Taking maternity leave is one of the most important transitions in a Filipino woman's life — but it doesn't have to put your financial goals on hold. Many homeowners are surprised to learn that refinancing a home loan during maternity leave is possible, and in some cases, it's one of the smartest moves you can make. With interest rates as low as 5.99% p.a. available through Nook, switching from a rate of 7% to 10% could save you tens of thousands of pesos every year — money that could go toward your growing family instead of your bank.
The key is understanding how lenders evaluate income during maternity leave and what documentation you'll need to present. Whether you're receiving SSS maternity benefits, your employer is continuing your salary, or your household has a co-borrower's income to lean on, there are real pathways to approval. This guide answers the most common questions Filipino homeowners on maternity leave ask about refinancing — so you can make a confident, informed decision.
Yes, it is possible to refinance your home loan while on maternity leave in the Philippines, although it does require more preparation than a standard refinancing application. Philippine banks and lenders assess your ability to repay the loan, so the central question is whether your household can demonstrate sufficient income — even if your personal employment income is temporarily reduced or paused.
Many women on maternity leave successfully refinance by leveraging SSS maternity benefits, continued employer salary top-ups, a spouse or co-borrower's income, rental income, or business income. The good news is that Nook works with multiple lenders and can match you with the bank most likely to approve your situation — completely free of charge.
Philippine banks generally take one of two approaches when evaluating income during maternity leave. Some lenders will count your pre-leave salary as your qualifying income, treating maternity leave as a temporary interruption rather than a change in employment status. Others will only consider income you are actively receiving at the time of application — which may be your SSS maternity benefit, a partial salary from your employer, or a combination of both.
This is why it matters which bank you apply to. A lender that uses your pre-leave salary will give you much stronger buying power. Nook's role is to identify which banks in our panel are most accommodating to borrowers on maternity leave, so your application is submitted where it has the best chance of success on the most competitive terms.
The standard refinancing documents apply, plus a few extras to address your employment status. You will typically need:
- Valid government-issued IDs
- Latest 3 to 6 months' payslips (pre-leave and any leave period payslips)
- Certificate of Employment stating your position, salary, and that you are on approved maternity leave with a confirmed return date
- SSS maternity benefit approval or disbursement records
- Latest 3 months' bank statements showing salary or benefit credits
- Income Tax Return (ITR) for the most recent year
- Existing loan statement of account and amortization schedule
- Property documents (Transfer Certificate of Title, tax declaration, etc.)
A Certificate of Employment with a confirmed return-to-work date is particularly important — it signals to the bank that your income interruption is temporary and documented. Nook will give you a personalised checklist based on your specific situation.
SSS maternity benefits are generally not counted as regular qualifying income by most Philippine banks, because they are a one-time or fixed-period benefit rather than a sustainable monthly income stream. However, they do serve an important supporting role: they show the bank that your loan repayments can continue to be serviced during your leave period without default.
If your SSS benefit alone is not enough to meet the bank's debt-to-income ratio requirement, this is where a co-borrower becomes very valuable. Under the expanded maternity leave law (Republic Act 11210), employed women receive 105 days of paid leave — during which time, combining your SSS benefit with a spouse's income is one of the most straightforward paths to refinancing approval. If your debt-to-income ratio is a concern, you may also find useful guidance in our page on high debt-to-income ratio home loan refinancing solutions.
Yes — and for many couples, this is the most practical solution when one partner is on maternity leave. If your spouse or partner has a stable income that is sufficient to qualify for the refinanced loan on their own, they can apply as the primary borrower with you listed as a co-borrower. This structure is widely accepted by Philippine banks and can simplify the income verification process considerably.
Alternatively, both of you can apply as joint borrowers, combining your incomes to strengthen the application. The property title arrangements and marital property regime (Absolute Community of Property or Conjugal Partnership of Gains) may affect how the loan is structured, so your Nook mortgage advisor will walk you through the options that fit your situation.
Applying for refinancing involves a credit inquiry, which may have a minor short-term effect on your credit score — but this is true whether you are on maternity leave or not. Being on maternity leave itself does not appear on your credit report and does not directly affect your credit score.
What matters more to your credit standing is your payment history on your existing home loan. If you have been consistently paying your current mortgage on time — including during your leave — your credit profile remains strong. Nook recommends continuing to make on-time payments on your existing loan throughout the refinancing process, as this protects your credit profile and demonstrates responsible borrowing behaviour to your new lender.
The savings can be substantial. Consider a home loan with an outstanding balance of 3,500,000 pesos with 18 years remaining. At a current rate of 8.5% per annum, your monthly amortization would be approximately 32,100 pesos. If you refinance to 5.99% p.a. through Nook, your monthly repayment drops to approximately 25,500 pesos — a saving of around 6,600 pesos every month, or nearly 79,000 pesos per year.
Over the remaining loan term, that adds up to over 1,400,000 pesos in total interest savings. For a family welcoming a new child, that money represents years of education, healthcare, or financial security. The earlier you lock in a lower rate, the greater the compounding benefit — which is why many financial advisors suggest refinancing as soon as you qualify, rather than waiting.
Waiting until you return to work will make the application simpler and give you a broader choice of lenders — but it also means continuing to pay your current higher interest rate for several more months. If your leave is 105 days and your current rate is 8% or higher, that delay could cost you thousands of pesos in unnecessary interest.
A better approach is to start the process now. Nook can assess your current situation and advise whether you have a strong enough profile to apply immediately, or whether a brief wait of a few weeks after returning to work would significantly improve your approval odds. Either way, you can get a personalised rate comparison and start preparing your documents today so you are ready to move quickly.
Flexibility varies by bank and changes over time as lending policies are updated. Generally speaking, some banks are more willing than others to use pre-leave salary as the qualifying income base, accept a confirmed return-to-work date as sufficient employment continuity evidence, and consider strong co-borrower income to offset reduced personal income during leave.
Among the banks Nook works with — including BDO, BPI, Security Bank, Metrobank, RCBC, UnionBank, EastWest Bank, and others — there are options suited to a range of circumstances. Rather than applying to multiple banks yourself and accumulating credit inquiries, Nook's advisors will match you with the lender whose current policies best fit your profile. This targeted approach saves time and gives you the best chance of approval at the lowest available rate.
Nook is the Philippines' first digital mortgage broker, and our service is 100% free to borrowers. We are compensated by the banks when we successfully match a borrower with a loan — so you never pay a broker fee, referral fee, or advisory fee of any kind.
Here is how it works: you share your loan details and situation with a Nook mortgage advisor (online or by phone, so you never need to leave home). We assess your profile, identify the lenders most likely to approve you, and present you with a comparison of the best available rates — currently as low as 5.99% p.a. If you choose to proceed, we guide you through the full application and documentation process, liaising with the bank on your behalf. Our goal is to make refinancing as easy as possible, especially for busy new parents who have more than enough to manage already.