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Private home mortgage insurance coverage, or PMI, is generally required with the majority of traditional (non federal government backed) home mortgage programs when the down payment or equity setting is less than 20% of the residential property value. BPMI enables debtors to obtain a mortgage without having to provide 20% down payment, by covering the loan provider for the added threat of a high loan-to-value (LTV) home mortgage. On the various other hand, it is not obligatory for owners of private residences in Singapore to take a home loan insurance policy.