MAS
MSR: the 30% mortgage servicing ratio cap
Answers:What is the MSR, and when does it apply instead of TDSR?
Checked against the source 2026-08-01
The rule
The Mortgage Servicing Ratio caps the property loan instalment at 30% of gross monthly income.
- Issued by
- MAS
- Applies to
- HDB flats and Executive Condominiums purchased directly from the developer. Applies in addition to TDSR; the tighter of the two governs.
- Source
- MAS, official guidance
Where this goes wrong
Assuming MSR applies to private property. It does not — but where it does apply it is almost always the binding constraint, not TDSR.
Worked through
Combined income S$18,000 a month, S$1,500 of existing monthly debt, a $1,800,000 purchase over 25 years, on a property where MSR applies.
| Instalment at the stressed 4% rate | $5,400 |
|---|---|
| TDSR usedCounts the mortgage plus every other monthly obligation. | 38.3% of the 55% cap |
| MSR usedCounts the property loan only. | 30.0% of the 30% cap |
| Highest price that clears every gate | $1,360,000 |
MSR (30%) — the HDB/EC servicing cap, not your total debt, is the ceiling.
Computed with the same functions as the calculators on this site. An illustration, not tax advice — confirm your own position with MAS or your conveyancing lawyer before you commit to anything.
Run this on your own numbersAlso from MAS
Go deeper
Rules change, and a figure without a date is worth nothing. Ask whether this is still current before you rely on it for a decision.