HDB & Property Affordability Calculator (Singapore)
Estimate the price you can afford, the downpayment needed and the monthly instalment, and check the LTV, MSR and TDSR limits.
What you'll need
- Household income and existing debts
- Property type (HDB / EC / private)
- Loan type (HDB or bank)
- CPF and cash available
- Tenure and interest rate
How it works
An HDB housing loan offers up to 75% LTV at 2.6% p.a. The MSR caps the instalment at 30% of gross monthly income for HDB flats and ECs from the developer; bank loans are also subject to the TDSR of 55% across all debts.
Three separate rules decide how much you can borrow, and the tightest one wins:
- Loan-to-Value (LTV) limit — the maximum loan as a share of the price or valuation, whichever is lower. Both the HDB loan and a first bank housing loan allow up to 75%, meaning a downpayment of at least 25%.
- Mortgage Servicing Ratio (MSR) — caps the monthly housing instalment at 30% of gross monthly income. It applies only to HDB flats and to ECs bought from the developer, not to private property.
- Total Debt Servicing Ratio (TDSR) — caps all monthly debt repayments (housing, car loans, personal loans, credit lines) at 55% of gross monthly income, for bank property loans of any type.
Crucially, lenders do not assess the instalment at the rate you actually pay. Bank loans are stress-tested at a 4% p.a. floor; HDB assesses at the higher of 3% or the CPF Ordinary Account rate plus 0.1%. The MSR and TDSR sums use the floor rate, shrinking the maximum loan allowed.
Since the MSR is stricter than the TDSR at the same income, it is usually the binding limit for HDB flats and new ECs; private-property buyers work from the TDSR, after subtracting existing debt repayments.
Current Singapore rules
| Limit | Value |
|---|---|
| HDB loan LTV | up to 75% |
| HDB concessionary rate | 2.6% p.a. |
| MSR (HDB/EC) | 30% of gross income |
| TDSR (bank loans) | 55% of gross income |
Worked example: a $500,000 resale flat, step by step
On a gross income of $6,000/month, MSR (30%) caps the HDB instalment at about $1,800/month. Under TDSR (55%), total debt repayments are capped near $3,300/month, less any existing loans.
Suppose this household buys a $500,000 resale flat with an HDB loan and has no other debts:
- Maximum loan (LTV 75%): $500,000 × 75% = $375,000.
- Downpayment (25%): $500,000 − $375,000 = $125,000, payable from CPF Ordinary Account savings, cash, or a mix.
- Instalment check: HDB assesses the loan at the higher of 3% p.a. or the CPF OA rate + 0.1% — not the 2.6% you actually pay. The instalment at that rate must fit the $1,800 MSR cap; if not, the loan amount or tenure has to change.
- Buyer's Stamp Duty (BSD), tier by tier on the higher of price or market value — $500,000 here:
- 1% on the first $180,000 = $1,800
- 2% on the next $180,000 = $3,600
- 3% on the remaining $140,000 = $4,200
- Total BSD = $9,600
The true upfront outlay is therefore $125,000 plus $9,600 BSD, before legal fees and any cash-over-valuation. A Singapore citizen's second residential property would also attract 20% ABSD — a further $100,000 at this price.
Important assumptions
- MSR applies to HDB flats and ECs bought from the developer
- TDSR uses a medium-term interest rate floor for assessment
- Stamp duty, legal and renovation costs are extra
Cases not fully modelled:
- Bank-specific credit assessment
- Variable/again-assessed income haircuts in detail
- COV negotiation for resale flats beyond your input
HDB loan vs bank loan at a glance
| Feature | HDB concessionary loan | Bank loan (first housing loan) |
|---|---|---|
| Maximum LTV | 75% | 75% |
| Interest rate | 2.6% p.a. (CPF OA rate + 0.1%) | Package rate varies by bank |
| Assessment floor | Higher of 3% or OA rate + 0.1% | 4% p.a. stress-test floor |
| Minimum cash portion | None — downpayment can be fully CPF OA | At least 5% of price in cash |
| Ratio limits applied | MSR 30% (and TDSR 55%) | TDSR 55%; MSR 30% also for HDB flats/new ECs |
| Eligible properties | HDB flats only, subject to HDB's criteria | HDB flats, ECs and private property |
Common mistakes and good-to-knows
- Budgeting at the package rate, not the floor. Many people size their loan at the advertised rate, then find the 4% bank floor (or 3% HDB floor) allows a smaller loan.
- Treating the downpayment as the whole upfront cost. BSD is payable on top, on the higher of price or market value — with legal and valuation fees after that.
- Forgetting existing debts count against TDSR. A car or renovation loan instalment is subtracted from the 55% cap before the housing instalment.
- Overlooking the cash component on bank loans. At least 5% of the price must be paid in cash; CPF OA cannot cover that slice.
- Assuming MSR applies to everything. It covers HDB flats and new ECs only; private purchases are bounded by the TDSR instead.
- Ignoring what CPF usage costs later. OA savings used for housing stop earning 2.5% p.a. and generally must be refunded with accrued interest on sale.
How the calculator helps
The PlanLiaoMah property calculator models exactly these mechanics: it applies the 75% LTV cap and the 30% MSR / 55% TDSR against your income and existing debts, uses the right assessment floor for the loan type, and splits the upfront amount into loan, CPF/cash downpayment and stamp duty. Change the property type, loan type, tenure or rate and every figure updates, showing which rule binds. Free, in your browser, no sign-up.
Official sources and verification
- HDB — Housing Loan from HDB
- MAS — MSR and TDSR rules
- MAS — Total Debt Servicing Ratio for property loans
- IRAS — Buyer's Stamp Duty (BSD)
Direct links to the relevant official pages. Rules and rates change; last checked 21 July 2026. Always confirm against the official source.
Open the free calculator →Frequently asked questions
How much can I borrow for a home?
It depends on LTV (up to 75% for HDB/bank) and the MSR (30%) / TDSR (55%) limits applied to your income and existing debts.
What is the HDB loan interest rate?
The HDB concessionary rate is 2.6% p.a., pegged at 0.1% above the CPF Ordinary Account rate.
How much downpayment do I need?
For an HDB loan, 25% (part payable with CPF). Bank loans generally require at least 25%, with 5% in cash.