[FINERACT-167] Implementation of loan foreclosure functionality

• Type: New Feature
• Status: Closed
• Priority: Major
• Resolution: Auto Closed
• Component/s: Loan
• Labels: Cleanup2022 confirm
• Assignee: Unassigned
• Reporter: Vishwanath R
• Created: 07/Jun/16 07:30
• Updated: 07/Nov/22 18:11
• Resolved: 07/Nov/22 18:11

Description

On foreclosure of the active loan application, the following things should happen,

1) Repay total loan outstanding principal amount.

2) Repay total Interest amount (accrued and due) till Foreclosure date.

3) Repay total Fee, Charges or Penalties due, if any till Foreclosure date.

4) Accounting entries will be made as per product configuration for interest and loan portfolio payments.

5) Future installment Interest, Fee, Charge, or Penalty, if any, is waived off (there won’t be any accounting entries for these transactions).

Issue Links

• is related to: FINERACT-170 Not able to Foreclose the loan if the date is modified in Loan Foreclosure page displays internal server error
• is related to: FINERACT-171 Interest calculated is not proper if the foreclosure is done in between any period
• is related to: FINERACT-172 Loan with Moratorium on Interest is not collecting interest during foreclosure
• is related to: FINERACT-173 Specified due date charge applied and if the foreclosure is done before that date then the charge should not get collected
• links to: GitHub Pull Request #130
• links to: GitHub Pull Request #138