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Private home loan insurance, or PMI, is normally called for with a lot of conventional (non federal government backed) home loan programs when the down payment or equity placement is less than 20% of the residential or commercial property worth. BPMI enables customers to get a home mortgage without having to give 20% down payment, by covering the lending institution for the added risk of a high loan-to-value (LTV) home mortgage. On the other hand, it is not necessary for owners of private houses in Singapore to take a home mortgage insurance coverage.