[jira] [Commented] (FINERACT-235) For flat loan with variable installment, foreclosure before first repayment date is collecting full month interest
[ https://issues.apache.org/jira/browse/FINERACT-235?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15879856#comment-15879856 ] Santosh Math commented on FINERACT-235: --- I documented here, http://mifos.cloud.answerhub.com/questions/1810/for-flat-loan-with-variable-installment-foreclosur.html?childToView=1811#answer-1811 > For flat loan with variable installment, foreclosure before first repayment > date is collecting full month interest > -- > > Key: FINERACT-235 > URL: https://issues.apache.org/jira/browse/FINERACT-235 > Project: Apache Fineract > Issue Type: Bug > Components: Loan >Reporter: subramanyasn >Assignee: Markus Geiss > Labels: confirm, p2 > > 1. Create loan product with following datasets > Principal: 1, > ROI: 12% pa > Loan term 12 months, > Repaid every: 1 month, > Amortization: Equal Installments > Interest method: Flat > Variable installment checked. > 2. Submit new loan application on 01 January 2016, expected disbursement date > 01 January 2016. > 3. Edit repayment schedule and change first repayment date from 01 February > 2016 to 15 January 2016. > 4. Disburse loan on 15 January 2016. > Foreclose loan on same date. > Expected result: > It should not collect any interest if the foreclosed date is same as > disbursement date. > Actual result: > It is collecting one month interest. -- This message was sent by Atlassian JIRA (v6.3.15#6346)
[jira] [Commented] (FINERACT-235) For flat loan with variable installment, foreclosure before first repayment date is collecting full month interest
[ https://issues.apache.org/jira/browse/FINERACT-235?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15878245#comment-15878245 ] Edward Cable commented on FINERACT-235: --- [~santoshmath] will document the workaround on AnswerHub so this issue will be addressed. > For flat loan with variable installment, foreclosure before first repayment > date is collecting full month interest > -- > > Key: FINERACT-235 > URL: https://issues.apache.org/jira/browse/FINERACT-235 > Project: Apache Fineract > Issue Type: Bug > Components: Loan >Reporter: subramanyasn >Assignee: Markus Geiss > Labels: confirm, p2 > > 1. Create loan product with following datasets > Principal: 1, > ROI: 12% pa > Loan term 12 months, > Repaid every: 1 month, > Amortization: Equal Installments > Interest method: Flat > Variable installment checked. > 2. Submit new loan application on 01 January 2016, expected disbursement date > 01 January 2016. > 3. Edit repayment schedule and change first repayment date from 01 February > 2016 to 15 January 2016. > 4. Disburse loan on 15 January 2016. > Foreclose loan on same date. > Expected result: > It should not collect any interest if the foreclosed date is same as > disbursement date. > Actual result: > It is collecting one month interest. -- This message was sent by Atlassian JIRA (v6.3.15#6346)
[jira] [Commented] (FINERACT-235) For flat loan with variable installment, foreclosure before first repayment date is collecting full month interest
[ https://issues.apache.org/jira/browse/FINERACT-235?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15829581#comment-15829581 ] Santosh Math commented on FINERACT-235: --- [~edcable], As discussed with [~binnygopinath], The good solution in such least possible scenario is to waive interest before foreclosure.. It works!! > For flat loan with variable installment, foreclosure before first repayment > date is collecting full month interest > -- > > Key: FINERACT-235 > URL: https://issues.apache.org/jira/browse/FINERACT-235 > Project: Apache Fineract > Issue Type: Bug > Components: Loan >Reporter: subramanyasn >Assignee: Markus Geiss > Labels: confirm, p2 > > 1. Create loan product with following datasets > Principal: 1, > ROI: 12% pa > Loan term 12 months, > Repaid every: 1 month, > Amortization: Equal Installments > Interest method: Flat > Variable installment checked. > 2. Submit new loan application on 01 January 2016, expected disbursement date > 01 January 2016. > 3. Edit repayment schedule and change first repayment date from 01 February > 2016 to 15 January 2016. > 4. Disburse loan on 15 January 2016. > Foreclose loan on same date. > Expected result: > It should not collect any interest if the foreclosed date is same as > disbursement date. > Actual result: > It is collecting one month interest. -- This message was sent by Atlassian JIRA (v6.3.4#6332)
[jira] [Commented] (FINERACT-235) For flat loan with variable installment, foreclosure before first repayment date is collecting full month interest
[ https://issues.apache.org/jira/browse/FINERACT-235?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15826092#comment-15826092 ] Edward Cable commented on FINERACT-235: --- Requirements will be discussed with [~binnygopinath] > For flat loan with variable installment, foreclosure before first repayment > date is collecting full month interest > -- > > Key: FINERACT-235 > URL: https://issues.apache.org/jira/browse/FINERACT-235 > Project: Apache Fineract > Issue Type: Bug > Components: Loan >Reporter: subramanyasn >Assignee: Markus Geiss > Labels: confirm, p2 > > 1. Create loan product with following datasets > Principal: 1, > ROI: 12% pa > Loan term 12 months, > Repaid every: 1 month, > Amortization: Equal Installments > Interest method: Flat > Variable installment checked. > 2. Submit new loan application on 01 January 2016, expected disbursement date > 01 January 2016. > 3. Edit repayment schedule and change first repayment date from 01 February > 2016 to 15 January 2016. > 4. Disburse loan on 15 January 2016. > Foreclose loan on same date. > Expected result: > It should not collect any interest if the foreclosed date is same as > disbursement date. > Actual result: > It is collecting one month interest. -- This message was sent by Atlassian JIRA (v6.3.4#6332)
