Rates and thresholds change. The current figures are kept in one place: the Singapore property rules reference.
How is MSR calculated?
MAS gives the formula: monthly repayment instalments for all property loans, divided by gross monthly income, multiplied by 100%, must be 30% or less. The count includes every property loan you have, not only the new one. Where you are a guarantor on a property loan, lenders must include at least 20% of that loan's monthly obligation.
MAS directs banks, finance companies and merchant banks to keep borrowers within the MSR and TDSR limits when granting a housing loan, so the calculation is applied by the lender you apply to. Lenders may apply their own additional checks.
When does MSR apply, and when does it not?
- It applies to a housing loan for the purchase of an HDB flat.
- It applies to an executive condominium only while its minimum occupation period has not expired.
- It does not apply to other private property purchases, where the 55% TDSR is the cap that matters.
Worked example: which limit bites?
TDSR caps all monthly debt, including car and personal loans, at 55% of gross monthly income. MSR caps only property loans at 30%. Whichever leaves you less room is the limit that decides. The examples use a gross income of $8,000 a month, so the MSR ceiling is $2,400 and the TDSR ceiling is $4,400. They are simplified arithmetic, and real lender assessments use further rules such as a stress test interest rate.
| Other monthly debts | Room under MSR | Room under TDSR | Tighter limit for a new property loan |
|---|---|---|---|
| None | $2,400 | $4,400 | MSR, so $2,400 |
| Car loan of $1,200 | $2,400 | $3,200 | MSR, so $2,400 |
| Car loan of $2,300 | $2,400 | $2,100 | TDSR, so $2,100 |
| Existing property loan of $1,000 only | $1,400 | $3,400 | MSR, so $1,400 |
In the last row the existing property loan counts in the MSR, which is why a second property loan reduces room faster than a car loan does. Use the TDSR scenarios tool to test your own numbers.
Sources and references
Official sources, checked on 3 November 2026.
Frequently asked questions
What is the MSR limit?
MAS caps MSR at 30% of a borrower's gross monthly income.
Does MSR apply to condominiums?
No. MAS says it applies only to housing loans for an HDB flat, or for an executive condominium where the minimum occupation period has not expired.
Is MSR the same as TDSR?
No. MSR covers only property loans and is capped at 30%. TDSR covers all monthly debt obligations and is capped at 55%.
Does a car loan count towards MSR?
No. MSR counts repayments on property loans. A car loan counts towards TDSR.
Does MSR still apply after the EC minimum occupation period?
No. MAS says it applies only to an EC where the minimum occupation period has not expired.
Want to see how MSR and TDSR apply to your numbers?
Winfred can walk through your income, existing loans and target purchase so you know which limit applies before you apply to a bank.
Book a free 30 minute strategy call WhatsApp WinfredWinfred Quek is an Associate Marketing Consultant at Crestbrick Pte Ltd (CEA Licence No. L3010886H). CEA R073319H. This page is for general information only and does not constitute financial, investment, or legal advice. Verify current figures with IRAS, HDB, CPF Board or MAS before making any decision.