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Personal home loan insurance, or PMI, is usually called for with the majority of traditional (non federal government backed) home mortgage programs when the deposit or equity setting is much less than 20% of the property value. BPMI allows consumers to get a mortgage without having to give 20% deposit, by covering the lending institution for the added danger of a high loan-to-value (LTV) mortgage. On the various other hand, it is not mandatory for proprietors of private homes in Singapore to take a home loan insurance policy.