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Exclusive mortgage insurance, or PMI, is commonly needed with a lot of standard (non federal government backed) mortgage programs when the down payment or equity position is much less than 20% of the residential property value. BPMI permits customers to acquire a mortgage without needing to give 20% deposit, by covering the loan provider for the included danger of a high loan-to-value (LTV) home mortgage. On the various other hand, it is not obligatory for owners of exclusive residences in Singapore to take a home loan insurance policy.