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Personal mortgage insurance coverage, or PMI, is commonly required with most traditional (non federal government backed) home mortgage programs when the deposit or equity placement is much less than 20% of the building value. BPMI allows borrowers to acquire a mortgage without needing to supply 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage. On the various other hand, it is not obligatory for owners of personal houses in Singapore to take a home mortgage insurance.