Being on maternity leave doesn't mean you have to put your financial goals on hold. Many Filipino homeowners wonder whether they can still refinance their home loan while on maternity leave — and the honest answer is: it's complicated, but it's often still possible. Banks will look closely at your income continuity, employment status, and ability to repay, which means preparation and knowing what lenders want to see can make all the difference.
This guide covers everything you need to know about refinancing during maternity leave in the Philippines — from how banks assess your application to which documents you'll need, and how Nook can help you navigate the process for free. If you're currently paying 7% or more on your home loan, refinancing to as low as 5.99% p.a. could save you tens of thousands of pesos a year, and there's no reason maternity leave should stop you from exploring that opportunity.
Yes, it is possible to refinance your home loan while on maternity leave in the Philippines, but it requires careful preparation. Philippine banks are legally prohibited from discriminating against applicants based on pregnancy or maternity status under the Magna Carta of Women. However, banks will still assess your creditworthiness based on income continuity and repayment capacity — and maternity leave can raise questions about your current income level.
The key factors banks look at are: whether you are still employed (i.e., on leave rather than resigned), whether your employer will confirm your return-to-work date, your household's overall income including a co-borrower's earnings, and your loan-to-value ratio and credit history. If these are all in good standing, many banks will proceed with your refinance application even while you are on leave. Timing your application early in your leave — before your income documents show a significant drop — can also help.
Banks in the Philippines typically use your regular monthly salary as the basis for income assessment, not the amount you are currently receiving while on leave. To verify this, lenders will usually request a Certificate of Employment (COE) that states your regular salary and confirms you are on approved maternity leave with a confirmed return date. Your most recent Income Tax Return (ITR) and payslips from the months prior to your leave are also critical, as they show your earning capacity at full pay.
Some banks may average your income over the past 12 months, which could slightly reduce your qualifying income if part of that period was on maternity pay. However, if your pre-leave salary is well above the required debt-to-income threshold for the loan amount you're refinancing, this is unlikely to be a dealbreaker. Having a clear paper trail of your regular employment income is your strongest asset in this situation.
The standard refinance document requirements apply, with a few additional items specifically relevant to your maternity leave status. Here is what you should prepare:
- Certificate of Employment (COE) — must state your regular monthly salary, your position, and confirm that you are on approved maternity leave with your expected return date
- Latest 2-3 months payslips — ideally from before your leave started, showing full salary
- ITR (BIR Form 2316 or 1700) — for the past 1-2 years
- Valid government-issued IDs
- SSS or PhilHealth maternity benefit documents — to show your benefit amount if the bank requests proof of current income
- Marriage certificate — if including a spouse as co-borrower
- Existing loan documents — including your current amortization schedule and TCT/CCT
- Title and property documents — TCT or CCT, tax declaration, and latest real property tax receipt
The more complete and organized your documents, the faster and smoother your application will move through the bank's credit evaluation process.
Generally, no. Philippine banks do not typically count SSS maternity benefits or Pag-IBIG maternity benefits as qualifying income for loan purposes, because these are one-time or temporary benefits rather than a stable, recurring income stream. They may acknowledge these benefits as supplemental cash flow, but they will not replace your regular salary in the income computation.
This is why it's important to have your regular employment income well-documented. If your Certificate of Employment confirms your regular salary and your employer is clearly expecting you to return, most banks will assess you based on that salary rather than your current benefit amount. The maternity benefit can, however, reassure the bank that you have some income coming in during the leave period and are not in financial distress.
Applying before your maternity leave begins is generally the easier path. When you apply while still actively working and receiving your full salary, your income documents are straightforward, your payslips reflect full pay, and there are no questions about income continuity. If you are still in your first or second trimester and your current home loan's lock-in period has ended or is ending soon, it can be worth starting the refinance process as early as possible.
That said, applying after your leave — once you have returned to work — is also perfectly viable and arguably the cleanest option in terms of documentation. At that point, your payslips and employment status are fully normalized. Applying during leave is the middle ground: possible, but requires the most preparation and the right lender. If you're weighing your options, Nook can help you assess which window is best for your specific situation at no cost to you.
