diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/api/LoansApiResourceSwagger.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/api/LoansApiResourceSwagger.java
index 58e95ab0b..ad1db14fa 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/api/LoansApiResourceSwagger.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/api/LoansApiResourceSwagger.java
@@ -515,6 +515,8 @@ final class LoansApiResourceSwagger {
         public String expectedDisbursementDate;
         @Schema(example = "2")
         public Integer transactionProcessingStrategyId;
+        @Schema(example = "360", allowableValues = "1, 360, 364, 36")
+        public Integer daysInYearType;
     }
 
     @Schema(description = "PostLoansResponse")
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/loanschedule/service/LoanScheduleAssembler.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/loanschedule/service/LoanScheduleAssembler.java
index 127daefe2..8eab9f423 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/loanschedule/service/LoanScheduleAssembler.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/loanschedule/service/LoanScheduleAssembler.java
@@ -336,7 +336,14 @@ public class LoanScheduleAssembler {
          */
         final DaysInMonthType daysInMonthType = loanProduct.fetchDaysInMonthType();
 
-        final DaysInYearType daysInYearType = loanProduct.fetchDaysInYearType();
+        DaysInYearType daysInYearType = null;
+        final Integer daysInYearTypeIntFromApplication = this.fromApiJsonHelper
+                .extractIntegerNamed(LoanApiConstants.daysInYearTypeParameterName, element, Locale.getDefault());
+        if (daysInYearTypeIntFromApplication != null) {
+            daysInYearType = DaysInYearType.fromInt(daysInYearTypeIntFromApplication);
+        } else {
+            daysInYearType = loanProduct.fetchDaysInYearType();
+        }
 
         final boolean isInterestRecalculationEnabled = loanProduct.isInterestRecalculationEnabled();
         RecalculationFrequencyType recalculationFrequencyType = null;
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/CalculateLoanScheduleQueryFromApiJsonHelper.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/CalculateLoanScheduleQueryFromApiJsonHelper.java
index 1498a80a1..6f3a60708 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/CalculateLoanScheduleQueryFromApiJsonHelper.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/CalculateLoanScheduleQueryFromApiJsonHelper.java
@@ -68,7 +68,8 @@ public final class CalculateLoanScheduleQueryFromApiJsonHelper {
             LoanApiConstants.createStandingInstructionAtDisbursementParameterName, LoanApiConstants.isFloatingInterestRateParameterName,
             LoanApiConstants.interestRateDifferentialParameterName, LoanApiConstants.repaymentFrequencyNthDayTypeParameterName,
             LoanApiConstants.repaymentFrequencyDayOfWeekTypeParameterName, LoanApiConstants.isTopup, LoanApiConstants.loanIdToClose,
-            LoanApiConstants.datatables, LoanApiConstants.isEqualAmortizationParam, LoanProductConstants.RATES_PARAM_NAME));
+            LoanApiConstants.datatables, LoanApiConstants.isEqualAmortizationParam, LoanProductConstants.RATES_PARAM_NAME,
+            LoanApiConstants.daysInYearTypeParameterName));
 
     private final FromJsonHelper fromApiJsonHelper;
 
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanApplicationCommandFromApiJsonHelper.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanApplicationCommandFromApiJsonHelper.java
index eabb2eff0..dfa8af9e0 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanApplicationCommandFromApiJsonHelper.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanApplicationCommandFromApiJsonHelper.java
@@ -88,7 +88,7 @@ public final class LoanApplicationCommandFromApiJsonHelper {
             LoanApiConstants.createStandingInstructionAtDisbursementParameterName, LoanApiConstants.isTopup, LoanApiConstants.loanIdToClose,
             LoanApiConstants.datatables, LoanApiConstants.isEqualAmortizationParam, LoanProductConstants.RATES_PARAM_NAME,
             LoanApiConstants.applicationId, // glim specific
-            LoanApiConstants.lastApplication)); // glim specific
+            LoanApiConstants.lastApplication, LoanApiConstants.daysInYearTypeParameterName)); // glim specific
 
     private final FromJsonHelper fromApiJsonHelper;
     private final CalculateLoanScheduleQueryFromApiJsonHelper apiJsonHelper;
@@ -485,7 +485,14 @@ public final class LoanApplicationCommandFromApiJsonHelper {
             baseDataValidator.reset().parameter(LoanApiConstants.datatables).value(datatables).notNull().jsonArrayNotEmpty();
         }
 
