SG Singapore · Housing affordability

How much house can I afford in Singapore?

A household in Singapore earning SGDa year, with SGDin cash plus SGDin Pillar 2 available, can afford ...
Maximum purchase price . MAS TDSR affordability test
SGD 800k
Bound by your income (TDSR ~40% housing) · SGD 600k mortgage on SGD 200k down
The three rules

Singapore has three rules. All must be met.

Every Singapore bank is bound by MAS Notice 645. The TDSR cap limits your borrowing power, the 25% down payment sets your entry barrier, and the 5% cash minimum ensures you have skin in the game beyond CPF.

55%
TDSR cap (~40% housing)
Total Debt Servicing Ratio: all monthly debt payments cannot exceed 55% of gross monthly income, stress-tested at the MAS medium-term rate floor of 4%. We model ~40% for housing, leaving room for car loans, credit cards, and other obligations.
all debt <= income x 0.55
25%
Down payment
For bank loans on private property, LTV is capped at 75% — meaning 25% must come upfront. Of this, at least 5% must be cash. The remaining 20% can come from your CPF Ordinary Account.
down >= 0.25 x price
5%
Cash minimum
At least 5% of the purchase price must be paid in cash — CPF cannot cover this portion. This is the hard equity requirement that ensures buyers have liquid savings beyond their retirement fund.
cash >= 0.05 x price
Have a condo in mind?

Drop in a price and see where it fails.

Each test is independent: you need to clear all three. The TDSR rule limits your monthly payment; the down payment rule ensures you have 25% upfront; and the cash minimum ensures 5% is not from CPF.

SGD
SGD 100kSGD 5M
1 of 3 tests fail.
✕TDSR income ruleshort SGD 30k
You have SGD 120k/yrNeed SGD 150k/yr
✓25% down paymentpass
You have SGD 300kNeed SGD 250k
✓10% non-pension cashpass
You have SGD 100kNeed SGD 50k
The lever you can actually pull

Three ceilings. Whichever is lowest wins.

With your savings fixed, the price you can afford scales linearly with income — until the down payment rule starts to bind. Above the kink, more salary will not buy you a bigger place; more cash and CPF will.

00.8M1.5M2.3M3.0M50k100k150k200k250k300k350k400kgross household income (SGD / year)25% down payment . SGD 1.20M10% hard equity · SGD 2MIncome limit . TDSR ruleYou · SGD 800k
What you can affordIncome limit (5.6× gross)Total down (5× cash + pension)Hard equity (10× cash)
Your monthly budget

What you would actually pay each month.

Singapore stress-tests at 4% but actual bank rates are around 1.8%. Your real monthly payment is lower than what the bank tests you on — the gap is your safety margin if rates rise.

Stress test payment (4%)4,000 / monthActual payment (1.8%)2,900 / month
Monthly headroom
1,100
The stress test charges you 1.4× what you will actually pay. That spread is what you have, in theory, to absorb a rate cycle, or invest, if you would rather.
Where this lands you

Median condo price, by region.

Your purchase-price ceiling (drawn in cyan) cuts across the median condo price in Singapore's planning regions. Regions above the line are out of reach without more income, more cash, or more CPF.

Sentosa
SGD 3M
Bukit Timah
SGD 2.50M
CCR (Core Central)
SGD 1.80M
RCR (Rest of Central)
SGD 1.60M
OCR (Outside Central)
SGD 1.20M
Jurong East
SGD 1.10M
Tampines
SGD 1.40M
Punggol
SGD 1.20M
Woodlands
SGD 1.10M
Within reachOut of reachYour ceiling · SGD 800k
Before you sign

This is probably the largest financial commitment of your life.

A condo purchase in Singapore comes with significant costs on top of the purchase price that are not included in the affordability test above.

1-6%
Buyer's Stamp Duty (BSD)
BSD is tiered: 1% on first $180k, 2% on next $180k, 3% on next $640k, 4% on next $500k, 5% on next $500k, 6% on the remainder above $2M. On a $1.5M condo, that is about $44,600. Paid in cash or CPF within 14 days of purchase.
0-60%
ABSD (by residency status)
Additional Buyer's Stamp Duty: 0% for citizens (first property), 5% for PRs, 60% for foreigners. Second properties attract 20% (citizen) or 30% (PR). This is the single largest variable cost and can exceed the down payment itself for non-citizens.
~$3k+
Legal fees, property tax, maintenance
Conveyancing legal fees ~$2,500-3,500. Annual property tax at owner-occupied rates: 0% on first $8k of Annual Value, then 4-32% progressive. Monthly maintenance (condo MCST fees) typically $300-800/month depending on facilities.

None of this means you should not buy. It means you should go in with open eyes. The affordability test tells you what you can do. Whether you should depends on how long you plan to stay, your ABSD exposure, and whether an HDB flat might serve you better.

For scale

What else costs about SGD 800k?

