Exclusive home loan insurance policy, or PMI, is commonly required with a lot of standard (non federal government backed) home loan programs when the deposit or equity placement is much less than 20% of the building value. BPMI enables borrowers to obtain a home mortgage without needing to offer 20% down payment, by covering the lender for the added danger of a high loan-to-value (LTV) mortgage. On the other hand, it is not necessary for proprietors of private houses in Singapore to take a home loan insurance.