TDSR Calculator
Check if you pass TDSR and find your maximum affordable property price. All calculations use the MAS 4% stress-test rate.
Interest rate fixed at 4.0% p.a. (MAS stress-test floor for residential property).
In This Guide
- What is TDSR?
- TDSR Quick Reference (2026)
- The TDSR Formula
- Worked Example: HDB Upgrader
- Worked Example: Self-Employed Buyer
- Worked Example: The Car Loan Killer
- Worked Example: Mixed Salaried + Self-Employed Couple
- Worked Example: PR Buyer With Existing Property
- What Income Counts Towards TDSR?
- Pledged Assets and the 4-Year Lock
- What Debts Are Included?
- TDSR vs MSR vs LTV
- MSR Worked Example: EC Buyer
- LTV Ratio by Property Count
- Age and Loan Tenure Caps
- How to Maximise Your TDSR Headroom
- What Happens If You Exceed 55% TDSR?
- TDSR and Refinancing
- Frequently Asked Questions
What is TDSR?
TDSR (Total Debt Servicing Ratio) caps your total monthly debt repayments at 55% of your gross monthly income. It is a Monetary Authority of Singapore (MAS) rule introduced in June 2013 to prevent over-borrowing, and tightened from 60% to 55% in December 2021. Every property loan in Singapore — bank or HDB — must satisfy TDSR before approval.
In plain English: add up everything you owe each month (home loan, car loan, credit cards, personal loans), and the total cannot exceed 55% of what you earn before tax. The new property loan you are applying for is included in the calculation, and the bank stress-tests it at a higher interest rate to be safe. If your numbers don't pass, no bank in Singapore can approve you — it is an MAS-mandated rule, not a bank policy. Use the ABSD calculator alongside this guide to plan your total purchase costs.
TDSR Quick Reference (2026)
| Rule | Value |
|---|---|
| TDSR limit | 55% of gross monthly income |
| Stress test rate (residential) | 4.0% per year |
| Stress test rate (non-residential) | 5.0% per year |
| Variable income haircut | 30% (only 70% counted) |
| Max loan tenure (private) | 35 years |
| Max loan tenure (HDB) | 25 years (HDB-granted loan) / 30 years (bank loan) |
| MSR (HDB / EC only) | 30% of gross monthly income |
Refer to the official MAS guidelines for the latest TDSR rules: MAS TDSR Explainer
The TDSR Formula
The calculation is conceptually simple, even if the inputs require care:
TDSR = (All monthly debt obligations) ÷ (Gross monthly income) ≤ 55%
Two things to watch out for:
- The new home loan is computed at the stress-test rate (4.0%), not the actual rate the bank offers you. So even if your real mortgage is 3.0%, the bank checks affordability at 4.0%.
- Variable income takes a 30% haircut. If you earn $5,000 fixed salary plus $5,000 commission, the bank only recognises $5,000 + (70% × $5,000) = $8,500 — not the full $10,000.
Worked Example: HDB Upgrader (Salaried Couple)
This profile is the most common buyer using TDSR — a Singaporean couple selling their HDB and moving to private property. If you're in this situation, also read our HDB Upgrader Guide 2026 for the full step-by-step on MOP rules, sell-first vs buy-first sequencing, and ABSD planning.
Profile
- Combined gross income: $15,000/month (both salaried, no variable component)
- Existing car loan: $800/month
- Credit card minimums: $200/month
- No other debt
TDSR headroom
- 55% of $15,000 = $8,250/month maximum total debt
- Existing debts: $800 + $200 = $1,000
- Available for new home loan: $8,250 − $1,000 = $7,250/month
Maximum loan
At a stress-test rate of 4.0% over 30 years, $7,250/month services a loan of approximately $1,518,000. With 25% downpayment, this couple can target a property up to ~$2.02M. Browse new launch condos under $2M to see what fits this budget.
