For your first housing loan, a bank can lend up to 75% of the price or valuation, whichever is lower, as long as the loan runs for no more than 30 years (25 years for an HDB flat) and ends by the time you are 65. Break either test and the limit drops to 55%. A second loan is capped at 45% and a third at 35%. An HDB loan can also cover up to 75%. Your income then sets a second cap, through the 55% TDSR and the 30% MSR.
Figures as at 10 October 2026. Check the official source before acting.
Loan-to-value limits for bank loans
The Monetary Authority of Singapore (MAS) sets the loan-to-value (LTV) limit. It is a percentage of the purchase price or the valuation, whichever is lower. It depends on how many housing loans you already have outstanding.
| Housing loans already outstanding | LTV limit | Minimum cash downpayment |
|---|---|---|
| None | 75%, or 55% if the tenure or age test is broken | 5% (at 75%) or 10% (at 55%) |
| One | 45%, or 25% if the test is broken | 25% |
| Two or more | 35%, or 15% if the test is broken | 25% |
The count covers loans you are a co-borrower on, not just loans in your own name: MAS says lower LTV limits apply to a co-borrower's future housing loans. Paying off an old loan in full before you buy moves you back to the first-loan tier.
The tenure and age tests
The higher LTV applies only if both tests are met:
- Tenure. The loan runs for no more than 30 years for private property or an Executive Condominium (EC), or no more than 25 years for an HDB flat.
- Age. The loan is fully repaid by the time the borrower turns 65.
If either test fails, you fall to the lower tier: 55% instead of 75% on a first loan, and the minimum cash rises from 5% to 10%. Banks can lend for up to 35 years on private property and 30 years on an HDB flat, but any loan longer than 30 or 25 years takes the lower LTV.
Joint borrowers. For a joint loan, MAS uses an income-weighted average age. MAS gives this example: a 60-year-old earning S$8,000 a month and a 30-year-old earning S$10,000 a month have a weighted average age of about 43.
HDB loan or bank loan
If you are buying an HDB flat and qualify, you can borrow from HDB instead of a bank. The HDB loan limit was lowered to 75% on 20 August 2024, the same as a bank's first-loan limit.
| HDB housing loan | Bank loan (first loan) | |
|---|---|---|
| Maximum loan | 75% of the price or value, whichever is lower | 75% (or 55%) of the price or valuation, whichever is lower |
| Interest rate | 2.6% a year (0.1 point above the CPF OA rate) | Set by the bank |
| Maximum tenure | Shortest of 25 years, 65 minus the buyers' average age, or the remaining lease minus 20 years | Up to 30 years for an HDB flat, with the LTV tests above |
| Downpayment | 25% of the price or value, whichever is lower, payable from CPF OA, cash or both | 25%, of which at least 5% is cash |
| Income test | Instalments up to 30% of income (MSR); HDB assesses at a 3% floor rate | MSR 30% and TDSR 55%, at a 4% floor rate |
| Your CPF savings | Must be used for the purchase first; you may keep up to S$20,000 each | No requirement to use them first |
To get an HDB loan, at least one buyer must be a Singapore Citizen. The household income ceiling is S$16,000 for families and S$8,000 for singles, for HDB Flat Eligibility (HFE) applications from 24 August 2026. No buyer may have owned private residential property in the 30 months before the HFE application. A household can take at most two HDB loans. HDB confirms how much it will lend in your HFE letter.
Older flats. If the remaining lease does not cover the youngest buyer to age 95, HDB pro-rates its loan below 75%.
The income cap: TDSR and MSR
The LTV limit is a ceiling, not an offer. Your income can cap the loan lower.
- Total Debt Servicing Ratio (TDSR). All your monthly debt repayments, including the new home loan, car loans and card debt, must stay within 55% of your gross monthly income. Banks must test the home loan at 4% a year or the actual rate, whichever is higher.
- Mortgage Servicing Ratio (MSR). For an HDB flat or a new EC bought from the developer, home loan instalments must also stay within 30% of gross monthly income.
- Variable income. Lenders apply a haircut of at least 30% to commission, bonuses and rental income.
Worked example
Example (hypothetical): a Singapore Citizen aged 40 is buying a first private home with a bank loan. They earn S$12,000 a month, have no other debts, and have S$200,000 in cash and S$150,000 in their CPF Ordinary Account. We ran PropAce's affordability calculator twice at a 4% rate, changing only the tenure.
| Result | 30-year tenure | 25-year tenure |
|---|---|---|
| Loan ends at age | 70 | 65 |
| LTV tier | 55% (age test broken) | 75% |
| Highest price the funds support | S$733,126 | S$1,247,931 |
| Maximum loan | S$403,219 | S$935,948 |
| Downpayment | S$329,907 | S$311,983 |
| Of which cash at minimum | S$73,313 | S$62,397 |
| Buyer's Stamp Duty | S$16,593 | S$34,517 |
| Monthly instalment at 4% | S$1,925 | S$4,940 |
The longer tenure looks cheaper each month, but it pushes the loan past age 65. That cuts the LTV to 55% and the price the buyer can reach by about S$515,000. In both runs it is the S$350,000 of cash and CPF that sets the limit: it has to cover the downpayment, Buyer's Stamp Duty and estimated legal fees of S$3,500. The buyer's income alone would support repayments of up to S$6,600 a month under the 55% TDSR.
You can try your own numbers in the affordability calculator, and compare repayments and rates on the mortgage page.
Cash you cannot avoid
Even when CPF covers most of the downpayment, some costs need cash:
- the minimum cash downpayment for a bank loan: 5%, 10% or 25% as above. An HDB loan has no minimum cash.
- any amount you pay above the valuation, because loans and CPF are capped at the lower of price and valuation.
- the option fee, and Additional Buyer's Stamp Duty if it applies. CPF can sometimes reimburse ABSD later, but you usually pay it in cash within 14 days.
Frequently asked questions
Is the 75% worked out on the price or the valuation?
On whichever is lower. If you agree to pay above the valuation, the extra comes from your cash.
Can I take a 35-year loan on a private property?
A bank can lend for up to 35 years on private property, but any tenure over 30 years drops your LTV to 55% on a first loan, and you need at least 10% in cash.
How is age worked out for a joint loan?
MAS uses the income-weighted average age of the borrowers. A higher-earning younger borrower brings the average down.
Can I get an HDB loan if I owned a private property recently?
Not if you owned private residential property in the 30 months before your HFE application. You can still use a bank loan, subject to the LTV limits above.
Does an HDB loan have a minimum cash downpayment?
No. The 25% downpayment can come entirely from your CPF Ordinary Account, and you must use your CPF savings first, keeping up to S$20,000 each.
Sources
- MAS: Loan tenure and loan-to-value limits: the LTV and minimum-cash table, the 30/25-year and age-65 tests, the maximum tenures and the income-weighted age example.
- MyNiceHome (HDB): Housing loans for HDB flat buyers: the HDB loan limit, rate, tenure rule, eligibility, income ceilings, CPF retention and the comparison with a bank loan.
- MAS media release, 29 September 2022: the 4% bank stress-test floor and HDB's 3% floor.
- MAS: Borrower-mortgagor and guarantor-borrower requirements: co-borrowers face lower LTV limits on future housing loans.
- MAS: Calculating TDSR: the 55% TDSR and the 30% haircut on variable income.
- MyNiceHome (HDB): How to buy a resale HDB flat: the 75% limit and the 25% downpayment for resale flats.