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Private home mortgage insurance, or PMI, is commonly required with most standard (non government backed) home loan programs when the deposit or equity position is much less than 20% of the home worth. BPMI enables borrowers to obtain a home mortgage without having to give 20% down payment, by covering the lender for the added danger of a high loan-to-value (LTV) mortgage. On the other hand, it is not compulsory for owners of private houses in Singapore to take a home mortgage insurance policy.