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Private home mortgage insurance policy, or PMI, is typically needed with many conventional (non federal government backed) mortgage programs when the down payment or equity position is much less than 20% of the residential property value. BPMI allows consumers to get a home mortgage without needing to provide 20% down payment, by covering the loan provider for the added threat of a high loan-to-value (LTV) home mortgage. On the various other hand, it is not necessary for proprietors of exclusive houses in Singapore to take a home mortgage insurance.