MSR CALCULATOR
Use our Free MSR Calculator to estimate your monthly mortgage repayment and see how it compares with your income. You can adjust your income, loan amount, interest rate and loan tenure to explore different scenarios.
Note: The calculator provides estimates for planning purposes only. Actual loan eligibility depends on the property type, prevailing regulations, the lender’s assessment and your individual financial circumstances.
MSR CALCULATOR
Use our Free MSR Calculator to estimate your monthly mortgage repayment and see how it compares with your income. You can adjust your income, loan amount, interest rate and loan tenure to explore different scenarios.
Note: The calculator provides estimates for planning purposes only. Actual loan eligibility depends on the property type, prevailing regulations, the lender’s assessment and your individual financial circumstances.
MSR Calculator for Singapore 2026
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Loan estimates use monthly amortisation and a 4% minimum bank-loan stress rate. Actual bank assessment may differ.
What is MSR?
Mortgage Servicing Ratio, commonly known as MSR, is the percentage of your gross monthly income used to pay your monthly housing loan instalment. In Singapore, the MSR limit is generally 30% of gross monthly income for housing loans granted by financial institutions for HDB flats and executive condominiums purchased directly from property developers. This limit helps ensure that eligible buyers do not commit too much of their income to their home loan repayments. For example, if your gross monthly household income is $8,000, the maximum monthly mortgage instalment under a 30% MSR limit would be $2,400. However, meeting the MSR limit does not automatically mean you qualify for a loan. Banks also consider other requirements, including your total debt obligations, credit profile, loan tenure and applicable loan-to-value limits. For the latest regulatory information, refer to the Monetary Authority of Singapore (MAS) and the Housing & Development Board (HDB).
MSR is not the same as TDSR. TDSR considers your total monthly debt obligations, such as car and personal loans, and is a separate check. New EC buyers generally need to meet both MSR and TDSR. MSR does not apply to a typical private condominium purchase; TDSR and other lending rules may still apply.
This calculator is for general illustration only and is not a loan approval, financial advice or a guarantee of borrowing capacity. Confirm applicable rules, income treatment, interest-rate assumptions and eligibility with your bank or a qualified mortgage adviser.
How to Calculate Mortgage Servicing Ratio
Calculating your MSR is straightforward. You need two figures: your gross monthly income and your estimated monthly housing loan repayment.
MSR formula:
MSR = (Monthly Mortgage Repayment ÷ Gross Monthly Income) × 100%
Here is an example:
Suppose you and your spouse have a combined gross monthly income of $10,000. Your estimated monthly housing loan repayment is $2,500.
- Gross monthly household income: $10,000
- Estimated monthly mortgage repayment: $2,500
- MSR calculation: ($2,500 ÷ $10,000) × 100%
- Your MSR: 25%
Your MSR is therefore 25%, which is below the general 30% MSR limit applicable to eligible HDB and new EC purchases financed by financial institutions.
If your monthly repayment were $3,000 instead, your MSR would be 30%.
What is the maximum monthly mortgage payment under a 30% MSR limit?
The table below illustrates the maximum monthly mortgage repayment at different income levels, assuming the 30% MSR limit applies.
| Gross monthly income | Maximum monthly mortgage repayment |
|---|---|
| $4,000 | $1,200 |
| $5,000 | $1,500 |
| $6,000 | $1,800 |
| $8,000 | $2,400 |
| $10,000 | $3,000 |
| $12,000 | $3,600 |
| $15,000 | $4,500 |
These figures are illustrative calculations, not approved loan amounts. Your actual borrowing capacity may be lower after the lender applies the relevant assessment rules.
Mortgage Servicing Ratio for Condo Purchases
Does MSR apply when buying a condominium in Singapore?
For a typical private condominium, the MSR limit does not generally apply. Instead, private property buyers taking out a property loan from a financial institution are generally subject to the Total Debt Servicing Ratio (TDSR) framework.
However, if you are purchasing an executive condominium directly from a property developer, the 30% MSR limit generally applies.
