HDB Affordability Calculator
Estimate the HDB flat price and loan you can afford, based on Singapore's MSR, TDSR and loan-to-value rules. Adjust your income, debts and savings to see the impact.
Combined for all borrowers, including employer CPF. HDB family income ceiling is $14,000.
Car loans, other mortgages, personal loans, etc. — counts towards TDSR.
Ordinary Account savings you can put towards the downpayment.
Cash you can use for the downpayment and buying costs.
Estimated affordable HDB price
$981,418
Based on a $683,564 max loan + $70,000 downpayment funds
Max monthly repayment
$3,608
MSR is the binding limit
Max loan
$683,564
Downpayment funds
$70,000
~7% of price
| Rule | Limit | Monthly ceiling |
|---|---|---|
| MSR (HDB flats) | 30% of income | $3,608 |
| TDSR (less existing debt) | 55% of income | $6,615 |
| Binding limit (MSR) | lower of the two | $3,608 |
The max loan is the present value of this repayment at the 4% medium-term stress-rate floor over a 25-year tenure, then grossed up by the 75% loan-to-value limit.
Estimates only. Actual eligibility depends on lender and regulations.
How HDB affordability is worked out
Lenders in Singapore decide how much you can borrow using two regulatory caps. The Mortgage Servicing Ratio (MSR) limits your monthly HDB loan repayment to 30% of gross monthly income, while the Total Debt Servicing Ratio (TDSR) limits all your monthly debt repayments combined to 55% of income. The tighter of the two sets your maximum monthly repayment.
That repayment is then converted into a maximum loan by discounting it at the 4% medium-term stress interest rate over a 25-year tenure — the present value of the repayments. The loan covers up to 75% of the flat price under the HDB loan-to-value limit, so the rest must come from your CPF Ordinary Account and cash savings.
Putting the pieces together
Your estimated affordable price is the maximum loan grossed up by the 75% LTV limit, plus the CPF and cash you have set aside for the downpayment. Reducing existing debts or saving more for the downpayment both raise the price you can afford. Remember the HDB family income ceiling of $14,000 still applies to a new flat, and grants such as the Enhanced CPF Housing Grant can further stretch your budget. For the stamp duty and monthly instalments, see our Buyer's Stamp Duty and mortgage calculators.
Frequently asked questions
How much HDB flat can I afford?
It mostly comes down to how much you can borrow plus the savings you have for the downpayment. Your loan is capped by the Mortgage Servicing Ratio (30% of gross monthly income for an HDB flat) and the Total Debt Servicing Ratio (55% of income after existing debts), assessed at a 4% stress interest rate over a 25-year tenure. Add your CPF and cash to that loan to get the estimated price you can afford.
What are MSR and TDSR?
The Mortgage Servicing Ratio (MSR) caps your monthly home-loan repayment at 30% of gross monthly income and applies to HDB flats and executive condominiums. The Total Debt Servicing Ratio (TDSR) caps all monthly debt repayments — including the new home loan, car loans and other commitments — at 55% of gross monthly income. The lower of the two ceilings is the one that limits your loan.
Why is the loan calculated at 4% and not the actual HDB rate of 2.6%?
MAS requires lenders to test affordability against a medium-term interest-rate floor of 4% for residential property, even though the current HDB concessionary rate is 2.6%. This stress test makes sure you could still service the loan if rates rose, so the maximum loan shown here is deliberately conservative.
How much downpayment do I need for an HDB flat?
With an HDB concessionary loan the loan-to-value limit is 75%, so the downpayment is at least 25% of the price, which can be paid using CPF Ordinary Account savings. With a bank loan, at least 5% must be in cash at 75% LTV. This calculator treats your CPF and cash as the funds available for that downpayment.