Home loan Singapore: how much can you really borrow in 2026?新加坡房屋贷款：2026 年你真正能借多少？

The two ratios that decide your borrowing power决定你借贷能力的两条比率

Singapore does not cap home loans by a flat multiple of income. Instead, two ratios set by the Monetary Authority of Singapore decide how much you can borrow, and which one applies depends on what you are buying. The Total Debt Servicing Ratio (TDSR), in force since 2013 and set at 55% of gross monthly income, applies to all property loans and counts every debt you carry: the new home loan, car loans, other property loans, and minimum credit card payments. The Mortgage Servicing Ratio (MSR), capped at 30% of gross monthly income, applies only to HDB flats and Executive Condominiums, and counts housing instalments alone. For an HDB purchase, only MSR applies. For an EC still within its 5-year Minimum Occupation Period, both apply, and the lower of the two binds (per CPF Board). For a private condo or landed home, only TDSR applies, but at 55% of a shared household income, not per person unless both names are on the loan.新加坡不是按收入的固定倍数来限制房贷。金融管理局设定了两条比率来决定你能借多少，适用哪一条取决于你买的是什么。总偿债比率（TDSR）自 2013 年起施行，设为总月收入的 55%，适用于所有房产贷款，计入你名下的每一笔债务：新的房贷、车贷、其他房产贷款，以及信用卡最低还款额。贷款偿还比率（MSR）上限为总月收入的 30%，仅适用于 HDB 组屋与执行共管公寓（EC），只计入房贷月供本身。购买 HDB 只适用 MSR；购买仍在 5 年最低居住期内的 EC，两条比率同时适用，以较低者为准（见 CPF 公积金局）。购买私人公寓或有地住宅，只适用 TDSR，但 55% 是按家庭共同收入计算，除非贷款人都在贷款名下。

HDB loan versus bank loanHDB 贷款对比银行贷款

• Rate.利率。 The HDB concessionary loan is fixed at 2.6% per annum, pegged 0.1% above the CPF Ordinary Account interest rate, and reviewed quarterly (CPF Board). A bank loan typically floats on SORA plus a spread, or is fixed for a 2 to 5 year promotional period before reverting to a floating rate.HDB 优惠贷款固定利率为 2.6%，比 CPF 普通账户利率高出 0.1%，每季度检讨一次（见CPF 公积金局）。银行贷款通常以 SORA 加点浮动，或先固定 2 至 5 年优惠期，期满后转为浮动利率。
• Cash needed.所需现金。 A bank loan requires at least 5% of the price in cash, with the rest payable by CPF and cash. An HDB loan can be entirely CPF and cash in any mix, no minimum cash component, though HDB loan borrowers must keep S$20,000 in their Ordinary Account.银行贷款至少要有 5% 的现金，其余部分可用公积金与现金支付。HDB 贷款可全部以公积金和现金任意组合支付，没有最低现金比例要求，但 HDB 贷款借款人须在普通账户保留 S$20,000。
• Who qualifies.谁能申请。 Only Singapore Citizens and PRs buying an HDB flat, within HDB's income ceiling for the flat type, can take an HDB loan. ECs and private property loans go through a bank regardless of citizenship, subject to the bank's own credit assessment.只有购买 HDB 组屋、且收入在该户型收入顶限内的新加坡公民与永久居民，才能申请 HDB 贷款。EC 与私宅贷款一律通过银行申请，不受国籍限制，但须通过银行自身的信贷审核。
• The one-way door.单向门。 You can refinance from an HDB loan to a bank loan at any time. You cannot go back: once that flat's loan is with a bank, HDB will not take it back on. Weigh the switch, do not default into it.你可以随时把 HDB 贷款转贷至银行。但无法逆向操作：一旦该单位转到银行贷款，HDB 不会再接手。转贷前务必权衡，不要想当然地转。

