LTV and TDSR limits in Singapore, current and historic
What are the current LTV, TDSR and MSR limits in Singapore?
A bank can lend up to 75%, 45% and 35% of the price or valuation on a borrower's first, second and third or later housing loan, falling to 55%, 25% and 15% if the tenure exceeds 30 years (25 for an HDB flat) or the loan runs past age 65; an HDB loan covers up to 75%. Under the total debt servicing ratio, all monthly debt repayments including the new home loan may not exceed 55% of gross monthly income, and the loan is tested at a medium-term interest rate of at least 4% for a bank loan (3% for an HDB loan). For an HDB flat, or an executive condominium still within its minimum occupation period, the mortgage servicing ratio caps the home loan instalment alone at 30% of gross monthly income, on top of the 55% TDSR. LTV limits have changed six times since 12 Jan 2013, and TDSR three times since 28 Aug 2013.
In force today
Loan-to-value (LTV)
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 75% | 55% | 5% |
| Second housing loan | 45% | 25% | 25% |
| Third or later housing loan | 35% | 15% | 25% |
| HDB loan (up to 25 years) | 75% | 55% | -- |
TDSR, MSR and stress-test rate
| Limit | Value |
|---|---|
| Total debt servicing ratio (TDSR) | 55% |
| Mortgage servicing ratio (MSR), HDB flat or EC in MOP | 30% |
| Stress-test rate, bank loan | 4% |
| Stress-test rate, HDB loan | 3% |
What changed, and when
LTV, From 30 Sept 2022 to 19 Aug 2024
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 75% | 55% | 5% |
| Second housing loan | 45% | 25% | 25% |
| Third or later housing loan | 35% | 15% | 25% |
| HDB loan (up to 25 years) | 80% | 80% | -- |
Source: MAS, "Measures to Promote Sustainable Conditions in the Property Market by Ensuring Prudent Borrowing and Moderating Demand", media release 29 Sep 2022; HDB loan LTV cut from 85% to 80%; bank LTV tiers and min_tenure_years/reduced_min_cash_pct carried from the 2024-08-20 version (unchanged since 6 Jul 2018); hdb_loan.reduced_ltv_pct not stated by an official page for this period, no reduction applied, read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
LTV, From 16 Dec 2021 to 29 Sept 2022
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 75% | 55% | 5% |
| Second housing loan | 45% | 25% | 25% |
| Third or later housing loan | 35% | 15% | 25% |
| HDB loan (up to 25 years) | 85% | 85% | -- |
Source: MAS, "Measures To Cool The Property Market", media release 15 Dec 2021; HDB loan LTV cut from 90% to 85%; bank LTV tiers and min_tenure_years/reduced_min_cash_pct carried from the 2024-08-20 version; hdb_loan.reduced_ltv_pct not stated by an official page for this period, no reduction applied, read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
LTV, From 6 Jul 2018 to 15 Dec 2021
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 75% | 55% | 5% |
| Second housing loan | 45% | 25% | 25% |
| Third or later housing loan | 35% | 15% | 25% |
| HDB loan (up to 25 years) | 90% | 90% | -- |
Source: MAS, "Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits", media release 6 Jul 2018 (MAS "Selected macroprudential policy measures since 2009" table: no outstanding loan 75%, one 45%, two or more 35%, non-individuals 15%); min_tenure_years/reduced_min_cash_pct carried from the 2024-08-20 version; hdb_loan.reduced_ltv_pct not stated by an official page for this period, no reduction applied, read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
LTV, From 28 Aug 2013 to 5 Jul 2018
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 80% | 60% | 5% |
| Second housing loan | 50% | 30% | 25% |
| Third or later housing loan | 40% | 20% | 25% |
| HDB loan (up to 25 years) | 90% | 90% | -- |
Source: MAS, "Macroprudential Policies in Singapore", section "History of macroprudential policies in Singapore", August 2013 entry "Revised Mortgage Loan Terms for public housing" (the page's dated summary table has no Aug 2013 row, so this cites the narrative section); MND/HDB, "More Help, Stronger Support, Better Homes", media release 27 Aug 2013, Annex C para 16 (HDB concessionary loan tenure cut from 30 to 25 years, MSR cut from 35% to 30%) and Annex C para 3's effective-date table: the HDB-loan terms (tenure, MSR) took effect from HLE letters received on or after 27 Aug 2013, 5:30pm, but the bank-loan terms (tenure cap 30 years, tighter LTV over 25 years, footnote 2: 80% down to 60%) applied only to OTPs granted on or after 28 Aug 2013; recorded here as a single version from 2013-08-28 at day granularity, since bank_by_loan_count and hdb_loan share one effective_from -- the HDB-loan fields are technically in force a day earlier; bank LTV tiers and min_tenure_years/reduced_min_cash_pct carried from the 2024-08-20 version; hdb_loan.reduced_ltv_pct not stated by an official page for this period, no reduction applied, read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
