Advanced Loan Tracking
Home Loans and Education Loans are the largest debts most families hold. Standard expense trackers fail here because they treat a loan simply as a negative number. Wevanta tracks complex debt mathematically using a dedicated loan_details sub-engine.
Recording the Loan Skeleton
When you add a loan, you define the Sanction Amount, Interest Rate, Benchmark Type (Repo Rate / MCLR plus Spread), and Approved Tenure in months.
EMI Splitting (Principal vs Interest)
When logging a monthly EMI transaction, you do not just deduct the total from the loan! The system explicitly asks you to split the EMI into:
- Principal Component: Directly reduces your outstanding debt.
- Interest Component: A sheer cash-burn fee paid to the bank.
Over time, this allows the system to generate a beautiful line chart showing the crossover point where your principal payments finally outpace your interest payments.
The Power of Prepayments
If you have surplus cash and log a transaction as a Prepayment, Wevanta recalculates your trajectory on the fly. It contrasts your "Original Closure Date" (e.g. Oct 2043) with your new "Estimated Closure Date" (e.g. Feb 2038), displaying exactly how many months of tenure you just wiped out.
Under-Construction Tranche Disbursements
For properties still under construction, the bank does not hand you the full Sanction Amount immediately. Over months, you can use the Add Disbursement form to log tranches released by the bank. Wevanta limits your interest calculations only to the actual "Total Disbursed" count, not the sanction limit.
Tax Benefit Logging (Section 80C & 24b)
Come tax season, tracking how much you paid towards a Home Loan is a nightmare. On your loan page, use the Record Tax Benefit form. By inputting the Financial Year and marking if the property is Self-Occupied or Let-Out, you can declare your total Principal & Interest paid. The system tracks your "Claimed vs Unclaimed" amounts across years, giving you a ready-to-export sheet for your CA or income tax filing.