The 75% loan-to-value cap, and how it steps down75% 贷款成数上限，以及它如何递减

For a first home loan with a tenure at or under 30 years for private property (25 years for HDB) and the borrower at or under 65 years old at the end of the loan, both HDB and bank loans cap at 75% loan-to-value (LTV) of the purchase price or valuation, whichever is lower. Take a longer tenure, or carry an existing home loan, and the cap steps down: to 55% LTV on a second outstanding loan, 45% on a third, and lower again if the loan stretches past 30 years or past age 65. The remaining 25% or more is downpayment: at minimum 5% cash for a bank loan, the rest in CPF or cash.对于第一笔房贷，只要私宅贷款年限不超过 30 年（HDB 为 25 年）、贷款到期时借款人不超过 65 岁，HDB 与银行贷款的贷款成数（LTV）上限都是购买价或估值中较低者的 75%。若贷款年限更长，或名下已有房贷未清，上限就会递减：名下第二笔未清房贷降至 55%，第三笔降至 45%，若贷款年限超过 30 年或借款人年龄超过 65 岁，上限还会进一步下调。剩下的 25% 或以上是首期付款：银行贷款至少 5% 须为现金，其余可用公积金或现金支付。

The question I get most is "how much can I loan?" and the honest answer is that price is not the constraint most buyers think it is: income and existing debt are. I ask for a payslip and a credit bureau report before I show a single listing, because a S$1.5M condo means nothing if TDSR caps you at S$900,000. Fix the number first, then shop in that range, not the other way round.我最常被问到的问题是“我能贷多少”，老实说，大多数买家以为的约束其实不是价格，而是收入与现有债务。我在带看任何房源之前，都会先要一份工资单和信贷报告，因为如果 TDSR 把你卡在 S$900,000，那 S$150 万的公寓再喜欢也没有意义。先定下能借的数字，再在这个范围里找房子，顺序不能反。

A worked example: S$8,000 household income, first HDB purchase完整算例：家庭月收入 S$8,000，首次购买 HDB

Every number here is an illustration, not a quote. A couple with combined gross monthly income of S$8,000 buys an HDB resale flat at S$550,000, taking an HDB loan over 25 years, no existing debt:以下每个数字都是示例，不是报价。一对夫妻家庭月总收入 S$8,000，购买一套 S$550,000 的 HDB 转售单位，申请 25 年期 HDB 贷款，无其他债务：

• MSR ceiling (30% of S$8,000): S$2,400 a month available for housing instalments.MSR 上限（S$8,000 的 30%）：每月可用于房贷月供的额度为 S$2,400。
• At 2.6% p.a. over 25 years, S$2,400 a month supports a loan of roughly S$540,000, comfortably covering 75% LTV on this flat (S$412,500).按 2.6% 年利率、25 年期计算，每月 S$2,400 大约能支持 S$540,000 左右的贷款额度，远高于这套单位 75% LTV 所需的 S$412,500。
• MSR is not the binding constraint here: the couple qualifies for far more loan than they need, so the real limit becomes their downpayment cash and CPF, not the ratio.MSR 在此并非真正卡住他们的限制：这对夫妻能贷到的额度远超所需，真正的限制其实是首期付款所需的现金和公积金，而不是比率本身。
• If instead they carried a S$700 monthly car loan, MSR would only leave S$2,400 for housing regardless (MSR excludes other debt), but their bank-loan TDSR headroom would shrink, relevant only if they later refinance to a bank.若他们另有每月 S$700 的车贷，MSR 本身不受影响（MSR 不计入其他债务），但若日后转贷至银行，TDSR 的可用空间就会因这笔车贷而缩小。