Worked Example: Self-Employed Buyer
Profile
- Self-employed, declared NOA income: $15,000/month (100% variable)
- No existing debt
TDSR headroom
- Income after 30% haircut: 70% × $15,000 = $10,500/month recognised
- 55% of $10,500 = $5,775/month maximum total debt
Maximum loan
At 4.0% stress test over 30 years, $5,775/month services a loan of approximately $1,210,000. Same gross income as the salaried couple above, but the buyer can borrow ~$300K less because of the variable-income haircut. This is the single biggest reason commission-based earners feel under-served by Singapore lending rules. One way to bridge the gap is through pledged assets — read the section below.
Worked Example: The Car Loan Killer (Before vs After)
Profile
- Single buyer, gross salary: $10,000/month (100% fixed)
- Car loan: $1,500/month (3 years remaining, ~$54,000 outstanding)
- Credit card minimums: $150/month
Before clearing the car loan
- 55% of $10,000 = $5,500/month maximum total debt
- Existing debts: $1,500 + $150 = $1,650
- Available for new home loan: $5,500 − $1,650 = $3,850/month
- Maximum loan @ 4.0% / 30 years ≈ $806,000
After clearing the car loan ($54K cash)
- Existing debts: $150 only
- Available for new home loan: $5,500 − $150 = $5,350/month
- Maximum loan @ 4.0% / 30 years ≈ $1,121,000
The takeaway: Spending $54K of cash to clear the car loan unlocks ~$315K of additional borrowing power. For most buyers this is a no-brainer trade — you trade illiquid car equity for a much bigger property. Just make sure the cash isn't needed for the downpayment first. Check the ABSD calculator to factor in stamp duties on top of your loan.
Worked Example: Mixed Salaried + Self-Employed Couple
Profile
- Spouse A (salaried executive): $12,000/month fixed
- Spouse B (self-employed designer): $8,000/month declared NOA
- No existing debt
Recognised income
- Spouse A: $12,000 × 100% = $12,000
- Spouse B: $8,000 × 70% = $5,600 (variable haircut)
- Total recognised: $17,600/month (vs $20,000 actual)
TDSR headroom
- 55% of $17,600 = $9,680/month for new home loan
- Maximum loan @ 4.0% / 30 years ≈ $2,028,000
- With 25% downpayment, target property up to ~$2.7M
The takeaway: Combining incomes works, but the variable-income haircut on Spouse B effectively "loses" $2,400/month of recognised income. If Spouse B can pledge fixed deposits or shares for 4 years, the gap can be partially closed via the asset add-back rule.
Worked Example: PR Buyer With Existing Investment Property
Profile
- PR, salaried: $18,000/month fixed
- Existing investment condo loan: $4,200/month
- Rental income from that condo: $4,500/month → recognised at 70% = $3,150/month (added back to income)
Recognised income & TDSR
- Recognised income: $18,000 + $3,150 = $21,150/month
- 55% of $21,150 = $11,632/month maximum total debt
- Existing investment loan: $4,200
- Available for new home loan: $11,632 − $4,200 = $7,432/month
- Maximum loan @ 4.0% / 30 years ≈ $1,556,000
The takeaway: The rental income from existing properties helps, but only at 70%. And remember — as a PR buying a second property, you also pay 30% ABSD on top of the purchase price (check ABSD rates here), so factor that into your cash planning separately from TDSR. Also note that as a second property, the LTV drops to 45% — a much bigger downpayment is needed.
What Income Counts Towards TDSR?
| Income Type | Recognition |
|---|---|
| Fixed monthly salary | 100% |
| Commissions, bonuses, allowances | 70% (30% haircut) |
| Self-employed / freelance income | 70% (30% haircut) |
| Rental income (existing properties) | 70% (30% haircut) |
| Eligible pledged assets (4-year lock) | Added back to income at face value ÷ 48 months |
| Eligible unpledged assets | 30% × value ÷ 48 months |
Pledged Assets and the 4-Year Lock
If your income alone isn't enough to pass TDSR, you can pledge eligible liquid assets with your bank for a minimum of 4 years (48 months) to boost your recognised monthly income. This is one of the most underused strategies in Singapore property financing.
