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Private home mortgage insurance, or PMI, is commonly required with most traditional (non federal government backed) home mortgage programs when the down payment or equity position is much less than 20% of the residential or commercial property value. BPMI allows debtors to obtain a home loan without having to provide 20% down payment, by covering the loan provider for the included threat of a high loan-to-value (LTV) home mortgage. On the other hand, it is not compulsory for proprietors of personal houses in Singapore to take a mortgage insurance coverage.