MSR calculator Singapore
The Mortgage Servicing Ratio (MSR) caps the monthly repayment on a loan for an HDB flat at 30% of gross monthly income, for bank and HDB loans alike. Unlike TDSR it counts the property loan alone, and the loan is tested at the higher of a floor rate and its own rate.
Rules last changed on 30 September 2022.
Check your loan against MSR
Tested at 3%: an instalment of S$2,845.27 a month.
MSR
28.45% of 30%
Within the limit
Largest loan at this tenure and rate: S$632,629
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 (the policy event)
- Bank loans 4% (non-residential 5%); HDB loans 3%, in force from 30 September 2022 (the policy event)
- 30% of gross monthly income for bank and HDB loans on HDB flats, in force from 27 August 2013 (the policy event)
Current rates
| Loan | Limit on the monthly repayment |
|---|---|
| Bank loan for an HDB flat or a new EC | 30% of gross monthly income |
| HDB loan | 30% of gross monthly income |
MAS dates the MSR on ECs bought from a developer to 9 December 2013.
| Loan | Rate the ratio is tested at |
|---|---|
| Bank loan, residential property | The higher of 4% and the loan's own rate |
| Bank loan, non-residential property | The higher of 5% and the loan's own rate |
| HDB loan | The higher of 3% and the HDB loan rate |
The loan's own rate is its thereafter rate: the highest it can charge after any introductory or promotional rate.
The limit, worked
For an HDB loan on an HDB flat, the monthly repayment may not exceed 30% of gross income: S$3,000 a month on an income of S$10,000.
Source: Prevo archive, evt_sg_2013_hdb_msr_aug (claims citing MND and HDB, 27 August 2013), evt_sg_2013_hdb_msr_aug claims: HDB reduced the MSR for its concessionary loans from 35% to 30%.
Rule history
Every published version of the rules this calculator uses, with the date it took effect.
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 MSR calculated?
Divide the monthly instalment of the property loan by gross monthly income. For a bank loan it may not exceed 30%; for an HDB loan, 30%.
Which properties does MSR apply to?
HDB flats, whether the loan is from HDB or a bank, and Executive Condominium units bought directly from a developer, which MAS added on 9 December 2013.
How is MSR different from TDSR?
TDSR counts every monthly debt repayment against income. MSR counts only the property loan, and its limit is lower. A loan for an HDB flat must pass both.
Is this calculator financial advice?
No. It applies the published limits in force on the date you enter. 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