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http://mifosforge.jira.com/browse/MIFOS-5182?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71535#comment-71535
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Binny Gopinath Sreevas commented on MIFOS-5182:
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Here are some of the issues with the version that Keith had provided me (as a
demo version, which was not released)
a) The "Principal Re-payment" link should be visible only for "Declining
Balance" and "Declinging Balance - Equal Principal Installment" interest types
(this does not make sense for both "flat" and "declining balance with interest
recalculation" interest types)
b) We need to handle the situation where user applies a payment for interest on
a date and then on the same date does a "Principal Repayment" too. Currently
the Demo-Mifos (the version of Mifos which you had given me for demo in Laos)
throws an error in this case.
c) We need to handle the situation where principal-repayment is done on a
non-meeting date (i.e. on a date on which there is no entry in the
loan_schedule table). Currently, the Demo-Mifos automatically takes the date in
loan_schedule as the payment date.
d) We need to handle the situation where for a six month loan, only interest
was paid for 8 months and then the principal was repaid. I.e. the duration of
the loan went beyond what was entered into loan_schedule table by Mifos.
e) View all account activity does not show entry for "Principal Re-payments"
I will test the version some more and will let you know if I see any more
issues on this feature. Perhaps, Jakub's team or Lukatz could test this feature
some more to ensure there are no other issues.
> Declining balance with interest recalculation - need to support monthly option
> ------------------------------------------------------------------------------
>
> Key: MIFOS-5182
> URL: http://mifosforge.jira.com/browse/MIFOS-5182
> Project: mifos
> Issue Type: Improvement
> Reporter: Binny Gopinath Sreevas
> Priority: Major
> Labels: fina2
> Fix For: Release H
>
> Attachments: SampleLoanCalculation_MonthlyReducing_V02.xlsx,
> SampleLoanCalculation_MonthlyReducing.xlsx
>
>
> Currently "declining balance with interest recalculation" does a daily
> interest recalculation. There is a need to have an option to do a "monthly
> interest calculation". Detailed requirement and example below:
> There are 2 loans (with monthly installments) which are handled as follows in
> real-life:
> Loan 1:
> February-2011 - Disbursed - 10,00,000 at 2% per month
> March-2011 - Interest paid - 20,000
> April-2011 - Interest paid - 20,000
> May-2011 - Loan repaid paid with interest - 10,20,000
> I schedule this as a loan product with interest type as "diminishing
> balance" and with 2 "principal-only grace" periods. This works fine in Mifos.
> Loan 2: Is similar, except that the customer does some prepayments.
> May-2011 - New Loan disbursed - 40,00,000 at 2% per month
> June-2011 - Interest paid - 80,000
> July-2011 - Interest paid - 80,000
> August-2011 - Interest paid - 80,000, Principal repaid 5,00,000
> (principal outstanding is now 35,00,000)
> September-2011 - Interest paid - 70,000, Principal repaid 10,00,000
> (principal outstanding is now 25,00,000)
> October-2011 - Interest paid - 50,000, Principal repaid 15,00,000
> (principal outstanding is now 10,00,000)
> Nov-2011 - Interest paid - 20,000
>
> I am not able to configure Loan-2 in Mifos. Ideally, the pre-payments should
> be adjusted to the principal. But mifos accounts prepayments against future
> interest, if I use interest type as "diminishing balance".
>
> If I use the interest type as "diminishing balance with interest
> recalculation", Mifos computes the interest based on daily-reducing balance.
> So the interest due for Feb, will be less than interest due for April. Which
> will not help implementing the above scenario. And with this type of
> interest, Grace periods are not supported. So it is impossible to implement
> such a loan in Mifos.
> My understanding of the solution in Mifos, will need 2 enhancements:
> a) Along with "daily declining balance with interest recalculation", we need
> a "monthly declining balance with interest recalculation"
> b) We need "Principal Only Grace periods" to be allowed for interest type
> "Declining balance with interest recalculation". Currently, Mifos does not
> allow this. There is already a ticket for this at: MIFOS-4742
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