Policy before and after · Macroprudential
MAS introduces Total Debt Servicing Ratio framework for property loans
Announced 28 June 2013 · Effective 29 June 2013
Read the full event recordCompare with another policyCreate research briefView Total Debt Servicing Ratio policy evolution
Comparison window
Comparison anchored to effective date: 29 June 2013. Before: 30 May 2013 to 28 June 2013. After: 29 June 2013 to 28 July 2013. The same 30 days on each side; the anchor day counts as after.
Before · 30 May 2013 to 28 Jun 2013
3 land-sales awards
- 11 land-sales steps in all
- 0 other archive events
The event
Announced 28 Jun 2013
Effective 29 Jun 2013
The effective date is the anchor.
After · 29 Jun 2013 to 28 Jul 2013
1 land-sales award
- 3 land-sales steps in all
- All 30 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 4 policy parameters recorded with a before and an after value on this event.
- 3 land-sales awards in the 30 days before the effective date, and 1 in the 30 observable days after.
- None of the 6 tracked series has a whole period on both sides of a 30-day window, so no market figure is compared.
Cannot be concluded
- That this event moved any figure on this page. The comparison is by date; nothing here is attributed to the event.
- A reading of the concurrent land sales and events as responses to this one. They are listed by date alone.
About this eventIssuing authority, category, affected market, primary source, summary
- Announced
- 28 June 2013
- Effective
- 29 June 2013
- Issuing authority
- Monetary Authority of Singapore
- Category
- Macroprudential
- Affected market
- All property loans granted by regulated financial institutions to individuals, including residential and non-residential property. Residential-market analysis covers private residential property and HDB purchases financed by financial institutions.
- Primary source
- MAS Introduces Debt Servicing Framework for Property Loans
The Monetary Authority of Singapore introduced the Total Debt Servicing Ratio (TDSR) framework on 28 June 2013, effective 29 June 2013. The framework standardised how financial institutions assessed the total debt-servicing capacity of individuals taking property loans: a TDSR threshold of 60% of gross monthly income, computed against total debt obligations, which a loan could exceed only exceptionally and subject to the institution's approved procedures and credit-committee approval; residential mortgage repayments calculated at the higher of a specified medium-term rate of 3.5% or the prevailing market rate (4.5% for non-residential); a haircut of at least 30% applied to all variable income, including bonuses, and to rental income; tightened borrower and mortgagor rules, and simultaneous LTV refinements to prevent circumvention of limits on borrowers with multiple housing loans. MAS subsequently repeatedly characterised TDSR as a structural prudential measure rather than a temporary cyclical cooling tool. TDSR followed the January 2013 cooling package by approximately five and a half months.
In brief
In brief
- 3 GLS site awards were recorded in the before window and 1 in the after window.
What changed
| Policy parameter | Before | After | Change |
|---|---|---|---|
| TDSR · tdsr threshold | Unknown | 60% | Not stated |
| TDSR · medium term rate, residential | Unknown | 3.5% | Not stated |
| TDSR · medium term rate, non residential | Unknown | 4.5% | Not stated |
| TDSR · variable income haircut | Unknown | 30% | Not stated |
Where these values come from
- Source
- Recorded on this event's policy matrix in Prevo's archive. The event's primary source: MAS Introduces Debt Servicing Framework for Property Loans.
- Primary source published
- 28 June 2013
- Validity
- In force from the event's effective date, 29 June 2013. The row records no date of its own; the date is the event's.
- Basis
- Archive record. The matrix row carries no source reference of its own; the event's sources are listed below.
Observed around this event
View linked outcomesThe same statistic over the 30 days before and after the anchor. Figures describe what was recorded in each window; they do not attribute a change to this event.
Singapore private residential transactions, all types of sale
units · Total over whole quarterly periods inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- FLOW
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Calculated (sum of published period values)
- Shown because
- Mapped to this kind of event
Private Residential Property Price Index, All Residential
index (2009Q1=100) · Value in the latest whole quarterly period inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- INDEX
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Source fact (latest whole period)
- Shown because
- Mapped to this kind of event
HDB Resale Price Index
index (2009Q1=100) · Value in the latest whole quarterly period inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Housing & Development Board
- Series kind
- INDEX
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Source fact (latest whole period)
- Shown because
- Mapped to this kind of event
New private residential units sold by developers, excluding ECs (HEADLINE: uncompleted plus completed)
units
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
URA private residential property price index, calendar-year change
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
URA private residential property price index, QoQ change
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
Concurrent planning and land activity
Land sales and other archive events dated inside the windows, listed by date only. Each land-sales line shows the site as the record stood on that day.
