Tool
MSR Calculator — How Much HDB/EC Can You Afford?
Enter your income. See your maximum mortgage payment, loan amount, and property price under the 30% MSR cap.
Quick answer: With a $8,000 monthly income, the 30% MSR cap allows a max mortgage of $2,400/mo. At the MAS 4% stress test rate (25-year tenure), that supports a loan of ~$455K and a property up to ~$607K at 75% LTV.
MSR only applies to HDB and EC purchases. Buying a private condo? Use the TDSR calculator instead.
Combined gross income if applying jointly.
Bank assesses at 4% regardless. This shows your actual monthly payment.
Max Monthly Mortgage (MSR Cap)
$2,400
30% of $8,000 gross monthly income
Max Property Price (75% LTV)
$606,248
Stress Test vs Actual Rate
This is what the bank uses to assess you. MSR = 30%.
What you'd actually pay. Real MSR = 25.8%. You save $337/mo vs stress test.
MSR is maxed at 30%. Earning more or extending tenure increases your loan amount.
Income vs Max Property Price
| Monthly Income | Max Mortgage | Max Loan | Max Property |
|---|---|---|---|
| $4,000 | $1,200 | $227K | $303K |
| $6,000 | $1,800 | $341K | $455K |
| $8,000 | $2,400 | $455K | $606K |
| $10,000 | $3,000 | $568K | $758K |
| $12,000 | $3,600 | $682K | $909K |
| $15,000 | $4,500 | $853K | $1.1M |
| $20,000 | $6,000 | $1.1M | $1.5M |
Based on 25-year tenure, 4% stress test, 75% LTV. Your income range is highlighted.
MSR cap: 30% of gross monthly income (HDB/EC only) | MAS stress test rate: 4% p.a.
LTV: 75% (1st property, bank loan) | Max HDB loan tenure: 30 years
Next step: Know your MSR limit. Now run the full upgrade numbers.
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How MSR Works
The Mortgage Servicing Ratio (MSR) is a MAS regulation that limits your monthly mortgage payment to 30% of your gross monthly income. It applies only to HDB flats and Executive Condominiums (ECs).
Unlike TDSR, which considers all your debts, MSR focuses solely on your mortgage payment. Here's what the bank sees when you apply: they take your gross income, multiply by 0.30, and that's the maximum monthly mortgage you can carry. Simple.
The catch: the bank calculates your payment using the MAS stress test rate of 4% p.a., not the rate they actually offer you. Even if your bank quotes 2.6%, your affordability is assessed at 4%. This means you qualify for a smaller loan than the interest rate alone would suggest.
MSR vs TDSR — Which One Limits You?
If you're buying an HDB or EC, you need to pass both MSR and TDSR. The tighter one becomes your binding constraint. For most buyers with low existing debts, MSR is the bottleneck — the 30% mortgage cap bites harder than the 55% total debt cap.
When does TDSR bind instead? When you have significant existing debts (car loan, personal loans, credit cards) that eat into your 55% TDSR headroom, leaving less than 30% for the mortgage.
| MSR | TDSR | |
|---|---|---|
| Cap | 30% | 55% |
| Covers | Mortgage only | All debts + mortgage |
| Applies to | HDB & EC only | All property types |
| Stress test rate | 4% p.a. | 4% p.a. |
| Usually binding for | Low-debt buyers | High-debt buyers |
How to Increase Your MSR Limit
1. Apply jointly. A co-borrower's income is added to yours. Two incomes of $4,000 give you the same MSR headroom as one person earning $8,000. The 30% cap applies to the combined gross income.
2. Extend your loan tenure. A longer tenure means lower monthly payments, so you can borrow more within the 30% cap. Going from 20 to 25 years increases your max loan by ~15%. But watch the age limit — age plus tenure cannot exceed 65 for 75% LTV.
3. Increase your documented income. Variable income (commissions, overtime, bonuses) may be counted at 70%. If you can demonstrate consistent earnings with payslips or tax returns, some banks will include more of it.
4. Consider HDB loan. HDB loans use the concessionary rate (2.6%) as the stress test rate instead of 4%, which qualifies you for a larger loan. They also offer 80% LTV vs 75% for bank loans. The trade-off: the interest rate itself is higher than most bank rates.
FAQ
What is MSR and how is it calculated?
MSR (Mortgage Servicing Ratio) caps your monthly mortgage payment at 30% of your gross monthly income. It applies only to HDB flats and Executive Condominiums (ECs). The bank calculates your mortgage payment using the MAS stress test rate of 4% p.a., even if your actual rate is lower.
What is the difference between MSR and TDSR?
MSR (30%) limits your mortgage payment only and applies to HDB/EC purchases. TDSR (55%) limits your total debt obligations (mortgage + car loan + personal loans + credit cards) and applies to all property types. If you're buying an HDB or EC, you must pass both MSR and TDSR. For most buyers with low debts, MSR is the binding constraint.
Does MSR apply to private condos?
No. MSR only applies to HDB flats and Executive Condominiums (ECs). Private property purchases are governed by TDSR only (55% cap on total debts). If you're buying a private condo, use our TDSR calculator instead.
How much HDB can I afford with a $6,000 salary?
With $6,000 gross monthly income, the 30% MSR cap allows a maximum mortgage payment of $1,800/month. At the 4% stress test rate over 25 years, this supports a maximum loan of about $341,000 — meaning an HDB up to roughly $455,000 at 75% LTV. A joint income of $6,000 works the same way.
Why can't I borrow as much for HDB as for a condo?
Because MSR (30%) is tighter than TDSR (55%). For HDB/EC, the bank limits your mortgage alone to 30% of income. For private property, you get the full 55% TDSR headroom (minus existing debts). This means the same income qualifies for a significantly larger loan on a private condo vs an HDB, all else being equal.
Does MSR apply to HDB loans from HDB?
Yes, but with differences. HDB loans use a concessionary rate (currently 2.6%) and the 30% MSR cap still applies. However, HDB loans offer up to 80% LTV (vs 75% for bank loans), meaning you need a smaller down payment. The stress test rate for HDB loans is the concessionary rate itself, not 4%.
Related Tools & Guides
- TDSR Calculator — maximum borrowing power including all debts (private property)
- Mortgage Calculator — monthly payment, interest, and amortization breakdown
- HDB to Condo Affordability Calculator — find your max condo budget after HDB sale
- HDB Sale Proceeds Calculator — how much cash you walk away with after selling
- TDSR Guide Singapore — the complete guide to TDSR and MSR rules
Last updated Feb 2026. This is an estimate — not financial advice. MSR rules are set by MAS. Banks may have additional internal lending criteria. HDB loans have different stress test rates and LTV limits.