What assets are eligible?
- Fixed deposits
- Equities (stocks listed on recognised exchanges)
- Bonds (investment-grade)
- Gold (held through the bank)
How it works
The pledged asset value is divided by 48 months and added to your gross monthly income at face value. This directly increases the 55% TDSR denominator.
Worked Example: Pledged Assets
- Gross salary: $10,000/month (fixed)
- No existing debt
- Pledged fixed deposits: $240,000
Without pledged assets
- TDSR headroom: 55% × $10,000 = $5,500/month
- Max loan @ 4% / 25 years ≈ $1,047,000
With $240K pledged for 4 years
- Asset add-back: $240,000 ÷ 48 = $5,000/month
- Recognised income: $10,000 + $5,000 = $15,000/month
- TDSR headroom: 55% × $15,000 = $8,250/month
- Max loan @ 4% / 25 years ≈ $1,570,000 — a $523K increase
The 4-year clawback
Critical rule: if you withdraw the pledged assets within 4 years, the bank recalculates your TDSR without them. If the recalculated TDSR exceeds 55%, the bank may require you to top up additional assets or even recall part of the loan. So only pledge assets you genuinely don't need for 4 years.
What Debts Are Included?
- Existing home loans (your current mortgage, including investment properties)
- Car loans
- Credit card minimum payments (typically 3% of outstanding balance)
- Personal loans and renovation loans
- Student loans
- Education loans for children
- Guarantor obligations on someone else's loan
Closing or paying down a small loan before applying — especially a car loan — can dramatically increase how much you can borrow for property. See the Car Loan Killer worked example above for the exact numbers.
TDSR vs MSR vs LTV — Don't Confuse Them
| Rule | What it caps | Applies to |
|---|---|---|
| TDSR (55%) | Total monthly debt vs gross income | All property loans |
| MSR (30%) | Just the new home loan vs gross income | HDB flats & new ECs only |
| LTV (75%) | Loan amount vs property value | First housing loan, all property types |
For private property purchases, only TDSR and LTV apply. For HDB flats and ECs bought from developers, you need to satisfy both TDSR (55%) and MSR (30%) — and MSR is usually the binding constraint for HDB upgraders.
MSR Worked Example: EC Buyer (MSR as Binding Constraint)
Profile
- Married couple, combined gross income: $12,000/month (both salaried)
- Existing car loan: $800/month
- Buying an Executive Condominium (EC) from developer
MSR limit (30% of income, new home loan only)
- 30% × $12,000 = $3,600/month — max home loan instalment
TDSR limit (55% of income, all debts)
- 55% × $12,000 = $6,600/month total debt capacity
- Less car loan: $6,600 − $800 = $5,800/month available for mortgage
Which rule binds?
- MSR limits the mortgage to $3,600/month
- TDSR would allow up to $5,800/month
- MSR is the binding constraint — the couple can only borrow based on $3,600/month, not $5,800
Maximum loan
At 4.0% stress test over 25 years, $3,600/month services a loan of approximately $685,000. With 25% downpayment, the maximum EC purchase price is ~$913,000.
The takeaway: For EC and HDB buyers, MSR (30%) almost always bites before TDSR (55%). This is why many HDB upgraders choose private condos instead of new ECs — private property is not subject to MSR, so the same couple could borrow based on $5,800/month instead. Browse new launch private condos under $2M to compare.
