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Exclusive home loan insurance coverage, or PMI, is typically called for with many traditional (non federal government backed) home mortgage programs when the deposit or equity placement is much less than 20% of the residential property worth. BPMI enables customers to get a mortgage without having to give 20% down payment, by covering the lender for the included threat of a high loan-to-value (LTV) home mortgage. On the other hand, it is not mandatory for owners of personal residences in Singapore to take a mortgage insurance policy.