Transferring property through gift deed

Thanks for your reply Mr. Ramesh. Appreciate it. I will request my bank for transferring the property on my family member name and if they[Bank] are fine with that, is it legally possible to do this transfer, both the property and the mortgage loan on his name?

As, I'm not intereted to do a sale and it will costs much to him as per the market price of the property, I like to do gift deed to make his life easier. Please let me know if you have any suggestions.