If the joint loan can be transferred in your single name , your brother can make a gift deed and transfer it in your name, this will help you to save stamp duty on the transfer.If your brother agreeable to this and the bank is ready to transfer the loan in your name alone.
First get the transfer of loan in your name , then transfer his share of property by gift, sale or release deed in your name.
Gift deed is the best option.
For the gift deed you will have to make only the 3% stamp duty and 1% registration charges in Maharashtra .
Though the Government has come up with the relaxation of stamp duty in the gift deed in family, that is finally only effective parents to children not vice- versa or among siblings