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Exclusive home mortgage insurance policy, or PMI, is usually needed with a lot of standard (non federal government backed) mortgage programs when the down payment or equity position is less than 20% of the home worth. BPMI allows debtors to obtain a home loan without needing to supply 20% down payment, by covering the loan provider for the included risk of a high loan-to-value (LTV) home loan. On the various other hand, it is not mandatory for owners of private residences in Singapore to take a home mortgage insurance coverage.