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 combined — including car and personal loans — at 55% of gross monthly income, and applies to every property loan from a financial institution. For HDB and EC purchases, both apply and MSR is usually the tighter limit.
The full rules
MSR vs TDSR at a glance
| Feature | MSR | TDSR |
| Cap | 30% of gross monthly income | 55% of gross monthly income |
| What it counts | Property loan repayments only | All debt repayments (property, car, personal loans, credit cards) |
| Applies to | HDB flats and Executive Condominiums only | All property loans from financial institutions |
| In force since | 10 December 2013 | 16 December 2021 |
Key point: When you buy an HDB flat or EC, both limits apply at the same time. MSR is usually the binding constraint because its 30% cap is lower and narrower than TDSR's 55%.
For private property (non-EC), only TDSR applies.
Worked example
Worked example
Say your gross monthly income is $8,000 and you have a car loan costing $600 a month.
Buying an HDB flat or EC (both limits apply):
| Limit | Calculation | Maximum |
| MSR (30%) | 30% × $8,000 | $2,400 for the home loan |
| TDSR (55%) | 55% × $8,000 − $600 car loan | $3,800 for the home loan |
MSR allows $2,400 and TDSR allows $3,800, so the lower figure wins. Your home loan repayment is capped at $2,400 a month — MSR is the binding limit.
Buying private property (non-EC): only TDSR applies, so your cap would be $3,800 a month.
What this means for you
Buying an HDB flat
Both MSR and TDSR apply. Plan around the 30% MSR cap, as it is usually the tighter limit on how much you can borrow.
Buying an Executive Condominium
Same as HDB — both limits apply and MSR at 30% is typically the constraint. Factor this in before committing.
Buying private property (non-EC)
Only TDSR applies. Your home loan plus all other debts must stay within 55% of your gross monthly income.
Related questions
Does MSR apply to private condominiums?
No. MSR applies only to HDB flats and Executive Condominiums. For private property that is not an EC, only the TDSR limit of 55% applies.
Which limit matters more when buying an HDB flat?
Both apply, but MSR is usually the binding constraint. Its 30% cap is lower and counts only property loans, so it typically limits your borrowing before TDSR does.
Do my other debts affect my home loan limit?
Under TDSR, yes — car loans, personal loans and credit card debt all count towards the 55% cap. Under MSR, only your property loan repayment counts.
What counts as gross monthly income?
Both limits are measured against gross monthly income. For how your specific income is assessed, including variable income, check with your bank or MAS.
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 2026-10-19