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Exclusive home loan insurance coverage, or PMI, is generally called for with many traditional (non government backed) home mortgage programs when the deposit or equity position is less than 20% of the residential property worth. BPMI allows borrowers to get a mortgage without needing to provide 20% deposit, by covering the loan provider for the added threat of a high loan-to-value (LTV) home mortgage. On the other hand, it is not compulsory for owners of private homes in Singapore to take a mortgage insurance policy.