Are there intellectual property concerns if I submit "under review" papers as part of my application?
Is it acceptable to submit such papers as part of my application?

Yes, you inform people about your work in progress. I do suggest to add the submission date for the two papers, and if a first review has been performed, its date too. 

And are there any concerns on the intellectual property of the work (since it is yet to be accepted)

I would say yes, if you plan to patent some of the ideas, but it might be too late if you have submitted it already. 

And yes in general too. I have seen at a conference C2003 two posters side-by-side, on very similar topics, by researchers from country A, and country B. As I new the researcher from country B, s/he told me that s/he submitted to C2002, which took place in country A. His/her paper was rejected, and s/he suspected his/her idea was used by country A reviewers. No proof though. To maintain your legacy, you can put the paper on a free paper archive, like arxiv. Depending on the precisions you give in your applications, this risk is more or less likely. Do not believe in unknown people honesty.