sorry to hear about your situation bro. i was also in the same boat earlier. I don't think selling ur stuffs will be enough to pay 11 lakh.. so, be patient and talk to ur parents. here is my situation: 
when my parents took out student loan for me from the Everest Bank while sending me to US, our house was already in another collateral loan with other bank. Everest bank required my I-20 and photocopy of lalpurja and naxxa, and agreed to give us more money as education loan. That way my parents were able to pay off their old loan to the other bank and were able to save some extra money for me while i came to US. Then they got the original lalpurja from the old bank and put it in the new loan at the Everest bank as a guarantee as per the agreement and paperworks. so, there is a way banks can help you. Just ask your parents to speak fairly with the branch manager stating truly about their position and i'm sure a solution to this problem will come out eventually! Good Luck. 
final advice: don't expect help from relatives, unless they r ur kins. friends certainly help, relatives don't. relatives just like to sit and watch and laugh at ur penury. & don't lose ur patience and keep faith in God, that's what i do in situations like this. about studies, try not skipping it, if possible. God Bless you and your family.