As regards gifting of the property to another person you will have to get permission of the creditor and it will be subject to the conditions imposed by the creditor. You may be able to assume liabillity to pay the EMI. But then the recipient of the gift and you will jointly and severally be liable to pay the EMI. Also go through the loan agreement in detail. Still it is doubtful that you will be able to escape any claim on the property in any suit. against you, because the other party can allege a nexus between the impending suit and your gifting the property.