TDSR or MSR caps the loan instead. The result names the limit that binds.
Is stamp duty on the price or the valuation?
On the higher of the purchase price and the market value. Enter a market value with the price you are checking to see the duty on it.
What does this calculator leave out?
The minimum cash part of a bank loan's down payment, CPF usage limits by remaining lease, CPF reimbursement of stamp duty, and grants and income ceilings. A lender's own assessment decides the loan it will offer.
Estimates only, from the published rules in force on the date you enter. Confirm with IRAS or your lawyer before you transact. All calculators