  • A Toyota Camry with COE in Singapore · SGD 250k3.20×
  • A lifetime supply of hawker centre meals (3 meals/day for 50 years at $5 each) · SGD 274k2.92×
  • A 4-room resale HDB flat in Woodlands · SGD 450k1.78×
  • SGD 2,000/month invested at 6% real for 20 years (final portfolio value) · SGD 915k0.87×
  • A 5-room resale HDB flat in Tampines · SGD 700k1.14×
  • A new launch 2-bedroom condo in Punggol · SGD 950k0.84×
  • A resale 3-bedroom condo in Jurong East · SGD 1.10M0.73×
  • A new Porsche Cayenne with COE in Singapore · SGD 550k1.45×
  • A 3-bedroom condo in the Rest of Central Region · SGD 1.60M0.50×
See the full income x down payment matrix
income (down) / savings (right)
SGD 30k
SGD 60k
SGD 100k
SGD 200k
30,000/yr
SGD 200k
income-bound
SGD 200k
income-bound
SGD 200k
income-bound
SGD 200k
income-bound
50,000/yr
SGD 333k
income-bound
SGD 333k
income-bound
SGD 333k
income-bound
SGD 333k
income-bound
80,000/yr
SGD 533k
income-bound
SGD 533k
income-bound
SGD 533k
income-bound
SGD 533k
income-bound
120,000/yr
SGD 600k
equity-bound
SGD 800k
income-bound
SGD 800k
income-bound
SGD 800k
income-bound
180,000/yr
SGD 600k
equity-bound
SGD 1.04M
savings-bound
SGD 1.20M
income-bound
SGD 1.20M
income-bound
Gross income used. Stress test at 4%.
Next steps

Tools and guides to get you there.

Mortgage calculatorBuild an amortization schedule with extra payments. See total interest and how fast you pay it off.CalculateSavings goal plannerSet your down-payment target and a deadline. We back-solve the monthly savings rate you need.PlanCompound interestSee how your down-payment savings grow over time. Visualize the difference one extra year makes.ProjectBuying your first homeA step-by-step guide covering down payments, mortgage options, and the true cost of homeownership.Read
Frequently asked
TDSR (Total Debt Servicing Ratio) caps all debt payments — mortgage, car loans, credit cards, student loans — at 55% of gross monthly income. It applies to all property types. MSR (Mortgage Servicing Ratio) is an additional cap of 30% on the mortgage payment alone, but only for HDB flats and Executive Condominiums purchased from developers. For private condos (which this calculator models), only TDSR applies.
Your CPF Ordinary Account (OA) funds can be used for both the down payment and monthly mortgage payments on private property. For the 25% down payment, 5% must be in cash — the remaining 20% can come from CPF OA. You can also use CPF OA for ongoing monthly instalments. However, the total CPF usage is subject to the Valuation Limit and withdrawal limits. Note: withdrawing CPF for housing means less for retirement, and the amount must be refunded to CPF with accrued interest (2.5%) when the property is sold.
Additional Buyer's Stamp Duty (ABSD) is a tax on top of the standard Buyer's Stamp Duty (BSD). For your first residential property: Singapore Citizens pay 0% ABSD, Permanent Residents pay 5%, and foreigners pay 60%. Second properties attract 20% (citizen), 30% (PR), or 60% (foreigner). ABSD is paid on the purchase price and is not financeable — it must come from cash or CPF. For a $1.5M condo, a foreigner pays $900,000 in ABSD alone. This calculator models the citizen first-property scenario (0% ABSD).
HDB (Housing & Development Board) flats are government-built subsidized housing where ~80% of Singaporeans live. They come with lower down payments (20% for HDB loans at 2.6%), the MSR cap of 30%, and various grants — but have ownership restrictions (citizenship, income ceiling, minimum occupation period). Private condos have no income ceiling or citizenship requirement but need 25% down (bank loan at ~1.8%), no MSR cap (only TDSR), and no government grants. This calculator models the private condo bank loan path.
Singapore has some of the world's most aggressive property cooling measures: ABSD up to 60% for foreigners, TDSR/MSR limits, loan tenure caps, and SSD (Seller's Stamp Duty) of 4-12% if you sell within 3 years. The government also controls land supply through the Government Land Sales (GLS) programme. These measures aim to keep housing affordable for citizens and prevent speculative bubbles. The result: one of the most stable property markets in Asia, but with high upfront costs.
An en bloc (collective) sale is when all units in a development are sold together to a developer for redevelopment. It requires consent from owners holding at least 80% of share value (for developments >10 years) or 90% (<10 years). Successful en blocs can yield 20-50% premiums over market value, but the process takes 1-3 years and carries uncertainty. It is a uniquely Singaporean phenomenon driven by the city-state's scarce land and constant urban renewal cycle.

Affordability formula uses MAS TDSR framework: 55% maximum TDSR on gross income (modelled at ~40% for housing portion), stress-tested at 4% medium-term rate floor, 25-year fully amortizing loan. Down payment 25% (5% cash + 20% CPF). Actual rate 1.8%. Median condo prices indicative, sourced from URA/SRX Q1 2025. Models private property bank loan for Singapore Citizen first property (0% ABSD). Indicative only, not investment advice.

Source: MAS — Monetary Authority of Singapore, Notice 645 (TDSR framework)