I would first like to ask you ... why you need to recreate /home ?
I would first check if there are any users having their home directory in /home. Assuming there no NIS/LDAP running.
you can always create a new mount point and point your home directory to it
usermod -d /home1/user1 user1
regarding your steps ...
1- Delete /home portition entry in fstab - Not required, because you will eventually mount it again.
2- Unmount the partition.
3-Use Fdisk to delete the partition. - Perhaps you can just use the same partition and just reformat it using mkfs
Technically i does not know that these steps are correct or not.For create again then should i do following steps
1- use fdisk and create new partition - Not required
2- Format the partition. - As step 3 above
3-Make a folder with name "home". - The folder will already exist
4-Mount that folder to the new created partition. - It is mounting the partition on the folder ... "mount -a" will do the trick, because the entry exists in fstab