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Private home loan insurance coverage, or PMI, is typically needed with a lot of traditional (non federal government backed) home loan programs when the deposit or equity placement is much less than 20% of the home value. BPMI enables borrowers to obtain a home mortgage without having to give 20% deposit, by covering the loan provider for the included risk of a high loan-to-value (LTV) mortgage. On the various other hand, it is not compulsory for owners of exclusive homes in Singapore to take a home mortgage insurance policy.