Lt. Commander Kapish Muwal and Lt. Commander Manoranjan Kumar were found dead in airtight compartment 3 Thursday after INS Sindhuratna was brought to the naval harbour here.
Their relatives were informed of the tragic deaths and they have arrived in Mumbai to claim the bodies.
"The wreath laying will be with full military honours for the brave officers. The armed forces and police units at home town have been informed for arrangement of military honours," the defence ministry said in a statement.
Besides, the Naval Ensign will be lowered to half mast "in honour of the sacrifice made by the two officers in the call of duty for the nation", the statement added.
The Indian Navy has already launched a high-level inquiry into the disaster.
The compensation of the deceased officers is also being processed by the defence ministry and the Indian Navy and shall be handed over to their kin.
All the other crew members, numbering around 94, have also undergone preliminary medical check-ups and their condition is stable.
Of the seven injured, some are being kept under observation at the INHS Asvini for a few days and they will be discharged soon.
The Indian Navy has already launched a high-level inquiry into the disaster that struck INS Sindhuratna early Wednesday.
Smoke had engulfed the compartment 3 in the sailors' accommodation area when the submarine was underwater during a training mission.
Refitted and renovated in Mumbai last December, the INS Sindhuratna was on a routine training exercise to familiarize the crew with operations of the Russian built vessel.
As a direct fall-out of the incident - and around 10 others involving other vessels - Admiral D.K. Joshi resigned as the navy chief, owning moral responsibility.