Yes, and this is one of the most effective strategies for refinancing successfully during maternity leave. Adding a co-borrower — typically your spouse — allows the bank to consider the combined household income when assessing your repayment capacity. If your spouse has a stable income and good credit history, this can significantly improve your debt-to-income ratio and increase your chances of approval even if your personal income appears reduced during leave.
For example, if you have a home loan of 4,000,000 pesos and your individual income is temporarily lower due to maternity leave, your spouse's salary can be added to meet the bank's minimum income requirements. Most Philippine banks allow legally married spouses to apply as co-borrowers, and some may even require a spouse to be a co-borrower if you are legally married. Make sure your spouse's income documents — COE, payslips, and ITR — are equally well-prepared.
Bank policies on maternity leave applicants vary and are not always publicly disclosed, which is one reason working with a mortgage broker like Nook is valuable — we know which lenders are more accommodating in practice. Generally speaking, larger universal banks like BPI, BDO, and Security Bank tend to have more structured underwriting processes, but they also have dedicated home loan teams that can assess cases on their individual merits.
Some banks place more emphasis on the overall financial profile — your credit score, existing assets, loan-to-value ratio, and payment history — rather than your current income snapshot. If your home loan is with Pag-IBIG, you may also want to explore refinancing your Pag-IBIG home loan to a private bank, as private banks currently offer significantly lower rates than Pag-IBIG's standard rates. Nook works with over a dozen lenders and can match you with the bank most likely to approve your profile during maternity leave.
The savings can be substantial. Most Filipino homeowners are currently paying between 7% and 10% per annum on their home loans. Through Nook, the best available refinance rate is currently 5.99% p.a. To put that in concrete terms:
If you have an outstanding loan balance of 3,500,000 pesos with 20 years remaining at 8% p.a., your monthly amortization is approximately 29,271 pesos. Refinancing to 5.99% p.a. would bring that down to approximately 25,058 pesos per month — a saving of around 4,213 pesos every month, or over 50,000 pesos per year. Over the remaining loan term, the total interest savings can exceed 1,000,000 pesos. Maternity leave is actually a period when many families are more cost-conscious than ever, making it a powerful motivator to finally act on refinancing. And because Nook's service is completely free to borrowers, there's no downside to at least finding out what rate you qualify for.
Self-employed borrowers on maternity leave face a slightly different — and more complex — situation. Because self-employed income is already assessed differently by banks (typically requiring 2 years of audited financial statements, ITRs, and business registration documents), maternity leave as a self-employed individual does not create the same employment continuity concern as it does for salaried workers. Banks will still be looking at whether your business is generating income and whether that income is sustainable.
However, if your business income has visibly declined during your maternity leave period — for example, if your financial statements show lower revenues — this could affect your qualifying income. It helps to show that your business has been operating continuously, that there are employees or systems maintaining operations, and that the income dip is temporary. A strong co-borrower (such as a spouse) or a lower loan-to-value ratio can also strengthen a self-employed application during this period. If you have credit challenges on top of this, it's also worth reading our guide on how to refinance with bad credit in the Philippines for additional context on strengthening your application.
Nook is the Philippines' first digital mortgage broker, and our service is 100% free to borrowers. We work with multiple banks and lenders across the Philippines and help you identify which lender is most likely to approve your application given your specific situation — including the fact that you're on maternity leave. Rather than applying to multiple banks on your own and getting rejected (which can hurt your credit score), Nook does the legwork for you: assessing your profile, matching you with the right lender, and guiding you through the document requirements.
We understand that maternity leave is a busy and often stressful time. Our process is designed to be as smooth and low-effort as possible for you. You can start by submitting your details online, and our team will reach out to walk you through your options. There are no fees, no obligations, and no pressure. Whether you want to act now or just explore what's possible, Nook is here to help you get a better rate on your home loan — whatever stage of life you're in.