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Yes, you can transfer your LAP(Loan Against Property) from one bank which has a higher interest rate to another that gives you low interest rates.There is also an advantage of getting low interest with higher amount at the same time.
Doing a balance transfer will also increase the repayment period.And the processing time is also faster as most of the Banks and NBFCs encourage balance transfer on these days.
Please keep the Processing charges and Pre-Closure charges in mind while doing the balance transfer.
Process of Balance Transfer:-