It is important to distinguish between these property types because their financing rules differ.
1. Private condominiums
When buying a private condominium, your loan affordability is generally assessed under TDSR. This framework limits your total monthly debt obligations to 55% of your gross monthly income, subject to applicable rules and lender assessment.
Your existing financial commitments, such as car loans, personal loans and other property loans, can therefore affect the amount you may borrow.
Although MSR is not generally the applicable regulatory limit for a private condo purchase, calculating your mortgage repayment as a percentage of income remains useful for personal budgeting.
2. Executive condominiums (ECs)
For an EC purchased directly from a property developer, the general 30% MSR limit applies to housing loans from financial institutions. TDSR also applies.
This means buyers must consider both their proposed housing loan repayment and their other monthly debt commitments when assessing affordability.
3. HDB flats
For HDB flats, the 30% MSR limit generally applies to housing loans from financial institutions. If you are considering an HDB housing loan, HDB applies its own eligibility and affordability assessments, including a monthly instalment cap of 30% of applicants’ income.
Planning to buy a new launch condo? Use the MSR Calculator as an initial budgeting tool, then review the relevant TDSR requirements and other financing considerations before deciding on your property budget.
MSR vs TDSR: What Is the Difference?
MSR and TDSR are both measures used in Singapore’s property financing framework, but they assess different things.
| Feature | Mortgage Servicing Ratio (MSR) | Total Debt Servicing Ratio (TDSR) |
|---|---|---|
| What it measures | Monthly housing loan repayment as a percentage of gross monthly income | Total monthly debt obligations as a percentage of gross monthly income |
| General regulatory limit | 30% | 55% |
| Applies to | HDB housing loans from financial institutions and new EC purchases directly from developers, subject to applicable rules | Generally applies to property loans from financial institutions, subject to applicable rules and exemptions |
| Includes other debts? | No, MSR focuses on the relevant housing loan repayment | Yes, other applicable monthly debt obligations are included |
For example, imagine your gross monthly income is $10,000. Your proposed mortgage repayment is $2,500, while your other monthly debt commitments total $1,000.
Your MSR would be 25%.
Your TDSR would be:
($2,500 + $1,000) ÷ $10,000 × 100% = 35%
In this example, your housing repayment represents 25% of your income, while your total debt obligations represent 35%.
For more information, see the official MAS guide to TDSR for property loans.
What Factors Affect Your Mortgage Servicing Ratio?
Your MSR depends on your monthly housing loan repayment and your gross monthly income. Several factors can influence these figures.
1. Your monthly income
A higher recognised gross monthly income may increase the amount you can allocate towards a mortgage under the MSR framework.
For joint applications, the income considered depends on the applicable assessment rules and the borrowers included in the application.
If you receive variable income, commissions or bonuses, do not assume the entire amount will be recognised. Financial institutions may apply specific income assessment requirements.
2. Your loan amount
A larger housing loan generally means higher monthly repayments, assuming the interest rate and tenure remain unchanged.
Reducing the loan amount through a larger down payment or greater use of eligible funds may lower your monthly repayment and MSR.
3. Your interest rate
The interest rate affects the monthly repayment required to service your loan. A higher rate generally increases your repayment and may raise your MSR.
Actual loan assessments may use prescribed interest rate floors rather than simply relying on the advertised mortgage rate.
4. Your loan tenure
A longer repayment period generally reduces the monthly instalment for the same loan amount and interest rate. However, it can increase the total interest payable over the life of the loan.
The maximum loan tenure and applicable loan-to-value limits also depend on the type of property loan and the borrower’s circumstances.
5. Your other financial commitments
Other debts do not form part of the MSR calculation itself, but they can affect your overall borrowing capacity under TDSR and the lender’s affordability assessment.
This is why it is important to review both your estimated mortgage repayment and your broader financial commitments before purchasing a property.
How Can an MSR Calculator Help You Plan Your Property Purchase?
An MSR Calculator gives you an initial estimate of how your mortgage repayment compares with your income.
