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A homestay is different from a paying guest accomodation in terms of the facilities/amenities. For example, a homestay generally provides in-house food and laundry services. In a paying guest accomodation, the paying guest may or may not be allowed to use the kitchen to cook his own food and will have to wash his own clothes. Doctor on call is also invariably available at a homestay.
For more information please see: Homestays
You can also read this: Serviced Apartments