Difference between a flat and an apartment

There is a fine line of difference between a flat, an apartment, and a house. Here’s what we think it is.

If you were ever on the hunt for a new home, chances are you have explored ‘flats’ and ‘apartments.’ For most of us, the two words mean almost the same thing. But are they the same? If not, what is the difference? Read on as we examine the differences between flats and apartments and more.

1. Flat vs apartment: what are they?

Both flats and apartments are individual sections inside a building, where different families live. On most occasions, they mean the same thing. Often, the occupants of the flats or apartments form a community as well. But if both are similar, why are there two names? Let us investigate.

Flats and apartments: difference in language

A flat is a British usage while an apartment is American of the same thing. Since the Indian language takes inspiration from both, we use flats as well as apartments. Additionally, though, we have managed to create specific differences between them. Let us see the difference between a flat and an apartment from an Indian perspective.

Flats and apartments: difference in pricing

In India, the term flat is used for budget-friendly houses. Although the structure is the same as an apartment, flats are usually occupied by middle-income Indians. At the same time, apartment living is considered luxurious in India. They might come with a view and could have more premium features. Apartments could also be holiday houses with such amenities.

This difference is present in the list of features both have too. Often, a flat will have the basic and necessary amnesties for a family to live comfortably.

2. Flat vs house

These two terms can confuse people. House means a place where you live – it could be a flat, an apartment or an independent building. When you say house, people mostly mean separate houses in India. On the other hand, a flat is one living space in a building home to multiple spaces.

3. Apartment vs house

The differentiation between an apartment and a house is the same as mentioned above. The term house often denotes an independent living facility, while the apartment is a complex where multiple people and families live.

What is the best choice?

The choice between a flat, an apartment, and a house depends solely on your individual preferences and budget. Building a home of your own might be one of the most significant milestones of your life. Hence, making sure you choose what is right for you is essential.

Always give preference to what you like. If you want to have a bit of extra space, a lawn, or even a garden of your own, an independent house might suit you better. At the same time, if you like to live in a society and want that extra bit of security, a flat or an apartment might work better.

Whatever be your choice, making sure they are affordable is also essential. Most people do not have a lump sum to pay for their homes and rely on loans. Ensure you choose affordable loan terms and a trusted lender, such as IDFC FIRST Bank.

Now that you have understood the differences between a flat and an apartment, it is time to put that information to best use in choosing what works for you the best. Download the IDFC FIRST Bank mobile app to apply for home loans and buy the flat, apartment, or house of your dreams.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.