LTV Ratio by Property Count
The Loan-to-Value (LTV) ratio determines how much you can borrow relative to the property's value. It drops sharply with each additional property, and loan tenure and age can reduce it further.
| Property | Outstanding Housing Loans | LTV (Tenure ≤30yr & Age ≤65) | LTV (Tenure >30yr or Age >65) |
|---|---|---|---|
| 1st property | 0 | 75% | 55% |
| 2nd property | 1 | 45% | 25% |
| 3rd+ property | 2+ | 35% | 15% |
HDB-specific LTV
- HDB loan: max 80% LTV (only for first-time HDB buyers, subject to income ceiling)
- Bank loan on HDB: max 75% LTV (same as private property first-loan rules)
Why this matters for TDSR: A lower LTV means a larger cash or CPF downpayment. For example, buying a $2M second property at 45% LTV requires a $1.1M downpayment (vs $500K at 75% LTV for a first property). Even if your TDSR passes, you may not have enough cash. Plan both TDSR and downpayment together — the ABSD calculator can help with total cash outlay including stamp duties.
Age and Loan Tenure Caps
MAS limits loan tenure based on your age at the time of application. Exceeding these thresholds triggers a lower LTV ratio, which means a bigger downpayment.
Maximum loan tenure
| Loan Type | Absolute Max Tenure | Age-Based Cap |
|---|---|---|
| Private property (bank loan) | 35 years | 65 − borrower's age |
| HDB flat (bank loan) | 30 years | 65 − borrower's age |
| HDB flat (HDB loan) | 25 years | 65 − borrower's age |
The effective tenure is always the shorter of the absolute max and the age-based cap.
LTV penalty for long tenure
If the loan tenure exceeds 30 years or the loan period extends past the borrower's age of 65, LTV is reduced:
- 1st property: 75% → 55%
- 2nd property: 45% → 25%
- 3rd+ property: 35% → 15%
Worked Example: 40-Year-Old Buyer
- Age: 40
- Age-based cap: 65 − 40 = 25 years
- Absolute max (private): 35 years
- Effective max tenure: 25 years (the shorter of the two)
Impact on LTV
- 25-year tenure does not exceed 30 years ✓
- Loan ends at age 65 (not past 65) ✓
- Full 75% LTV applies for a first property
Compare: same buyer at age 45
- Age-based cap: 65 − 45 = 20 years
- 20 years < 30 years, ends at age 65 → full 75% LTV still applies
- However, a shorter tenure means higher monthly payments, which increases TDSR
The takeaway: If you are over 35, your maximum tenure starts shrinking, which increases your monthly instalment and TDSR ratio. The LTV penalty only kicks in if you push past 30-year tenure or age 65 — but the shorter tenure itself still hurts your TDSR even without the LTV penalty.
How to Maximise Your TDSR Headroom
- Close or pay down existing loans — especially car loans, which often consume $800-$2,000 of monthly TDSR capacity
- Clear credit card balances — even minimum payments reduce headroom
- Stretch the loan tenure — longer tenure = lower monthly instalment = more headroom (up to 35 years for private, 30 years for HDB)
- Pledge eligible assets for 4 years — fixed deposits, equities, or bonds pledged with the bank for 48 months are added back to your income at face value ÷ 48
- Maximise fixed income — convert variable bonuses to fixed allowances where possible (talk to HR before you apply)
- Apply jointly — adding a co-applicant pools both incomes against the 55% limit
Not sure where you stand? WhatsApp me your income and debt details — I'll calculate your exact borrowing capacity for free.
What Happens If You Exceed 55% TDSR?
Your loan application is automatically rejected. This is not a bank discretion issue — it is an MAS-mandated regulation. No bank in Singapore can approve a property loan that exceeds the 55% TDSR threshold, regardless of your net worth, credit history, or relationship with the bank.
The one limited exception
MAS allows a TDSR exemption for owner-occupied property refinancing — but only if:
- You are refinancing your existing home loan (not a new purchase)
- The property is owner-occupied (not investment)
- You are not increasing the loan quantum (no cash-out)
Your options if TDSR exceeds 55%
- Reduce existing debt first — clear car loans, credit cards, or personal loans before applying. Even a few hundred dollars less per month can make the difference.