Fixed or floating: how to choose固定还是浮动：怎么选

A fixed-rate package locks your rate for a promotional period, usually 2 to 5 years, then reverts to a floating reference rate. It buys certainty: your instalment does not move during that window, which matters if your income is tight against MSR or TDSR. A floating package, typically 1-month or 3-month SORA plus a bank spread, moves with the market; it has been cheaper than fixed rates for long stretches but exposed borrowers to sharp payment increases when rates rose above 4% in 2022 to 2023. Neither is universally right. If you expect to sell or refinance within the promotional window, or your monthly buffer above the MSR/TDSR ceiling is thin, a fixed rate reduces one source of risk. If you can absorb a payment increase and want the lower long-run average, floating has historically won, though history is not a guarantee.固定利率套餐在优惠期（通常 2 至 5 年）内锁定利率，期满后转为浮动的参考利率。它买的是确定性：优惠期内月供不会变动，如果你的收入在 MSR 或 TDSR 上比较紧绷，这一点很关键。浮动利率套餐通常挂钩 1 个月或 3 个月 SORA 加银行加码，随市场波动；长期来看往往比固定利率更便宜，但在 2022 至 2023 年利率升破 4% 期间，也让不少借款人月供大幅上升。两者没有绝对的对错。如果你预计会在优惠期内卖出或转贷，或者你在 MSR/TDSR 上限之上的缓冲不多，固定利率能减少一项风险来源。如果你能承受月供上升，并想争取更低的长期平均利率，历史上浮动利率往往胜出，但历史不代表未来的保证。

Using CPF: how much, and the retirement trade-off动用 CPF：能用多少，以及退休账户的取舍

CPF Ordinary Account savings can pay the downpayment, stamp duties, legal fees, and monthly instalments, within the Valuation Limit (the lower of purchase price or valuation) and the Withdrawal Limit (120% of the Valuation Limit) set by CPF Board. Past the Withdrawal Limit, you must show sufficient CPF and property assets to continue using CPF, or switch to cash. HDB loan borrowers additionally keep S$20,000 in their OA at all times. Every dollar of CPF used today is a dollar not compounding towards retirement; it is also refundable with accrued interest if you later sell, so it is not lost, but the opportunity cost is real for buyers close to the Basic Retirement Sum threshold. Ask your bank or HDB for a CPF projection before committing the full amount to one purchase.CPF 普通账户存款可用于支付首期付款、印花税、律师费与每月月供，受公积金局设定的估值限额（购买价与估值中较低者）和提取限额（估值限额的 120%）约束。超过提取限额后，须证明仍有足够的公积金和房产资产才能继续动用公积金，否则须改用现金。HDB 贷款借款人还须在普通账户始终保留 S$20,000。今天动用的每一元公积金，都少了一元在为退休复利增值；日后若出售房产，这笔钱会连本带息退回，并未真正损失，但对退休储蓄接近基本存款额门槛的买家来说，机会成本是实实在在的。在把全部预算投入一次购房之前，不妨先向银行或 HDB 索取一份公积金推算。

So which loan should you take?那到底该选哪种贷款？

If you qualify for an HDB loan and value payment certainty over the long run, the fixed 2.6% and lower cash requirement make it the lower-risk default for many first-time HDB buyers, especially those with thinner cash reserves. If you are confident in your income stability, comfortable managing a floating rate, and buying an EC or private property where HDB loans are not available, a bank loan with an in-principle approval locked in before you make offers is the standard path. Either way, get the ratio math done before you view a single unit, not after you have fallen for one. Read next: the full stamp duty picture in the ABSD guide, and if refinancing later is on your radar, the refinancing guide covers lock-ins and clawbacks.如果你符合 HDB 贷款资格，又看重长期的还款确定性，那么固定的 2.6% 利率和更低的现金门槛，让它成为许多首次购买 HDB 的买家风险更低的默认选择，尤其是现金储备较薄的买家。如果你对收入稳定性有信心，能承受浮动利率的波动，又是购买 HDB 贷款不适用的 EC 或私宅，那么在出价前先锁定银行的原则性批准（in-principle approval），是标准的做法。无论哪种情况，请在看房之前先把比率算清楚，而不是等看上了某套单位之后才算。延伸阅读：完整印花税全貌见 ABSD 指南；若日后有转贷打算，转贷指南详解了锁定期与回扣条款。