Partition/settlement of property under bank loan between 2 brothers

Religion: Hindu Background: Independent Property with 2 Apartments in 2 Floors in Banashankari Bangalore The Plot(With a house constructed on it) which was in my father in law's name was written off to my mother in law as a Gift Deed (Before his death in 2009). After his demise my MIL , my husband and my BIL had agreed to demolish the old house and construct a new building with 2 Apartments(Different sizes) + Ground Floor. During the time of my marriage with my husband the house construction started and For building the house we had taken a joint Home loan (Myself+Husband+BIL's business+MIL's Shop) of Rs.82 Lakh and we are now trying to get a top up loan of another 25 lakh under the same names. Now, due to some reasons, we need to partition the house's ownership between 2 parties. Question: Is it possible to do a valid partition/settlement when the house is under Bank Home Loan? If yes, what kind of impact will it pose towards the top up loan we are seeking?