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Exclusive home loan insurance policy, or PMI, is generally needed with the majority of conventional (non government backed) home mortgage programs when the deposit or equity setting is less than 20% of the building value. BPMI enables customers to obtain a home mortgage without having to offer 20% deposit, by covering the loan provider for the included risk of a high loan-to-value (LTV) home mortgage. On the other hand, it is not compulsory for owners of personal residences in Singapore to take a home mortgage insurance policy.