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Personal home loan insurance coverage, or PMI, is generally required with most traditional (non government backed) home loan programs when the down payment or equity setting is less than 20% of the property worth. BPMI allows customers to get a mortgage without needing to provide 20% down payment, 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 homes in Singapore to take a mortgage insurance.