What is the difference between MSR and TDSR?
MSR caps your monthly home loan repayment at 30% of gross monthly income and applies only to HDB flats and Executive Condominiums. TDSR caps all your monthly debt repayments at 55% of gross income and applies to every property loan. For HDB and ECs, both apply together — and MSR is usually the binding constraint.
The full rules
MSR vs TDSR at a glance
| Feature | MSR | TDSR |
| Maximum limit | 30% of gross monthly income | 55% of gross monthly income |
| What it counts | Property loan repayment only | All monthly debt repayments |
| Applies to | HDB flats and Executive Condominiums only | All property loans from financial institutions |
| Effective date | 10 December 2013 | 16 December 2021 |
How they work together
- For HDB flats and ECs, both MSR and TDSR apply. Because MSR (30%) is tighter and counts only the property loan, it is usually the binding constraint.
- For private property, only TDSR (55%) applies.
Worked example
Worked example
A buyer has a gross monthly income of $8,000 and is buying an HDB flat. Both MSR and TDSR apply.
| Constraint | Calculation | Cap on monthly repayment |
| MSR (30%) | 30% × $8,000 | $2,400 |
| TDSR (55%) | 55% × $8,000 | $4,400 |
MSR limits the home loan repayment to $2,400/month. Even though TDSR would allow up to $4,400 across all debts, the home loan itself cannot exceed the MSR cap. Here MSR is the binding constraint, as is usually the case for HDB and ECs.
What this means for you
Buying an HDB flat
Both limits apply. MSR caps your home loan repayment at 30% of gross income and is usually what limits you. TDSR (55%) still applies to your total debts.
Buying an Executive Condominium
Same as HDB: MSR (30%) and TDSR (55%) both apply, with MSR typically the tighter constraint.
Buying private property
Only TDSR applies. Your total monthly debt repayments must stay within 55% of gross monthly income. MSR does not apply.
Related questions
Does MSR apply to private property?
No. MSR applies only to HDB flats and Executive Condominiums. For private property, only TDSR (capped at 55% of gross monthly income) applies.
Which limit matters more for an HDB flat?
Both apply, but MSR (30%) is usually the binding constraint because it is tighter than TDSR (55%) and counts only your property loan repayment.
What does TDSR include that MSR does not?
TDSR counts all your monthly debt repayments, not just the property loan. MSR counts only the home loan repayment against the 30% cap.
What are the exact percentage caps?
MSR caps the property loan repayment at 30% of gross monthly income. TDSR caps all monthly debt repayments at 55% of gross monthly income.
When did these rules take effect?
MSR took effect on 10 December 2013. The current TDSR rule took effect on 16 December 2021.
More answers: Can I buy an EC while owning an HDB flat? · Who can buy an Executive Condominium? · What salary do I need to buy a 1 million dollar condo? · What salary do I need to buy a 1.5 million dollar condo?
Sources: MAS — Mortgage Servicing Ratio · MAS — Total Debt Servicing Ratio · Last verified 2026-09-05