By Winfred Quek · CEA R073319H · Published 28 October 2026
Facts verified: 28 October 2026 · Sources listed below
Loan to value, or LTV, is the one lending rule that decides how much cash you must find on day one. It has nothing to do with your income. It depends on how many housing loans you already have and how long you want the loan to run. Most explainers fold it into a TDSR and MSR overview, so this page takes LTV on its own: the exact tiers, what lowers them, the minimum cash you must put in, and a worked example. For how LTV sits beside the income tests, read how TDSR, MSR and LTV work together. This page is general information, not advice on which loan to take.
What LTV measures
MAS defines the LTV limit as the maximum amount an individual can borrow from a financial institution for a housing loan, with LTV being the loan amount as a percentage of the property's value. MAS gives a simple case: borrowing $150,000 against a $1,000,000 property is an LTV of 15%. The gap between the loan and the price is what you fund yourself, partly in cash and partly, where the rules allow, from CPF.
Source: MAS, Loan Tenure and Loan to Value Limits (page last updated 27 March 2024), checked 28 October 2026. https://www.mas.gov.sg/regulation/explainers/new-housing-loans/loan-tenure-and-loan-to-value-limits
Tier one: how many housing loans you already have
MAS says LTV limits on housing loans from financial institutions are tiered by the number of loans a borrower has. The standard limits are 75% for a first housing loan, 45% for a second and 35% for a third or later. MAS also states that a limit 20 percentage points lower applies when the tenure or the borrower's age crosses the lines described in the next section.
| Outstanding housing loans | Standard LTV limit | Lower LTV limit | Minimum cash downpayment |
|---|---|---|---|
| None (first loan) | 75% | 55% | 5% at 75% LTV, 10% at 55% LTV |
| 1 | 45% | 25% | 25% |
| 2 or more | 35% | 15% | 25% |
Source: MAS, Macroprudential Policies in Singapore (page last updated 26 February 2025) for the limits, and the MAS loan tenure and LTV explainer above for the minimum cash downpayment, for loans where the OTP was granted on or after 6 July 2018. Checked 28 October 2026. https://www.mas.gov.sg/publications/macroprudential-policies-in-singapore
Two further points from MAS. Mortgage equity withdrawal loans have their own limits, 75% for a borrower with no outstanding housing loan for another residential property and 45% for one with one or more. And if the borrower is a shell company or other non individual, the explainer gives an LTV limit of 15%.
Tier two: tenure and age can cut the cap by 20 points
MAS sets the maximum loan tenure at 35 years for private property and 30 years for public housing. But the full LTV is only available up to a shorter line. The lower limit applies if the loan tenure exceeds 30 years (or 25 years where the property is an HDB flat), or if the loan period extends beyond the borrower's retirement age of 65.
- Private property, first loan: 75% if the tenure is 30 years or less and the loan ends by age 65. Otherwise 55%.
- HDB flat with a bank loan, first loan: 75% if the tenure is 25 years or less and the loan ends by age 65. Otherwise 55%.
- Second or later loans: the 45% and 35% limits fall to 25% and 15% under the same conditions.
MAS's tenure summary describes the tighter limits as 15% to 25% for a borrower with one or more outstanding residential property loans and 55% for a borrower with none.
Joint borrowers. MAS's explainer says that for joint borrowers the income weighted average age is used as their present age, calculated as each borrower's age multiplied by their share of the combined gross monthly income. Lenders can apply their own checks on top, so confirm with your bank how it treats the age test for your case.
The HDB loan has its own LTV
If you borrow from HDB instead of a bank, HDB sets the limit. For resale applications received on or after 20 August 2024, HDB says the loan can be up to 75% of the lower of the resale price or the value of the flat, provided the remaining lease is more than 20 years and covers the youngest applicant to age 95 or beyond. The loan period is the shortest of 25 years, 65 minus the average age of the applicants, and the remaining lease at application minus 20 years. Where the lease does not cover the youngest applicant to 95, HDB says the loan limit is pro rated down from 75%.
Source: HDB, Housing Loan from HDB (page last updated 23 August 2026), checked 28 October 2026. https://www.hdb.gov.sg/buying-a-flat/flat-grant-and-loan-eligibility/housing-loan/housing-loan-from-hdb
For the HDB loan against bank loan comparison, see our HDB loan versus bank loan guide.
