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Personal mortgage insurance, or PMI, is usually needed with many conventional (non government backed) home loan programs when the deposit or equity position is less than 20% of the building worth. BPMI allows borrowers to get a home loan without needing to supply 20% deposit, by covering the lending institution for the included danger of a high loan-to-value (LTV) home loan. On the various other hand, it is not compulsory for owners of personal residences in Singapore to take a home loan insurance coverage.