You can consider:-

Situation A - buy his half shares wholly
a) Pay for the half share price, and redeem wholly from the existing bank. Is your credit worthiness ok with the bank if you are going to take up a new loan to settle the existing loan?
b) who is going to pay for the transfer stamp duty since your sibling is in tight situation right now.

Situation B- Deed of Trust
a) create a deed whereby he holds the property on trust for you where he has no rights whatsoever in the property but merely putting a name there.

This post has been edited by me_1980s: Feb 13 2016, 05:24 PM

The Agreement is valid, But by that got time got dispute, you have to fork out more money to pay the legal fees where you can have them settle now and for all (determining ownership now) since all your siblings are alive and kicking and the best part, all are agreeable to transfer to you!

The Bank gives a rat's ass about the Agreement. The Bank only cares about money. As the saying goes, "A bank is a place where they lend you an umbrella in fair weather and ask for it back again when it begins to rain." Who signs the loan agreement(s), we'll go after him-that's their motto.

Your best bet:
Transfer ownership. Pain now better than pain later.

A side note:- In land matters, deed of trust usually caters for agricultural land due to restricted ownership.

This post has been edited by me_1980s: Feb 15 2016, 12:31 PM