Debt Service Coverage Ratio (DSCR) Calculator
From net operating income and total debt service, compute the DSCR — the ability to cover debt payments from operating income.
輸入資料
計算結果
重點速覽：DSCR = NOI / total debt service (principal + interest). NOI = revenue minus operating expenses, before debt service. >1 = income covers debt (safer); =1 = break-even (no buffer); <1 = insufficient (needs subsidy, high default risk). Lenders require a minimum (e.g. 1.2-1.25) as a covenant. WARNING: Definitions vary — numerator NOI/EBITDA/cash flow; denominator interest-only or P+I, sometimes lease. This tool uses NOI/(P+I). Education, not advice.
計算公式
DSCR = 淨營業收入 (NOI) ÷ 總償債支出 (本金 + 利息)。
$$\text{DSCR} = \dfrac{\text{Net Operating Income (NOI)}}{\text{Total Debt Service}}$$$$\text{Total Debt Service} = \text{Principal} + \text{Interest}$$使用說明
- Enter the net operating income (after operating expenses, before debt).
- Enter the period's total debt service (principal + interest).
- View the DSCR.
不同淨營業收入 (NOI) 與總償債支出組合下的償債覆蓋率 (DSCR) 及風險解讀。
| 淨營業收入 NOI (HK$) | 總償債支出 (HK$) | DSCR (倍) | 風險解讀 |
|---|---|---|---|
| 600,000 | 400,000 | 1.50 | 餘裕充足、較安全 |
| 500,000 | 350,000 | 1.43 | 有緩衝、多數銀行合格 |
| 400,000 | 400,000 | 1.00 | 剛好打平、緩衝為零 |
| 350,000 | 400,000 | 0.88 | 收入不足、需補貼、高風險 |
理財情境案例
個案一：收租物業能否通過銀行 DSCR 門檻
一位投資者以商業貸款購入一個收租單位，該物業年租金收入 HK$720,000，扣除管理費、差餉、維修、保險等營運開支 HK$120,000 後，淨營業收入 (NOI) = HK$600,000。該貸款每年須償還本息合計 HK$400,000。
DSCR = 600,000 ÷ 400,000 = 1.50 倍。若銀行要求最低 1.25，這個物業以 1.50 通過並有餘裕;即使日後租金下跌或空置令 NOI 減少約三分之一 (跌至 40 萬)，DSCR 仍有 1.0 勉強打平。這說明評估收租物業貸款時，不能只看『租金夠不夠還款』，而要先扣除營運開支得出 NOI，再看 DSCR 是否高於銀行門檻並留有緩衝。
個案二：DSCR 跌破 1 的警號
另一物業因周邊供應增加、租金下調，NOI 由 40 萬降至 HK$350,000，而每年償債支出仍為 HK$400,000。
DSCR = 350,000 ÷ 400,000 = 0.88 倍，已低於 1。這代表營運收入已不足以支付本息，每年須額外自掏約 5 萬元補貼還款;若貸款合約設有『最低 DSCR 契約』(例如須維持 1.2 以上)，這種情況可能觸發違約條款，銀行有權要求補足抵押、加息甚至提前償還。這說明 DSCR 不只是申請時的關卡，更是貸款存續期間須持續監控的指標;物業投資者應預留現金流緩衝，避免租金波動令 DSCR 跌穿警戒線。
常見問題
What DSCR is acceptable, and what do banks require?
DSCR > 1 is the basic threshold; banks usually want a buffer, commonly 1.2-1.25x, sometimes 1.3-1.4 for riskier loans. At =1 there is zero margin. Requirements vary by loan type, collateral, borrower credit, industry stability and the economy. A covenant often requires maintaining a minimum DSCR; breaching it can trigger default. Compare with your lender's requirement.
Should the numerator be NOI, EBITDA or cash flow?
It depends on the loan and lender, but the key is consistency with the denominator. For property loans, NOI is standard (rent minus operating costs, before debt service/tax/depreciation). For corporate/project finance, EBITDA is common; stricter uses operating or distributable cash flow. Never use net profit as the numerator — it already deducts interest and tax, understating debt capacity. This tool uses NOI; if your lender wants EBITDA, enter that figure as the numerator.
Should the denominator be interest-only or principal + interest?
Most complete is principal + interest (the borrower actually pays both), so NOI/(P+I) reflects true coverage — standard for property loans. Some use interest-only (closer to 'interest coverage') for interest-only/bullet loans. Including principal lowers DSCR significantly; always confirm the口径 when comparing. This tool uses P+I.
How is DSCR different from DSR, and which does HK mortgages use?
DSCR is for commercial/property/business: numerator is the property/business NOI, denominator debt service, in multiples (higher is safer, ~1.2+). DSR (Debt Servicing Ratio) is for personal mortgages: monthly payment / monthly income, in percent (lower is safer). HKMA caps self-use mortgage DSR at ~50% (40% with other mortgages), with a stress test. For investment-property or corporate loans, banks add DSCR. They may apply both.
How do I improve DSCR to meet the bank?
Raise the numerator (NOI/cash flow) or lower the denominator (debt service). Raise NOI: increase rent (vs market, fill vacancies, add income like parking/ads) or cut operating costs. Lower debt service: put more down (lower loan), extend the term (lower instalment), negotiate a lower rate, or use interest-only. Banks often ask for more equity. Do not flatter NOI or understate costs — they verify, and DSCR must be maintained.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。