To reduce the manufacturing cost of SoCs with many embedded SRAMs, we propose a scheme to reduce the area per good die for the SoC memory built-in self-test (MBIST). We first propose BIST hardware overhead reduction by application of an encoder-based comparator. For the repair of a faulty SRAM module with 2-D redundancy, we propose spare assignement algorithm. Based on an existing range-cheking-first algorithm (RCFA), we propose assign-all-row-RCFA (A-RCFA) which assign unused spare rows to faulty ones, in order to suppress the degradation of repair rate due to compressed fail location information output from the encoder-based comparator. Then, considering that an SoC has many SRAM modules, we propose a heuristic algorithm based on iterative improvement algorithm (IIA), which determines whether each SRAM should have a spare row or not, in order to minimize area per a good die. Experimental results on practical scale benchmark SoCs with more than 1,000 SRAM modules indicate that encoder-based comparators reduce hardware overhead by about 50% compared to traditional ones, and that combining the IIA-based algorithm for determining redundancy architecture with the encoder-based comparator effectively reduces the area per good die.