Are uninsured properties accepted to sanction a Loan against Property?

When taking a Loan against Property, it is essential to insure the property being mortgaged. The insurance cover should cover damages caused by fire and such calamities and must be valid throughout the loan tenure.
Every borrower must submit a proof of the insurance policy annually or when needed. The reason why you need a mortgage loan insurance policy is the approval of your application. You can also enjoy the benefit of loan mortgage insurance tax-deductible.