Home financing management system

摘要

Home financing is provided by means of a salary linked mortgage. A borrower repays a loan from a lender by paying a percentage of his salary, irrespective of the manner in which his salary varies, for a predetermined period. The percentage may be the same for the entire period or it may vary in a predetermined manner. The lender may also unilaterally vary the percentage if the borrower does not make payments on specified dates. Conveniently, a convenience percentage value is used for each financial year and, if necessary journal entries are made. The system is managed and supervised by data processing equipment which stores information characterising each borrowers account, inputs details of repayments from the borrower and his employer, generates an updated schedule percentage for each account at the end of each month and communicates the updated schedule percentage for each account at the end of each month.