No bar to execute WILL, mortgage is only security towards loan, title vest in you only and can gift, bequeath the property. Once loan paid, mortgage will release and Will is valid .

See you can make a registered will bequeathing the property to your wife.

The will is active only after your demise.

Also no stamp duty is applicable for same .

You can draft a will and register same with sub-registrar office.

1. There is restriction on creating third party interest in the property mortgaged with another.

2. however there is no such bar in the case of testamentary succession of the mortgaged property.

3. So in other words you can make a Will in respect of the property which is mortgaged with the Bank.

you are at liberty to execute will to bequeath your property to wife 

2) will should be attested by 2 witnesses 

3) registration of will is optional 

4) you cannot execute gift deed during your lifetime for 50 per cent of share of property in wife name unless loan is repaid 

A will would  take a few days as it involves full details of your family and your intentions. Engage a lawyer for this purpose and register the will.

Regards 

Gift Deed : You can also share the ownership by gifting it to someone. In this case, you will need to get a gift deed executed on a stamp paper and register it at the registrar’s office. A gift to a relative is not taxable. However, if you gift the property to a non-relative, the value of the house is treated as income and taxed according to the income tax rules for the relevant year. 

or 

Release or quit claim deed with help of bank's NOC.

Co-owning a property can be beneficial for married couples because if one of the partner dies, the surviving spouse automatically becomes the sole owner of the house. So, the transfer of rights becomes easy.

- A mortgaged property can be gifted/transferred only after redemption of mortgage i.e. by clearing the outstanding loan dues.

- In case, you gift/Will a mortgaged property, the donee besides accepting the Gift/WILL , also has to accept the burden/obligation of mortgage.

- Since, you want to execute a WILL in favour of your wife and which will come into existence after your demise , then there is no bar to execute the same . 

- It cost nothing , you can simple draft a Will as per your wish OR You can registered it after paying nominal fee . 

Legal fees vary from lawyer to lawyer. No fixed costs as such.

Generally, the will can be drafted in a day after all the requisite details have been provided to the concerned lawyer.

Even mortgaged property can be made a part of the will.

You need to execute a gift deed in her favour for the said share. Else you can relinquish some share to her. But all these procedures are expensive better you execute a will its cheap

you can execute a registered will, necessary to the will At least two witnesses required for the will. Doctor as witnessness to the will is better because if it is challenged being a witness he can explain the health of the executor of the will. It is better to register the will. Regd., and unregd., will can be challenged.

Dear sir

You should make a general will in which you make your wife as beneficiary of all your properties and also mention that after clearing of loan the wife will be owner of that particular property after your death. 

The will should be signed by two witnesses.

It is not mandatory to register the will But if you want it to be safe for future purpose you can register the will. 

This is my response to you:

1. Draft a Will;

2. Attach the medical certificate to the same;

3. Register the Will;

4. Submit a copy of the Will to the bank as well;

5. Also enter nomination form at the bank;

6. Consult a local lawyer and take steps.

With regard to making a Will, yes you can.

You need two witnesses (with two photo IDs of said persons)

Preferably get it registered (Registration of Willi is Optional)

You need to repay the loan amount and obtain no due certificate, thereafter it is your wish, you can gift same to your wife.

Contact local lawyer for procedural part.

If you want to bequeath the property to your wife, you can very well write a Will to that effect with two witnesses attesting your signature on all the pages of the Will.

For getting the property on both the names, you may have to execute a registered gift deed a portion of the property, even unidentified and undivided share, on her name, after which she shall become a joint owner of the property along with you.

But for this you should have discharged the entire loan amount or else the bank will not give NOC for this till the loan amount is pending against this property.

1. As per the information mentioned in the present query, makes it clear that you wish to execute a will for a property which is under mortgage with bank.
2. Yes, you can execute the will for the property in favour of someone to whom you wish to give it to.
3. As you still have to mention about the mortgage thing in the will as one clause.
4. In case, if you not happen to survive till the completion of the loan then the person nominated in the will, would have to release the property from loan and then get it transferred to his or her name.