The Indian government has introduced several schemes and subsidies to help save on home loans during the festive season. Here are some of the options:

Pradhan Mantri Awas Yojana (PMAY): This scheme provides interest subsidies on home loans for individuals from economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG). The subsidy amount varies based on the income group and can be up to 6.5% of the loan amount. Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme.

Credit Linked Subsidy Scheme (CLSS): This is a component of the PMAY scheme and provides interest subsidies on home loans for EWS, LIG, and MIG. The subsidy amount can be up to 6.5% of the loan amount and is available for a maximum tenure of 20 years.

Stamp duty and registration fee waiver: Some state governments offer a waiver on stamp duty and registration fees during the festive season.

Goods and Services Tax (GST) reduction: The government has reduced the GST on under-construction properties from 12% to 5% for affordable housing and from 18% to 5% for other properties. This reduction can help reduce the overall cost of the property and hence the home loan amount.

Interest subsidy scheme for small urban housing: The Indian government is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years. The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount. The scheme could benefit 2.5 million loan applicants in low-income groups in urban areas, but the quantum of subsidised credit will depend on demand for such homes.

It is important to note that the availability and eligibility criteria for these schemes may vary based on the location and other factors. Hence, it is advisable to check with the relevant authorities or consult a financial advisor before availing of any of these schemes.