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Personal mortgage insurance, or PMI, is usually required with most conventional (non federal government backed) home mortgage programs when the deposit or equity setting is much less than 20% of the home value. BPMI enables consumers to get a home mortgage without needing to offer 20% deposit, by covering the lending institution for the added threat of a high loan-to-value (LTV) mortgage. On the various other hand, it is not compulsory for owners of personal residences in Singapore to take a home loan insurance.