In this section
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Rates Tracker
Singapore mortgage rates
16 indicative packages across 7 lenders — 1M SORA, 3M SORA and board rates from 1.35% p.a., compared side by side.
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Borrowing Rules
TDSR: how much can you borrow?
How the 55% income limit (TDSR) and 4% stress test work — check your borrowing limit against our income lookup table, and see how existing debt lowers it.
- Coming Soon
Stamp duty: BSD, ABSD & SSD
Every stamp duty rate, ABSD remission conditions, and a worked example — plus the calculator.
- Coming Soon
Using CPF for property
How much CPF you can use, and what you need to return — with interest — when you sell.
Know these five terms first
- LTV (Loan-to-Value) — how much of the property's price a bank can lend you. 75% on a first home loan.
- TDSR (Total Debt Servicing Ratio) — the limit on all your monthly debts combined. It is set at 55% of your gross income.
- MSR (Mortgage Servicing Ratio) — a 30% cap on the housing instalment — stricter than TDSR, for HDB flats and new executive condominiums.
- SORA — the daily benchmark rate that sets floating home loan pricing. Published by MAS.
- Stamp duty — the tax you pay the government when you buy a home, and sometimes again when you sell early.
How much can you actually borrow?
Three rules decide it, and all three are set by MAS, Singapore's central bank. One caps the loan. One caps your monthly repayments. One applies only to HDB flats and new executive condominiums. Work out which one stops you first, before you start viewing.
The 75% loan cap
A bank can lend at most 75% of the price or the valuation, whichever is lower. You must find the other 25% yourself. At least 5% of the price has to be cash for a private home. The rest can come from your CPF Ordinary Account. On a $2.4 million condo that means $600,000 down, of which $120,000 must be cash.
The 55% income cap
Add up every monthly debt you have. The new home loan, car loans, study loans, personal loans, the minimum due on your credit cards. The total cannot pass 55% of your gross monthly income. The catch is how the bank works out the home loan part. It uses a 4% interest rate, not the 1.4% it is advertising. So the loan you get approved for is smaller than the cheap rate suggests. Our TDSR guide turns this into lookup tables you can read your own income off.
The 30% cap on flats and new ECs
For HDB flats and new executive condominiums only, there is a second, tighter limit. The housing instalment on its own cannot pass 30% of gross income. For most families buying these, this cap bites well before the 55% one does.
So which cap binds you? If your income is strong but your savings are thin, the 75% loan cap usually stops you first. If you already carry other debt, or your income is commission-based, the 55% cap usually does.
| Rule | What it limits | The cap | Applies to | Who it usually stops |
|---|---|---|---|---|
| Loan-to-Value (LTV) | The size of the loan | 75% of price or valuation, whichever is lower | All first housing loans | Strong income, thin savings |
| Total Debt Servicing Ratio (TDSR) | All monthly debt payments added together | 55% of gross income, tested at 4% interest | All property loans | Existing car, study or credit card debt; commission income |
| Mortgage Servicing Ratio (MSR) | The housing instalment on its own | 30% of gross income | HDB flats and new executive condominiums only | Most families buying a flat or new EC |
What do taxes and fees add on top of the price?
On a $2.4 million condo, budget roughly $89,600 for Buyer's Stamp Duty alone. Stamp duty is paid on top of the price, in cash or CPF, within 14 days of signing.
Buyer's Stamp Duty is charged on every purchase. The rate climbs in steps from 1% to 6% as the price rises. On a typical private purchase it lands around 3% to 4% of the price. IRAS publishes the tiers.
Additional Buyer's Stamp Duty is an extra tax on top of that. It depends on two things: whether you are a citizen, a permanent resident or a foreigner, and how many homes you already own on the day you buy. This is why the order of your sale and purchase matters so much when upgrading. Sell first, and a citizen buying one home pays none of it. Buy first, and you pay the second-property rate upfront, then claim it back later only if you sell in time and meet the conditions.
Seller's Stamp Duty takes back a slice of the price if you sell within the first few years of buying. It is one reason Singapore private property rewards owners who sit still. Our own resale data shows the same shape: across 149,329 matched sales, the share that lost money falls sharply once the holding period passes fifteen years.
How do Singapore home loan rates work?
There are two kinds of package, and the difference is simply who decides when your rate moves.
A SORA package is priced off a published benchmark. SORA is the average rate at which banks actually lend to each other overnight, and MAS publishes it daily. Your rate is that average over the past one or three months, plus the bank's own margin. When SORA moves, your instalment follows a month or a quarter later. You can always check why it changed.
A board rate package uses the bank's own internal reference number instead. It can feel steadier. The trade-off is that the bank alone decides when it moves.
In our 6 July 2026 compilation of 16 packages across 7 lenders, first-year rates ran from 1.35% to 2.38% a year. The cheapest that month were board rate packages. The full table, sorted cheapest first, is on the mortgage rates page.
Why is a new launch loan different?
You do not borrow the whole amount on day one. On a home still being built, the bank pays the developer in stages as construction reaches each milestone: foundation, frame, walls, ceilings, windows, car park, keys, then final legal completion. You only pay interest on the money released so far. So the instalment starts at a few hundred dollars a month and only reaches full size three to four years in.