- Add a co-borrower — a working spouse, parent, or sibling with income pools the denominator, immediately reducing your TDSR ratio.
- Increase income documentation — ensure all fixed income components (transport allowance, meal allowance, housing allowance) are reflected in your payslips, not just base salary.
- Pledge liquid assets — fixed deposits, equities, or bonds pledged for 4 years are added back to your recognised income.
- Choose a longer tenure — a 30-year loan has lower monthly payments than a 25-year loan, reducing your TDSR ratio (but watch the age-based cap).
- Lower your target price — a smaller loan means a lower monthly instalment. Use the calculator above to find your maximum affordable price.
TDSR and Refinancing
Good news for existing homeowners: TDSR does not apply when you refinance your owner-occupied home loan, as long as you are not increasing the loan amount or cashing out. This exemption was introduced so that homeowners can switch banks and lock in lower rates without being trapped by changing income or new debts. If you are refinancing, focus on the rate, not the TDSR.
Frequently Asked Questions
What is TDSR in Singapore?
TDSR (Total Debt Servicing Ratio) is a MAS rule that caps your total monthly debt repayments at 55% of your gross monthly income. It applies to all property loans and includes every existing debt: home loans, car loans, credit cards, personal loans, and student loans.
What is the TDSR limit in Singapore in 2026?
The TDSR limit is 55% of your gross monthly income. Your total monthly debt obligations — including the new property loan computed at the stress-test interest rate — cannot exceed this threshold.
What is the TDSR stress test interest rate?
Banks calculate TDSR using a medium-term interest rate floor of 4.0% per year for residential property loans (5.0% for non-residential). This ensures buyers can still afford repayments if rates rise.
What income counts towards TDSR?
Fixed monthly salary counts at 100%. Variable income — commissions, bonuses, allowances, rental — is subject to a 30% haircut. Pledged assets can also be added back at face value over 48 months.
What debts are included in TDSR?
Every monthly debt obligation: existing home loans, car loans, credit card minimums, personal loans, student loans, renovation loans, and even guarantor obligations on someone else's loan.
What is the difference between TDSR and MSR?
TDSR (55%) applies to all property loans. MSR (30%) only applies to HDB flats and ECs bought from developers, and it caps just the new home loan repayment at 30% of gross income. For HDB and EC purchases, both rules must be satisfied. See the MSR worked example above.
How can I increase my TDSR loan eligibility?
Pay down existing loans (especially car loans), clear credit card balances, pledge liquid assets for 4 years, stretch the loan tenure, and consider applying jointly with a co-applicant to pool incomes.
Does TDSR apply to refinancing?
No — TDSR does not apply when refinancing your existing owner-occupied home loan, as long as you are not increasing the loan amount or cashing out. This refinancing exemption helps homeowners switch to lower rates freely.
What is the maximum loan tenure for property in Singapore?
For private property, the maximum is 35 years or (65 minus your age), whichever is shorter. For HDB bank loans, it is 30 years or (65 minus age). For HDB-granted loans, it is 25 years or (65 minus age). If the tenure exceeds 30 years or extends past age 65, LTV drops — for example, from 75% to 55% for a first property. See the age and tenure section for a worked example.
Can I use pledged assets to pass TDSR?
Yes. Pledge eligible assets (fixed deposits, equities, bonds, gold) with your bank for a minimum of 4 years. The pledged amount is divided by 48 months and added to your recognised monthly income. This directly increases your TDSR headroom. However, withdrawing the assets within 4 years triggers a recalculation. See the pledged assets section for a worked example.
What is the LTV ratio for a second property in Singapore?
If you have one outstanding housing loan, the maximum LTV for a second property is 45% (55% minimum downpayment). If the loan tenure exceeds 30 years or extends past age 65, LTV drops to 25%. For a third or subsequent property, LTV caps at 35% (or 15% with tenure/age restrictions). See the full LTV table.
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