Worked example: the same $1,500,000 purchase, six different caps
The figures below are assumed, for illustration only. Take a private property priced at $1,500,000, with a valuation equal to the price. The table applies the MAS limits and minimum cash rules from above.
| Situation | LTV limit | Maximum loan | Funded by you (price less loan) | Of which at least in cash |
|---|---|---|---|---|
| First loan, tenure 30 years or less, ends by 65 | 75% | $1,125,000 | $375,000 | $75,000 |
| First loan, tenure over 30 years or past 65 | 55% | $825,000 | $675,000 | $150,000 |
| Second loan, within tenure and age lines | 45% | $675,000 | $825,000 | $375,000 |
| Second loan, over the lines | 25% | $375,000 | $1,125,000 | $375,000 |
| Third or later loan, within the lines | 35% | $525,000 | $975,000 | $375,000 |
| Third or later loan, over the lines | 15% | $225,000 | $1,275,000 | $375,000 |
Illustration with assumed figures, using the MAS limits above. Stamp duties, legal fees and other costs are excluded.
Two things stand out. Moving a first loan from 30 to 35 years, or past age 65, raises the amount you fund yourself by $300,000 on this price, and doubles the minimum cash from 5% to 10%. And for a second loan the minimum cash is 25% of the price at either tier, so the balance beyond that cash minimum is funded by you, using CPF only where CPF's own rules allow.
The age test for a couple (assumed figures)
Suppose two joint borrowers are 45 and 35, with gross monthly incomes of $9,000 and $6,000. Using MAS's method, the income weighted average age is (45 x 0.6) + (35 x 0.4) = 41. A 24 year loan ends at about age 65. A 25 year loan would run to about 66, which is past 65, so the lower limit would apply, as MAS describes it. Check with the lender how it applies the test in your case.
Checklist before you commit to a tenure
- Count your outstanding housing loans, including any you are about to take for another property.
- Work out the loan end date against the age 65 line, and the tenure against 30 years (private) or 25 years (HDB).
- Compare the LTV limit at each tenure and the cash you must find, not just the monthly instalment. The monthly effect of tenure is covered in our loan tenure guide, and the borrowing ceiling in how much you can borrow.
- Remember LTV is only one test. TDSR, and MSR for HDB flats and some ECs, apply as well.
Frequently asked questions
What is the LTV limit for a first home loan in Singapore?
MAS sets the limit at 75% for a first housing loan from a financial institution. A limit 20 percentage points lower, 55%, applies if the loan tenure exceeds 30 years (25 years for an HDB flat) or the loan period extends beyond the borrower's age of 65. The minimum cash downpayment is 5% at 75% LTV and 10% at 55% LTV.
How does having an existing home loan change my LTV?
MAS tiers the limits by loan count: 75% for a first housing loan, 45% for a second and 35% for a third or later, with the lower limits being 55%, 25% and 15% respectively when the tenure or age lines are crossed. For a second or later loan the minimum cash downpayment is 25%.
What LTV does HDB allow on its own housing loan?
For resale applications received on or after 20 August 2024, HDB says up to 75% of the lower of the resale price or the value of the flat, if the remaining lease is more than 20 years and covers the youngest applicant to age 95. If the lease does not cover that age, the limit is pro rated down from 75%.
Which age is used for the age 65 test when two people borrow together?
MAS's explainer says to use the income weighted average age of the joint borrowers as their present age. Lenders may apply further checks, so confirm with your bank how it treats your case before choosing a tenure.
Want to see how LTV applies to your own purchase?
Share how many home loans you have, your ages and the tenure you are considering, and Winfred will walk you through the limits MAS sets so you can see the cash you would need. General information only.
Ask Winfred on WhatsApp Book a free 30 minute callWinfred Quek, CEA R073319H, Crestbrick Pte Ltd (L3010886H). General information as at 28 October 2026, not legal, financial, tax or property advice. Figures are from MAS and HDB and may change; the MAS pages were last updated 26 February 2025 and 27 March 2024. The worked examples use assumed figures. This page makes no forecast.