banks have a minimum m for financing a flat?

[far2000]

hi all,
so im interested in buying a bachelor flat for R230 000 from a friend in strand, has a tenant currently paying R2500. rent, levy is 300, rates 100.
im interested in getting a 100% bond n let the rent paymy bond. i have a flat that is paid that i inherited and is on a family trust. so this is just for renting out. the size is about 30m,the consultant at fnb says its too small to qualify for a bond and must be over 38m.. WHAT THE HELL...is this true? any one go through this? bank was busy so couldnt chat to the manager, just consultant.

i couldnt find any info online. hope someone can help.

thanks

farouk

 

[Chevron]

hi all,
so im interested in buying a bachelor flat for R230 000 from a friend in strand, has a tenant currently paying R2500. rent, levy is 300, rates 100.
im interested in getting a 100% bond n let the rent paymy bond. i have a flat that is paid that i inherited and is on a family trust. so this is just for renting out. the size is about 30m,the consultant at fnb says its too small to qualify for a bond and must be over 38m.. WHAT THE HELL...is this true? any one go through this? bank was busy so couldnt chat to the manager, just consultant.

i couldnt find any info online. hope someone can help.

thanks

farouk

First thing you should do is speak to other banks. Not just FNB. They all have different rules.