Compositional engineering of recently arising methylammonium (MA) lead (Pb) halide based perovskites is an essential approach for finding better perovskite compositions to resolve still remaining issues of toxic Pb, long-term instability, etc. In this work, we carried out crystallographic, morphological, optical, and photovoltaic characterization of compositional MASn0.6Pb0.4I3-xBrx by gradually introducing bromine (Br) into parental Pb-Sn binary perovskite (MASn0.6Pb0.4I3) to elucidate its function in Sn-rich (Sn:Pb = 6:4) perovskites. We found significant advances in crystallinity and dense coverage of the perovskite films by inserting the Br into Sn-rich perovskite lattice. Furthermore, light-intensity-dependent open circuit voltage (Voc) measurement revealed much suppressed trap-assisted recombination for a proper Br-added (x = 0.4) device. These contributed to attaining the unprecedented power conversion efficiency of 12.1% and Voc of 0.78 V, which are, to the best of our knowledge, the highest performance in the Sn-rich (≥60%) perovskite solar cells reported so far. In addition, impressive enhancement of photocurrent-output stability and little hysteresis were found, which paves the way for the development of environmentally benign (Pb reduction), stable monolithic tandem cells using the developed low band gap (1.24-1.26 eV) MASn0.6Pb0.4I3-xBrx with suggested composition (x = 0.2-0.4).