My father had purchased a property 7 years ago (2004). The property value at the time of purchase was approx 14 lacs including stamp duty and registration. Since my father was retired that time, my elder brother stood as a co-applicant for this property and took a loan of 7 lacs with the rest of the amount paid by my father. My father also cleared the mortgage loan taken by my brother on the previous property (for his wedding expense) amounting to 3.5 lacs. My father has all the required receipts of the same. The previous property was sold to clear his dues and to buy this property.
My father now wishes to share this property between we 3 siblings equally by selling off the property and clearing the mortgage, since he is the main applicant. However, my elder brother along with his spouse does not agree to this. He says that since he has been a co-applicant and has been paying the EMI since last 7 yrs, he has 50% right to the property and the property cannot be sold without his consent.
Please suggest if me and my younger brother can claim equal right under this set up. Can my father include our names in this property? Please advise how can this be resolved.