Can a large loan be taken out to start a new political party?

It is entirely possible to pay the necessary registration and legal fees and such with a loan. The question is, what bank would give you such a loan? You're not going to invest it anything that will offer a return or add value, so what reason does the bank have to expect you'll pay it back?

Depends on the collateral

If you want to pledge your house to secure the loan, maybe

But you'd better have a backup plan for a place to live when you default

No, it cannot.