-        validateLoanMultiDisbursementdate(element, baseDataValidator, expectedDisbursementDate, principal);
+        if (this.fromApiJsonHelper.parameterExists(LoanApiConstants.daysInYearTypeParameterName, element)) {
+            final Integer daysInYearType = this.fromApiJsonHelper.extractIntegerNamed(LoanApiConstants.daysInYearTypeParameterName, element,
+                    Locale.getDefault());
+            baseDataValidator.reset().parameter(LoanApiConstants.daysInYearTypeParameterName).value(daysInYearType).notNull()
+                    .isOneOfTheseValues(1, 360, 364, 365);
+        }
+
+        validateLoanMultiDisbursementDate(element, baseDataValidator, expectedDisbursementDate, principal);
         validatePartialPeriodSupport(interestCalculationPeriodType, baseDataValidator, element, loanProduct);
         if (!dataValidationErrors.isEmpty()) {
             throw new PlatformApiDataValidationException(dataValidationErrors);
@@ -932,7 +939,7 @@ public final class LoanApplicationCommandFromApiJsonHelper {
             }
         }
 
-        validateLoanMultiDisbursementdate(element, baseDataValidator, expectedDisbursementDate, principal);
+        validateLoanMultiDisbursementDate(element, baseDataValidator, expectedDisbursementDate, principal);
         validatePartialPeriodSupport(interestCalculationPeriodType, baseDataValidator, element, loanProduct);
 
         if (!dataValidationErrors.isEmpty()) {
@@ -1079,7 +1086,7 @@ public final class LoanApplicationCommandFromApiJsonHelper {
         }
     }
 
-    public void validateLoanMultiDisbursementdate(final JsonElement element, final DataValidatorBuilder baseDataValidator,
+    public void validateLoanMultiDisbursementDate(final JsonElement element, final DataValidatorBuilder baseDataValidator,
             LocalDate expectedDisbursement, BigDecimal totalPrincipal) {
 
         this.validateDisbursementsAreDatewiseOrdered(element, baseDataValidator);
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanEventApiJsonValidator.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanEventApiJsonValidator.java
index 64b20d702..f2a0944b2 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanEventApiJsonValidator.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/serialization/LoanEventApiJsonValidator.java
@@ -434,7 +434,7 @@ public final class LoanEventApiJsonValidator {
                     .failWithCode(LoanApiConstants.ALREADY_DISBURSED);
         }
 
-        fromApiJsonDeserializer.validateLoanMultiDisbursementdate(element, baseDataValidator, actualDisbursementDate, approvedPrincipal);
+        fromApiJsonDeserializer.validateLoanMultiDisbursementDate(element, baseDataValidator, actualDisbursementDate, approvedPrincipal);
 
