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To install Facebook Home on your Android phone (most probably will only work with HTC One X, HTC One X+, Galaxy S III and Galaxy Note II), you will need the updated versions of Facebook for Android and Facebook Messenger app.
After installing the latest versions of both the apps from Google Play, download Facebook Home using this link (Mirror, Mirror & Mirror) (for unsupported devices see the update below) and install it on your Android phone like any other app. You might need to allow installation of files from unknown sources in the settings.
The size of Facebook Home APK is just 258KB because most of the stuff that is needed in Facebook Home has been included in the Facebook app or Messenger app. So don’t worry, you are not downloading the wrong APK.
Facebook Home is an Android launcher and comes with features like Cover Feed, Notifications, Chat Heads and App launcher. If you just want Chat Heads on your Android phone, you can just update the Facebook Messenger app; you don’t need to install the full Facebook Home.
After you have installed Facebook Home on your phone, the next time you will press “Home” button on your phone, Android will ask whether you want to use Facebook Home or your existing launcher, you can choose Facebook Home and start using it.
Update: Patched Facebook Home APK now available for installation on all Android devices
If you want to install Facebook Home on an unsupported device (phones other than One X, One X+, S III & Note II). There is a patched Facebook phone APK available now thanks to Modaco. For the patched APK to work, you need to uninstall the current versions of Facebook app, Messenger app on you Android devices and install the following patched APKs. When you are done with this, install this Facebook Home patched APK.
Once you have installed all three APKs, you are good to go.
Do let us know in comments if this works on your Android device or not.