Hello DP Singh,
Since your property comes away from redline, collateral can be accepted subject to its clarity. From your comment, I presume the property ownership is still with someone else but a declaration has been given to your name as to you can use the property. I don't think that bank will accept this. On the other hand, if you are a salaried employee with either Govt. sector or good private company, bank will consider your repayment capacity first then the collateral. Better you approach a SBI branch close to you and explain the matters.