Before the effective date
11 lines
11 land-sales steps (3 awards) · 0 archive events
From the effective date
3 lines
3 land-sales steps (1 award) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (11)
30 May 2013 · Land sales
Anchorvale Crescent: Tender closedExecutive Condominium housing · status on 30 May 2013: Tender closed, award pending
31 May 2013 · Land sales
Anchorvale Crescent: AwardedExecutive Condominium housing · status on 31 May 2013: Awarded · awarded to Qingjian Realty (South Pacific) Group Pte Ltd at S$245,577,000
13 June 2013 · Land sales
Fernvale Close: Tender closedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 13 June 2013: Tender closed, award pending
14 June 2013 · Land sales
Fernvale Close: AwardedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 14 June 2013: Awarded · awarded to FCL Topaz Pte. Ltd., Far East Orchard Limited and Sekisui House, Ltd. at S$256,980,000
17 June 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Launched for tenderExecutive Condominium housing · status on 17 June 2013: Tender open
17 June 2013 · Land sales
Punggol Drive / Edgedale Plains: Launched for tenderExecutive Condominium housing · status on 17 June 2013: Tender open
18 June 2013 · Land sales
Cecil Street / Telok Ayer Street: Launched for tenderCommercial and open space (residential use will not be allowed) · status on 18 June 2013: Tender open
18 June 2013 · Land sales
Faber Walk: Tender closedResidential · status on 18 June 2013: Tender closed, award pending
20 June 2013 · Land sales
Faber Walk: AwardedResidential · status on 20 June 2013: Awarded · awarded to World Class Land Pte Ltd at S$156,688,000
28 June 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Launched for tenderMixed commercial and residential · status on 28 June 2013: Tender open
28 June 2013 · Land sales
Mount Sophia: Launched for tenderResidential · status on 28 June 2013: Tender open
After (3)
16 July 2013 · Land sales
Tampines Avenue 10: Tender closedResidential · status on 16 July 2013: Tender closed, award pending
19 July 2013 · Land sales
Tampines Avenue 10: AwardedResidential · status on 19 July 2013: Awarded · awarded to MCC Land (Singapore) Pte Ltd at S$289,700,000
23 July 2013 · Land sales
Woodlands Industrial Park E9: Tender closedBusiness 2 with an integrated Heavy Vehicle Park · status on 23 July 2013: Tender closed, award pending
Recorded relationships
- Singapore raises property-loan stress-test floors, cuts the HDB housing-loan LTV limit to 80%, and introduces a temporary 15-month HDB resale wait-out has as a structural ancestor this event.
- Singapore cuts SSD to three years and 12%, lifts TDSR from low-LTV equity withdrawal loans and adds duties on property-holding entities updates this event.
Methodology5 rules
- Comparison anchored to effective date: 29 June 2013. The anchor is the effective date where one is recorded, otherwise the announcement date.
- The windows are the same number of days on each side of the anchor, and the anchor day belongs to the after window.
- A series counts toward a window only for observation periods wholly inside it, with values as originally recorded, not as later revised.
- Where no whole period falls inside a window, no value and no difference is stated; a day no whole period covers is missing, never zero.
- Concurrent land sales and archive events are listed by date alone. Nothing on this page is attributed to the event.
Sources
The event's sources (2)
Primary sources2
MAS Introduces Debt Servicing Framework for Property Loans
Monetary Authority of Singapore · Primary source · Published 28 June 2013
Original source link unavailable
MAS Notice 645: Computation of Total Debt Servicing Ratio for Property Loans
Monetary Authority of Singapore · Primary source · Published 28 June 2013
Original source link unavailable
Event checked against its primary sources on 13 August 2026. Each claim keeps its own verification status.
Observed series come from the published statistics named on each card. Land-sales lines link to the site record and its releases.