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Private home mortgage insurance coverage, or PMI, is commonly required with the majority of traditional (non federal government backed) mortgage programs when the down payment or equity position is less than 20% of the building worth. BPMI permits borrowers to obtain a home loan without needing to provide 20% deposit, by covering the lender for the added threat of a high loan-to-value (LTV) home mortgage. On the various other hand, it is not necessary for owners of personal residences in Singapore to take a home loan insurance policy.