Notice 1115 Computation of Total Debt Servicing Ratio for Property Loans

Notices

Last Revised Date: 21 August 2025

Notice 1115 Computation of Total Debt Servicing Ratio for Property Loans

Requirements for merchant banks on computing the total debt servicing ratio (TDSR) for property loans.

Property Loans

Issued pursuant to:

Banking Act 1970 section 55

Applies to:

Merchant Bank (Locally Incorporated)

,

Merchant Bank (Branch)

View Notice

Notice 1115 Computation of Total Debt Servicing Ratio for Property Loans

(319.9 KB)

This notice applies to all merchant banks in Singapore.

It sets out the formula and parameters for merchant banks to compute the total debt servicing ratio, monthly total debt obligations and gross monthly income of borrowers. The notice also spells out the limit on monthly repayment instalments for the purchase of HDB flats and executive condominiums.

See explainers:

Total Debt Servicing Ratio for Property Loans

Rules for New Housing Loans

22 Aug 2025 MAS Notice 1115 (Amendment) 2025 (325.9 KB) takes effect.

29 Sep 2022 MAS Notice 1115 (Amendment) 2022 (234.7 KB) takes effect.

1 Jul 2021 MAS Notice 1115 dated 28 Jun 2021 (588.4 KB) takes effect. MAS Notice 1115 dated 28 June 2013 (last revised on 17 February 2020 ) (393.1 KB) is cancelled.

18 Feb 2020 MAS Notice 1115 (Amendment) 2020 (395.4 KB) takes effect.

06 Jul 2018

MAS Notice 1115 (Amendment) 2018 (415.5 KB) takes effect.

11 Mar 2017

MAS Notice 1115 (Amendment) 2017 (91.3 KB) takes effect. MAS Notice 1115 last revised on 10 Mar 2017 (285.6 KB) .

01 Sep 2016

MAS Notice 1115 (Amendment) 2016 (82.8 KB) takes effect. MAS Notice 1115 last revised on 01 Sep 2016 (277.1 KB) .

10 Feb 2014 MAS Notice 1115 (Amendment) 2014 takes effect. MAS Notice 1115 last revised on 10 Feb 2014 (244.5 KB) .

10 Dec 2013 MAS Notice 1115 (Amendment No. 2) 2013 takes effect.

28 Aug 2013 MAS Notice 1115 (Amendment) 2013 takes effect.

29Jun 2013

MAS Notice 1115 dated 28 Jun 2013 takes effect.

Guidelines for all financial institutions on how to apply the total debt servicing ratio (TDSR) to property loans.

Explains the application of MAS Notices on Housing Loans to borrowers who are individuals and who own residential property gazetted for acquisition.

Explains the application of MAS Notices on Housing Loans to borrowers who are individuals and who own residential property gazetted for acquisition.

Information paper on underwriting and lending practices of banks’ residential property loans business, including areas where underwriting and lending practices could be improved and sound practices observed during MAS’ thematic inspection in 2012.