LTV, From 12 Jan 2013 to 27 Aug 2013
| Loan | Maximum LTV | Reduced LTV (long tenure or past age limit) | Minimum cash |
|---|---|---|---|
| First housing loan | 80% | 60% | 5% |
| Second housing loan | 50% | 30% | 25% |
| Third or later housing loan | 40% | 20% | 25% |
| HDB loan (up to 30 years) | 90% | 90% | -- |
Source: MAS, "Additional Measures To Ensure A Stable And Sustainable Property Market", media release 12 Jan 2013 (LTV for one outstanding loan cut to 50%, two or more to 40%, non-individuals to 20%; para 7c: min cash for a second or subsequent loan raised from 10% to 25%; MSR for HDB loans lowered from 40% to 35%, para 11a.ii); before the 27/28 Aug 2013 HDB-specific tenure carve-out (see the next version), the 20-point reduced-LTV threshold (30 years / age 65) applied uniformly, so hdb tenure fields equal private's; reduced_min_cash_pct (the further cash step for the reduced-LTV tier) is not itemised by this release, distinct from the 25% min_cash_pct that para 7c does itemise -- carried from the 2024-08-20 version; hdb_loan.reduced_ltv_pct is not stated by an official page for this period, so no reduction is applied (set equal to ltv_pct), read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
TDSR and MSR, From 16 Dec 2021 to 29 Sept 2022
| Limit | Value |
|---|---|
| Total debt servicing ratio (TDSR) | 55% |
| Mortgage servicing ratio (MSR), HDB flat or EC in MOP | 30% |
| Stress-test rate, bank loan | 3.5% |
| Stress-test rate, HDB loan | 2.6% |
Source: MAS, "Measures To Cool The Property Market", media release 15 Dec 2021; TDSR cut from 60% to 55%, bank medium-term interest rate floor unchanged at 3.5%; HDB loans continued to use the actual 2.6% concessionary rate directly (CPF Ordinary Account rate + 0.1%) -- there was still no separate stress-test floor for HDB loans, per MAS's account in the 29 Sep 2022 release of the position before that date, read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
TDSR and MSR, From 28 Aug 2013 to 15 Dec 2021
| Limit | Value |
|---|---|
| Total debt servicing ratio (TDSR) | 60% |
| Mortgage servicing ratio (MSR), HDB flat or EC in MOP | 30% |
| Stress-test rate, bank loan | 3.5% |
| Stress-test rate, HDB loan | 2.6% |
Source: TDSR itself took effect 29 Jun 2013 at 60% (MAS, "MAS Introduces Debt Servicing Framework for Property Loans", media release 29 Jun 2013, footnote 5: 3.5% medium-term interest rate floor for bank housing loans); this version's history starts later, 28 Aug 2013, because the HDB-loan MSR differed before then: the 12 Jan 2013 release (para 11a.ii) lowered it from 40% to 35%, and the 27 Aug 2013 MND/HDB release (Annex C para 16) lowered it again to 30% -- with the same 27/28 Aug day-granularity split as the LTV version covering this date (HDB-loan terms from 27 Aug 5:30pm, bank-loan terms from OTPs on or after 28 Aug), recorded here from 2013-08-28; MAS applied no separate stress-test floor to HDB's own concessionary loans over this whole span -- the actual HDB concessionary rate of 2.6% (CPF Ordinary Account rate + 0.1%) was used directly, per MAS's own account of the pre-30-Sep-2022 position in the 29 Sep 2022 release ("this will not affect the actual HDB concessionary interest rate, which will remain unchanged at 2.6% p.a."), read 2026-09-27. Last checked against the published rules on 27 Sept 2026.
Work it out on the matching calculator.
Where these rates come from
- Loan-to-value (LTV): rates in force since 20 Aug 2024. Source: MAS loan-to-value limits; HDB loan LTV lowered to 75% on 20 Aug 2024. Last checked against the published rules on 18 Sept 2026.
- TDSR and MSR: rates in force since 30 Sept 2022. Source: MAS TDSR 55%, MSR 30%; medium-term interest rate floor 4% (bank), 3% (HDB loan). Last checked against the published rules on 18 Sept 2026.
Every figure on this page is read from our versioned rules, checked against IRAS, MAS and the CPF Board on 18 Sept 2026.
Indicative figures only, not tax, legal or financial advice. Confirm stamp duty with IRAS and loan limits with your bank or HDB before you commit.
Other rates
- ABSD rates in Singapore, current and historic
Additional buyer's stamp duty rates in force today, by residency and how many properties you already own, plus every past ABSD schedule since it began in 2011.
- BSD rates in Singapore, current and historic
Buyer's stamp duty rates in force today, tier by tier of the purchase price, plus every past BSD schedule on record.
- SSD rates in Singapore, current and historic
Seller's stamp duty rates in force today, by years held since purchase, plus every past SSD schedule since it began in 2010.
- Property tax rates in Singapore, current and historic
Owner-occupied and non-owner-occupied property tax rates in force today, by annual value band, plus every past schedule since 2015.