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What is the Difference between MSR and TDSR?

Updated: Dec 15, 2021

Before we start, MSR is only applicable for HDB and Executive Condos from the Developer.

Unlike the Total Debt Servicing Ratio (TDSR), which applies to all housing loans, the Mortgage Servicing Ratio (MSR) in Singapore applies only to loans, regardless if its Bank loan or HDB Loan, for HDB flats and Executive Condominiums (ECs) bought from developers, or sold within 5 year with special approval.

What Is Mortgage Servicing Ratio (MSR)?

MSR only applies to HDB Flats and ECs bought from the developer. The MSR caps the amount that may be spent on mortgage repayments to 30% of a borrower’s gross monthly income.

What is Total Debt Servicing Ratio (TDSR)?

TDSR applies for every individual applying for a loan to purchase a property or a loan secured by a property. 60% of a borrower’s gross monthly income may be spent on debt repayments.

Who is affected by TDSR?

Borrower is a sole proprietor or an individual setting up a company solely to purchase property, FIs are required to apply the TDSR rules to the individual.

It does not apply to loans for companies, as they are subject to a different set of credit assessment criteria.

To summarise:

MSR - For new HDB and EC only, Not Private property - 30% Gross Income

TDSR - For All Properties Types, even Commercial under Sole Proprietor/Individual - 60% Gross Income

Still confused over the difference between MSR and TDSR? Contact us at +65(9062-2444)

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