ནང་ (nang) means inside, inner, in and it can also mean home, house, abode
ཆོས་ (choes) means phenomenon; religion; property; quality; doctrine; practice; way; attribute; phenomena;
ནང་ཆོས means Buddhism, or an insider’s faith. Maybe because I’m American, I find this combination of terms interesting because one of the meanings of ནང་ is home. So I like the idea of the word for Buddhism having a connotation of home. That’s such an evocative word in English. I asked my Tibetan language teacher about this, however, and he said that my interpretation is incorrect. In this context, ནང་ is simply the opposite of ཕྱི་ (chi) meaning outer, outside. It has nothing to do with “home”.