Certainly! When calculating the Mortgage Servicing Ratio (MSR) for purchasing an HDB flat, here’s how it works:
Formula: The MSR is calculated as follows:
MSR=(Gross monthly incomeMonthly repayment instalments for all property loans)×100%≤30%
Gross Income: Your gross monthly income includes your salary and any employer’s CPF contributions. However, if you have variable income, only 70% of your total assessed income will be counted toward MSR1.
Example: Let’s say your monthly income is $3,800. In this case, your monthly housing loan payments should not exceed $1,140 (which is 30% of $3,800).
Feel free to ask if you need further clarification or have additional questions!
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