Use it to explore different scenarios before shortlisting properties.
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Estimate monthly repayments: See how different loan amounts, interest rates and loan tenures affect your estimated instalment.
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Check your indicative MSR: Understand what percentage of your gross monthly income would go towards your housing loan.
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Compare affordability scenarios: Adjust your income and financing assumptions to see how your estimated repayment changes.
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Plan a more realistic budget: Use the results as a starting point before considering upfront costs, maintenance fees, property taxes and other homeownership expenses.
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Prepare for financing discussions: Get a clearer picture of your assumptions before speaking with a bank or mortgage adviser.
Remember that an estimated maximum loan amount is not a guarantee of approval. The final amount depends on the applicable regulations and the lender’s assessment.
Frequently Asked Questions (FAQs)
1. What is mortgage servicing ratio?
Mortgage Servicing Ratio (MSR) is the percentage of your gross monthly income used to repay your monthly housing loan instalment.
In Singapore, the general MSR limit is 30% for housing loans from financial institutions for HDB flats and executive condominiums purchased directly from developers, subject to the applicable rules.
2. How do I calculate mortgage servicing ratio?
Divide your monthly mortgage repayment by your gross monthly income, then multiply the result by 100.
For example, if your gross monthly income is $8,000 and your monthly mortgage repayment is $2,000, your MSR is 25%.
Formula: ($2,000 ÷ $8,000) × 100% = 25%.
You can use the MSR Calculator on this page to estimate your ratio based on your own figures.
3. What is the maximum MSR in Singapore?
The general MSR limit is 30% of gross monthly income for eligible housing loans from financial institutions for HDB flats and new ECs purchased directly from developers.
The exact financing requirements depend on the property type, loan arrangement and applicable rules.
4. Does MSR apply to private condominiums?
MSR generally does not apply to private condominium purchases. Instead, property loans from financial institutions are generally subject to TDSR, which has a 55% limit on total monthly debt obligations, subject to applicable rules and exemptions.
However, MSR generally applies to an EC purchased directly from a property developer. Buyers should identify the correct property type before relying on an MSR calculation.
5. What is the difference between MSR and TDSR?
MSR measures the monthly housing loan repayment against gross monthly income. TDSR measures total monthly debt obligations, including the relevant housing loan and other applicable debts, against gross monthly income.
The general limits are 30% for MSR and 55% for TDSR, where the respective frameworks apply.
6. Does MSR include car loans and personal loans?
No. MSR focuses on the relevant monthly housing loan repayment. Car loans, personal loans and other applicable financial commitments are considered under TDSR and may affect your overall borrowing capacity.
7. Can I buy a property if my MSR is above 30%?
If the 30% MSR limit applies to your housing loan, a ratio above the limit generally means the loan does not meet that threshold. Your options may include considering a lower loan amount, a less expensive property or a different financing arrangement, subject to eligibility and applicable rules.
For private condominiums, MSR is generally not the relevant regulatory limit. TDSR and other loan requirements should be assessed instead.
8. Does a lower MSR mean I can definitely get a housing loan?
No. A lower MSR may indicate that your proposed mortgage repayment takes up a smaller proportion of your income, but it does not guarantee loan approval.
Lenders may also assess TDSR, income stability, credit history, loan tenure, loan-to-value limits, outstanding debts and other eligibility criteria.
9. Does the MSR Calculator show my exact approved loan amount?
No. The calculator provides an estimate based on the information entered. The actual loan amount may differ because of the interest rate used for assessment, recognised income, loan tenure, existing financial commitments and the lender’s approval criteria.
Use the results as a guide rather than a loan approval or financial recommendation.
10. Should I calculate MSR before buying a new launch condo?
Yes, it can be helpful to estimate your monthly mortgage repayment before committing to a purchase. Although MSR generally does not apply to private condominiums, it can still help you understand how much of your income a potential mortgage would use.
For private property purchases, you should also consider TDSR, the down payment, stamp duties, legal fees, maintenance fees and your other financial commitments.