Loan Action: Fore Closure

POST Foreclosure

The SynoFin Foreclosure API endpoint allows users to start foreclosure processes for loans. It's a handy tool for initiating foreclosure requests, specifying important details like outstanding charges, closure type, and transaction dates.

To make use of this API effectively, certain attributes fetched from the master need to be added to SynoFin Master either through the Admin panel or by contacting the Synoriq support team. Sample values are provided in the API documentation, which can be utilized for testing purposes.

To carry out a loan foreclosure, users must gather data for charges and other necessary information. This enables them to execute the foreclosure process effectively. Here is the method user can employ to retrieve the required data for loan foreclosure:

Retrieve Data for Loan Foreclosure

In order to retrieve information for loan foreclosure, users are required to utilize the SynoFin getDataForLoanAction API. This API facilitates the retrieval of all necessary information.

API Endpoint: {{base_url}}/loan-modification/v1/service-request/getDataForLoanActions

Run in Postman: Get Data for Loan Action

Request Body

{
    "loan_id": "123", //replace with actual loanId
    "request_id": "foreclosure"
}

Response Body

{
    "balance_tenure": 0,
    "total_dues": 503289.2,
    "loan_service_charge_rate": 8,
    "loan_service_charge_amount": 0,
    "refunds": 0,
    "principal_outstanding": 418536,
    "unrealized_receipt": 0,
    "outstanding_charges": [
        {
            "charge_id": 123,
            "charge_label": "Late Payment Interest",
            "total_outstanding_amount": null,
            "type": "charges",
            "original_amount": 75685.2,
            "charge_definition_id": null,
            "excess_money_id": null,
            "loan_id": null,
            "disbursal_schedule_id": null,
            "charge_code": "lpp",
            "outstanding_amount": 75685.2,
            "amount_in_process": null,
            "payment_status": null,
            "paid_amount": null,
            "total_paid_amount": null,
            "total_paid_amount_in_process": null,
            "paid_amount_in_process": null,
            "allocated_amount": null,
            "reason": null,
            "payment_date": null,
            "repayment_id": null
        }
    ],
    "interest_due": 0,
    "pending_installment_amount": 427604,
    "total_waived_amount": 0,
    "per_day_interest": 0,
    "next_installment_presentation_date": null,
    "excess_money": 0,
    "net_closure_amount": 503289.2,
    "last_due_date": "06-09-2028",
    "overdue_principal": 0,
    "lockin_period": 0,
    "total_waiver_amount": null,
    "balance_principal": 0,
    "advance_installment": 0,
    "settled_amount": null,
    "write_off_amount": null
}

`URL: {{base_url}}/loan-modification/v1/service-request/save`

Run in Postman: `Loan Foreclosure`

Request:

Request Type: POST

Authorization: Bearer Token

Query Params:

Schema

Attribute	Data Type	Description	Mandatory
service_request_type	String	Type of service request	Yes
service_request_subtype	String	Subtype of service request	Yes
service_type	String	Type of service requested (if applicable)	No
loan_id	~~string~~String	~~Unique identifier~~ID of the loan associated with the request	Yes
request_data	Object	Data related to the service request	Yes
closure_date	String	Date of closure for the loan	Yes
~~request_id~~interest_till_date	~~string~~String	Date until interest is calculated	Yes
loan_service_charge_rate	String	Rate of service charge for the loan	Yes
is_write_off	Boolean	Indicates if the request is for a write-off (Default "False")	Yes
outstanding_charges	Array	~~Specifies~~Array of outstanding charges and waivers (Outstanding Charge Details)	Yes
remarks	String	Additional remarks regarding the ~~type~~request	No
reason	String	Reason for the service request	Yes
service_request_id	String	ID of the service request ~~being~~(if ~~made~~ applicable)	No

Outstanding Charge Details

Attribute	Data Type	Description	Mandatory
charge_code	String	Code representing the charge (~~Possible~~Fetched ~~Loan~~from ~~Action~~SynoFin ~~Key)~~ Master) for retrieving the changes applied to the loan, please refer to: `Get Data for Foreclosure`	Yes
waiver	String	Amount waived for the charge	Yes

