LIC would not agree to execution of release deed by you till loan is pending 

repay the loan then execute gift deed or relinquishment deed 

There must be clause in loan agreement that pending repayment of loan no third party rights can be created 

release deed executed by you would be illegal 

A registered agreement must be made with your wife stating that after the loan is paid you will relinquish all your share and all the property shall belong to your wife.

Regards 

See you can after payment of complete amount to the bank and clearing loan can only or with NOC OF BANK CAN transfer same to your wife.

You need NOC from LIC to release your share in favour of wife.

You need to approach the LIC with a request to permit you to execute release deed in favour of your wife. 

NO . you cannot create third party during pendency of loan 

You can get the certified copy during registration. You can execute registered release deed in the said matter

See you can make relinquishment deed by taking NOC if the property is under loan then without that no transfer is permissible .

without NOC from LIC you cannot execute release deed even if you add clause in release deed. 

You can mention such clause or not, no effect on release deed. Release deed is due trasfer of ownership but first right on property is with bank till loan not repaid.

You can transfer your share in the immovable property to your wife by executing a registered gift deed, but before that the loan on the property has to be fully discharged because you cannot  make the EMI loan repayment for the property which is not on your name, moreover the bank will not permit you to  transfer your share of property without fully discharging the loan amount.

You may obtain NOC from bank for this, if they permit you to do so.

Firstly you cannot transfer the property by executing a registered release deed, this can be done by a gift deed only.

Secondly if the property has already been mortgaged in favor of a finance company, then the registrar may not allow you to transfer the property by a registered deed to anyone, be it your wife also. You may be instructed to get NOC from LIC HFL by the registrar without which you may not be permitted to transfer your share in the proeprty to a third party.

You were advised that the release deed may not be applicable to this situation, hence there is no use of making any such recital in the release deed which cannot be executed. Moreover no such recital can be legally valid because the financier is a different person who only can decide about such a situation and not you.

1. As per the information mentioned in the present query, makes it clear that you have a flat which has been bought on joint name.
2. And now, you wish to transfer your share in it to your wife by executing the release deed.
3. Yes, you should ask for the certified copy of the same and then proceed further.
4. And yes, there can be this clause also as it will prove that after the transfer of your share in the property, you will not put the burden of EMI in her as the loan also under both the names.
5. In fact, if wish then after executing the release deed, execute a simple agreement between you and your wife (notarised only) staying that you have released your share and will continue to pay the EMIs.

yes you should do that.