My father has a property in Nileshwar (Kerala) which he was planning to mortgage under the Reverse Mortgage Loan Scheme. The title deeds were submitted to the Bank and the Bank issued a letter to the local sub-registrar to register the Memorandum of Conveyance of Title Deed. My father paid a stamp duty and registration charges of INR 21000 (0.1% of 21 lacs). The document was registered and submitted to the bank. As the next step the Bank wanted my father's will to be registered. While going through this process certain anomalies were observed in the format given by the bank. The sub registrar also pointed out the same. The bank has refused to accept any amendments or changes. There has been multiple back and forth and the now my father wants to cancel the mortgage.
In lieu of the above can you suggest what recourse we should take to take back the title deeds as my father is no longer interested in proceeding with the loan disbursment.
Please help with answers to the following questions:
1. Can this be treated under cancellation of instrument? If yes, what amount is payable as registration or stamp duty?
2. Can this be treated under reconveyance deed? If what amount is payable as registration or stamp duty?