         throwExceptionIfValidationWarningsExist(dataValidationErrors);
     }
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanApplicationWritePlatformServiceJpaRepositoryImpl.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanApplicationWritePlatformServiceJpaRepositoryImpl.java
index 8ea0600d1..3e7866e18 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanApplicationWritePlatformServiceJpaRepositoryImpl.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanApplicationWritePlatformServiceJpaRepositoryImpl.java
@@ -1286,7 +1286,7 @@ public class LoanApplicationWritePlatformServiceJpaRepositoryImpl implements Loa
         final List<ApiParameterError> dataValidationErrors = new ArrayList<>();
         final DataValidatorBuilder baseDataValidator = new DataValidatorBuilder(dataValidationErrors).resource("loan");
         final BigDecimal principal = this.fromJsonHelper.extractBigDecimalWithLocaleNamed("approvedLoanAmount", element);
-        fromApiJsonDeserializer.validateLoanMultiDisbursementdate(element, baseDataValidator, expectedDisbursementDate, principal);
+        fromApiJsonDeserializer.validateLoanMultiDisbursementDate(element, baseDataValidator, expectedDisbursementDate, principal);
         if (!dataValidationErrors.isEmpty()) {
             throw new PlatformApiDataValidationException(dataValidationErrors);
         }
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanWritePlatformServiceJpaRepositoryImpl.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanWritePlatformServiceJpaRepositoryImpl.java
index d98fce4a1..4bf120ede 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanWritePlatformServiceJpaRepositoryImpl.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanaccount/service/LoanWritePlatformServiceJpaRepositoryImpl.java
@@ -2630,7 +2630,7 @@ public class LoanWritePlatformServiceJpaRepositoryImpl implements LoanWritePlatf
         }
         final BigDecimal principal = this.fromApiJsonHelper.extractBigDecimalWithLocaleNamed("approvedLoanAmount", element);
 
-        loanApplicationCommandFromApiJsonHelper.validateLoanMultiDisbursementdate(element, baseDataValidator, expectedDisbursementDate,
+        loanApplicationCommandFromApiJsonHelper.validateLoanMultiDisbursementDate(element, baseDataValidator, expectedDisbursementDate,
                 principal);
         if (!dataValidationErrors.isEmpty()) {
             throw new PlatformApiDataValidationException(dataValidationErrors);
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanproduct/domain/LoanProduct.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanproduct/domain/LoanProduct.java
index 7d2eb7362..37ac51698 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanproduct/domain/LoanProduct.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/loanproduct/domain/LoanProduct.java
@@ -297,7 +297,7 @@ public class LoanProduct extends AbstractPersistableCustom {
         final boolean isInterestRecalculationEnabled = command
                 .booleanPrimitiveValueOfParameterNamed(LoanProductConstants.IS_INTEREST_RECALCULATION_ENABLED_PARAMETER_NAME);
         final DaysInMonthType daysInMonthType = DaysInMonthType
-                .fromInt(command.integerValueOfParameterNamed(LoanProductConstants.DAYS_IN_YEAR_TYPE_PARAMETER_NAME));
+                .fromInt(command.integerValueOfParameterNamed(LoanProductConstants.DAYS_IN_MONTH_TYPE_PARAMETER_NAME));
 
         final DaysInYearType daysInYearType = DaysInYearType
                 .fromInt(command.integerValueOfParameterNamed(LoanProductConstants.DAYS_IN_YEAR_TYPE_PARAMETER_NAME));
diff --git a/fineract-provider/src/main/resources/static/api-docs/apiLive.htm b/fineract-provider/src/main/resources/static/api-docs/apiLive.htm
index ad41059a4..61c0ea050 100644
--- a/fineract-provider/src/main/resources/static/api-docs/apiLive.htm
+++ b/fineract-provider/src/main/resources/static/api-docs/apiLive.htm
@@ -11650,7 +11650,7 @@ Request Body:
 						</tr>
 						<tr class=alt>
 							<td>graceOnPrincipalPayment, graceOnInterestPayment, graceOnInterestCharged, linkAccountId, allowPartialPeriodInterestCalcualtion,
-								 fixedEmiAmount, maxOutstandingLoanBalance, disbursementData, graceOnArrearsAgeing, createStandingInstructionAtDisbursement (requires linkedAccountId if set to true)
+								 fixedEmiAmount, maxOutstandingLoanBalance, disbursementData, graceOnArrearsAgeing, createStandingInstructionAtDisbursement (requires linkedAccountId if set to true), daysInYearType
 							</td>
 						</tr>
 					</table>
@@ -11685,6 +11685,7 @@ Request Body:
     "linkAccountId" : "1",
     "fixedEmiAmount":1100,
     "maxOutstandingLoanBalance":"35000",
+    "daysInYearType":1,
     "disbursementData":[{"expectedDisbursementDate":"01 November 2013",
     					"principal":22000,"approvedPrincipal":22000}],
     "datatables": [{