~~Request Id Key~~

Body

{
  "service_request_type": "foreclosure",
  "service_request_subtype": "2",
  "service_type": "",
  "loan_id": "replace with actually Loan Id"0",
  "request_id"request_data": {
    "closure_date": "action_key"2024-02-14",
    "interest_till_date": "2024-02-14",
    "loan_service_charge_rate": 0,
    "is_write_off": false,
    "outstanding_charges": [
      {
        "charge_code": "interest_due_fc_charge",
        "waiver": "0"
      },
      {
        "charge_code": "total_principal_outstanding",
        "waiver": "0"
      },
      {
        "charge_code": "total_interest_outstanding",
        "waiver": "0"
      }
    ],
    "remarks": "",
    "reason": "0"
  },
  "service_request_id": ""
}

Response:

Success: 200 OK

Schema

Attribute	Type	Description	Mandatory
response	Boolean	Response status	Yes
data	Object	Data object	No
result	String	Result value	No
status	String	Status of the request	No
service_request_id	Integer	ID of the service request	No
unique_transaction_number	String	Unique transaction number	No
error	Any	Error details	No

Body

{
    "response": true,
    "data": {
        "result": null,
        "status": "initiated",
        "service_request_id": 1234,
        "unique_transaction_number": null
    },
    "error": null
}

Internal Validation Error: 200 OK

Schema

Expected Error code and Error Message

Error Code	Error Message	Resolution
1015000	Interest till date can't be empty	Ensure that the interest till date is provided.
1015000	Maturity Closure Date is not given	Provide the maturity closure date.
1015000	Maturity Closure Date cannot be null	Ensure that the maturity closure date is not null.
1015000	Pay or revert all TDS	Pay or revert all TDS (Tax Deducted at Source).
1015000	Principal waiver amount should be less than total payable amount	Ensure that the principal waiver amount is less than the total payable amount.
1016008	Please Realize all the receipts before foreclosure	Realize all receipts before proceeding with foreclosure.
101626	There is no pending installment, cannot do Foreclosure	Ensure that there are pending installments before initiating foreclosure.
1017032	Loan is not active	Activate the loan before proceeding.
1017033	Total payable is less than total dues	Ensure that the total payable amount is greater than or equal to the total dues.
1017034	Net closure amount should not be greater than 0	Ensure that the net closure amount is not greater than 0.
1017035	Waived amount should be less than or equal to the outstanding amount	Ensure that the waived amount is less than or equal to the outstanding amount.
101774	Please approve or reject already initiated requests	Take action on already initiated requests by either approving or rejecting them.
101784	Cannot proceed for Foreclosure if Loan is not fully Disbursed	Ensure that the loan is fully disbursed before proceeding with foreclosure.
30028	There are outstanding installments after foreclosure request was created. Please reject previous request and create a new foreclosure request	Reject previous requests and create a new foreclosure request.

Attribute	Type	Description	Mandatory
response	Boolean	Response status	Yes
data	Object	Data object containing additional details	No
unique_transaction_number	Any	Unique transaction number	No
error	Object	Error object containing error details	No
code	Integer	Error code (Expected Error code and Error Message)	No
text	String	Error message(Expected Error code and Error Message)	No

Body

{
    "response": false,
    "data": {
        "unique_transaction_number": null
    },
    "error": {
        "code": 101626,
        "text": "There is no pending installment, cannot do Foreclosure"
    }
}

Service Request Action:

Once the request is successfully initiated, the Checker user is required to approve the request for closure to take effect.

To approve or reject the service request,
Service Request Actions | SynoFin Docs

Loan Action: Fore Closure

POST Foreclosure

URL: {{base_url}}/loan-modification/v1/service-request/save

Run in Postman: Loan Foreclosure

Request:

Query Params:

Response:

Success: 200 OK

Internal Validation Error: 200 OK

Service Request Action:

Once the request is successfully initiated, the Checker user is required to approve the request for closure to take effect.

To approve or reject the service request,Service Request Actions | SynoFin Docs

`URL: {{base_url}}/loan-modification/v1/service-request/save`

Run in Postman: `Loan Foreclosure`

To approve or reject the service request,
Service Request Actions | SynoFin Docs