Personal loan recall

 If the property does not belong to you and neither is in your name, they can do nothing with it. They are just pressurizing you. Legally speaking they have no right to even touch someone else’s property.

The bank cannot take possession of your property or anyone's property just like that as they threaten 

You can issue a legal notice to the banker and instruct them to restrain from indulging in such activities.

If at all they have to recover the amount the legal avenues are open, let them approach court for filing a money recovery suit.

Let the woner of the [property call police when they visit the property.  In the meanwhile you can give them a notice clrifying the psoition.

However you have not made clear whether you have paid all the pending EMIs(as you could nto pay for 5 months)  or startd pyng after 5 months.