Legal Question in Banking Law in India

you have to convince the bank may be by offering high security, guanratee etc. One cant gift to the other unless the same is approved by the bank and bank will not approve it. Alternatively, both the brothers can enter into one agreement among themselves where one brother will agree to pay for all the EMIs and in consideration for that the other will transfer the title to the other after when all the instalements will be paid off. Otherwise you can approach to other banks to take over the loan of the present bank and in the later loan, one brother will be the sole borrower

You can register the sale deed in joint names. You try to convince the Bank about your proposal but if they are not agreeing you can execute the release deed in favour of one of you with a clause that the EMI has to be paid by the person who is getting the property. So the release will be subject to the rights of the Bank which will have the first right and charge on the property.

If the loan has been availed on joint names, the Bank won't approve of one of them alone being substituted for the liability of the entire loan. They may not object to the apartment being registered in one of the two's names provided the other guarantees repayment. If the property is registered in joint names, there is no objection to one of the two gifting his share to the other. But the bank won't release the person gifting his share from his liability. It does not matter whether or not the bank gives NOC for gift so long the donor is not absolved from his joint and several liability to the Bank. In any case, discuss with the bank and try to convince them that the property though to be registered in single name is sufficiently valuable to service the loan and request them to release the other from the liability.