Payment Holiday

The Payment Holiday is a transaction (soft) Property Class which is used to skip an installment completely or skip part of the installment amount for a defined period.

Product Lines

The following Product Lines use the Payment Holiday Property Class:

Deposits
Lending

Property Class type

There is no associated Property Class Type with this Property Class.

Property Type

There is no associated Property Type with this Property Class.

Balance Prefix and Suffix

There is no associated Balance Prefix and Suffix with this Property Class.

Attributes

Payment Holiday is a feature offered by banks, by which, a customer for variety of reasons, may opt to take an instalment break to skip repayments. The system stops generating bills during the holiday period.

Flexible Repayment Definition

The following table describes the attributes related to Flexible Repayment Definition.

Attribute	Description
Holiday Start Date	This field denotes the date from when the payment holiday is to be processed. The activity effective date would be considered when left blank. This works along with Hol Num Payments.
Hol Num Payments	This field denotes the number of scheduled payments to be skipped from the holiday start date. This is a mandatory field when holiday start date is given.
Hol Payment Type	This field the type of payment for which the holiday processing should be considered. This must be a valid input from AA.PAYMENT.TYPE. This can be inputted only when the Hol Start Date and the Hol Num Payments are defined. Else, this cannot be input.
Holiday Date	This is a no – input field which is defaulted by the system. This field specifies the holiday dates for the payments.

Cancellation of Flexible Repayment Plan

The following are the attributes used to cancel a flexible repayment plan.

Attribute	Description
Cancel	This field allows the user to cancel a flexible repayment that is already defined. Cancellations are allowed only on consecutive future holidays. This attribute is available only for change payment holiday activity class (LENDING-CHANGE-PAYMENT.HOLIDAY).

Restriction in Flexible Repayment

The following are the attributes used in the restriction of flexible repayment.

Attribute	Description
Hol Restrict Item	This field allows the user to choose holiday processing based on either property class, property, bill type or payment type.
Hol Restrict Type	This field specifies the type of holiday restriction. The following options are allowed for the same: PROPERTY.CLASS -This has to be a valid input from AA.PROPERTY.CLASS. The restriction will apply for the property class chosen. All the properties belonging to the selected Property Class will be eligible for the restriction PROPERTY - This has to be a valid input from AA.PROPERTY. The restriction applies only for the selected property BILL.TYPE - This has to be a valid input from AA.BILL.TYPE. The restriction will be for the scheduled payments belonging to the selected bill type. PAYMENT.TYPE - This has to be a valid input from AA.PAYMENT.TYPE. The restriction will be based on the payment type chosen.

Attribute

Description

Hol Restrict Item

This field allows the user to choose holiday processing based on either property class, property, bill type or payment type.

Hol Restrict Type

This field specifies the type of holiday restriction. The following options are allowed for the same:

PROPERTY.CLASS -This has to be a valid input from AA.PROPERTY.CLASS. The restriction will apply for the property class chosen. All the properties belonging to the selected Property Class will be eligible for the restriction
PROPERTY - This has to be a valid input from AA.PROPERTY. The restriction applies only for the selected property
BILL.TYPE - This has to be a valid input from AA.BILL.TYPE. The restriction will be for the scheduled payments belonging to the selected bill type.
PAYMENT.TYPE - This has to be a valid input from AA.PAYMENT.TYPE. The restriction will be based on the payment type chosen.

Modification of Payment Amount

The following are the attributes used to modify the payment amount.

Attribute	Description
Original Pay Amount	This is a no input field. This field defaults the original payment amount that was calculated for a given payment date while declaring holiday and also defaults the actual amount given by the user.
Holiday Pay Amount	This field allows the user to modify the payment amount of the bill by way of increasing or decreasing it but has to satisfy the minimum payment restriction.