That changes which package features are worth paying for. A free conversion when you collect keys lets you switch to a cheaper package at exactly the moment the loan gets big. A waiver of the cancellation fee on the part not yet released protects you if you sell before the building is finished. The stage-by-stage cash flow, with a worked $2.4 million example, is in our new launch payment guide.
The short version
What to take away
- A first home loan is capped at 75% of price or valuation, whichever is lower.
- You need 25% down, and at least 5% of the price in cash for a private home.
- All your monthly debt together cannot pass 55% of gross income.
- The bank tests that 55% using a 4% interest rate, not your actual rate.
- HDB flats and new ECs face a tighter 30% cap on the housing instalment alone.
- Stamp duty sits on top of the price — about $89,600 on a $2.4 million condo.
- Selling before you buy is what avoids Additional Buyer's Stamp Duty.
- On a new launch, the instalment starts small and grows over three to four years.
So what should you do with this?
Three things, in order. First, work out your own 55% number: take your gross monthly income, multiply by 0.55, then subtract every existing monthly debt payment. What is left is what the bank will let you spend on a home loan, tested at 4%. Second, check you have the cash: 5% of the price, plus the stamp duty, both in actual cash rather than CPF. Third, if you are upgrading, decide the order of your sale and purchase before anything else, because that single choice can move your tax bill by six figures.
The one number to hold onto
If you keep one figure from this page, keep 4%. It is the rate the bank tests you at, however cheap your actual package looks. It is also a fair test to run on yourself. If your budget only works at 1.4%, you do not really have a budget. You have a bet on rates staying low.
Common questions
How much can I borrow to buy a home in Singapore?
On a first housing loan a bank can lend at most 75% of the price or the valuation, whichever is lower. Your repayments are capped separately: all your monthly debt together cannot pass 55% of your gross income, and the bank calculates the home loan repayment at 4% interest, or your actual rate if that's higher. Whichever cap is lower is the one that decides your budget.
How much cash do I need upfront for a Singapore condo?
At least 5% of the price must be cash on a private home, with a further 20% from cash or your CPF Ordinary Account. On a $2.4 million condo that is $120,000 in cash and $480,000 more in cash or CPF. Buyer's Stamp Duty of roughly $89,600 is on top of that, payable within 14 days.
Why do banks test my loan at 4% when the rate is only 1.4%?
The 4% figure is a stress rate set by MAS. It exists so that a household is not approved for a loan it can only afford while rates are unusually low. It does not change what you pay each month. It only shrinks the size of the loan you are approved for.
What is SORA and how does it affect my home loan?
SORA is the Singapore Overnight Rate Average, published daily by MAS. It is an average of the rate at which banks actually lend to each other overnight. A floating rate loan charges you that average over the past one or three months, plus the bank's own margin. When SORA moves, your instalment follows a month or a quarter later.
Do I pay Additional Buyer's Stamp Duty if I sell my flat first?
A Singapore citizen who owns no other home on the day of purchase pays no Additional Buyer's Stamp Duty. That is why selling before you buy avoids it. Buying first means paying the second-property rate upfront and claiming it back later, which is only possible if you sell within the allowed window and meet the conditions.
Why is the monthly payment on a new launch so small at the start?
The bank does not release the whole loan on day one. It pays the developer in stages as construction reaches each milestone, so you only pay interest on what has been released. The instalment starts at a few hundred dollars and reaches full size around three to four years in, at legal completion.
Should I pick a SORA package or a board rate package?
A SORA package moves with a published benchmark, so you can always see why your rate changed. A board rate package moves when the bank decides, which can be steadier but is less transparent. In our 6 July 2026 compilation, board rate packages were the cheapest in the first year, at 1.35% a year. Compare the whole lock-in period, not just year one.
Page history
- — Rewritten in plain English for readers who are not property professionals. Added a glossary of the five terms used on the page, worked cash figures on a $2.4 million example, a short-version summary with next actions, and a questions section. Headings are now the questions readers actually ask.
- — Section published, with the mortgage rates tracker and TDSR guide linked as its first two pages.
Next update when MAS changes a borrowing rule, IRAS changes a stamp duty tier, or the rates compilation is refreshed.
Disclaimer. Content in this section is educational and indicative, not financial advice or a recommendation of any lender, package or course of action. Rules, rates and duty tiers change; verify against MAS, IRAS, CPF Board and your bank, and seek advice from licensed professionals for your own situation.
Talk it through with an advisor
Our research tells you what the data says. If you want to work through what it means for your own situation — budget, ABSD position, timing an HDB sale, or comparing launches against resale options — you can request a one-to-one consultation.
- No obligation. The first conversation is about your goals.
- Affordability and stamp duty worked out on your actual numbers.
- Launch and tender alerts for the projects you shortlist.
Disclosure: advisory consultations are provided by Jamus Lee (CEA Reg. No. R065771E, ERA Realty Network Pte Ltd, Licence No. L3002382K), the publisher of PropertyInsider.sg, via JamusProperty.com. This is a separate service from our editorial research and has no influence over what we publish. See our editorial policy. Submitting this form shares your details with the advisory practice; see our privacy policy.