Request for information on gift deed

Dear sir,

request your information on gift deed, i have a flat which is bought on joint name with my brother and myself.

the flat is bought on loan. and i am paying the EMI for the same. i want to gift the entire flat to my brother. hence i wanted to know if this is possible to do when the house is still with the bank as it is on loan. what else is the option if the gift deed is not possible.3

thanks