Hi.. I am a foot and ankle specialist and I see a lot of patients with a similar history and pain profile.
An MRI is a static investigation and can talk about sprain, tear, tendonosis but not loosening of the ligament (the ligament may stretch and thin out during the injury and may appear as a sprain, especially if the MRI was done more than 3 weeks late)
You will need a proper examination by a foot and ankle specialist in your city (in Mumbai you are free to consult me)
Proprioceptive physiotherapy can give your good relief. In an athlete, if the ankle is found to be loose on examination , a small surgical procedure can get back your ankle to full stability (much like an ACL surgery in the knee can gets athletes back to full function)
Foot an ankle in one of the most neglected branch in Orthopaedics and that is the reason why most ankle sprains are under treated.
Next Steps
Consult with a foot and ankle specialist in your city
Health Tips
Regular exercise can help for your body to adapt to the loose ankle.