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Private mortgage insurance policy, or PMI, is commonly needed with many conventional (non federal government backed) home mortgage programs when the deposit or equity position is less than 20% of the residential property worth. BPMI permits debtors to obtain a home loan without having to provide 20% deposit, by covering the loan provider for the included danger of a high loan-to-value (LTV) mortgage. On the other hand, it is not obligatory for proprietors of private houses in Singapore to take a home mortgage insurance policy.