I want to remove the default home tab with custom vf home tab. Is there a way to achieve. Thanks!!
Since you're using the default home tab, I'm going to assume that you are using the Standard Tabs view of communities and not the Community Designer. It is absolutely possible to replace the default home tab. You'll first need to create a Visualforce page and corresponding tab. Then you would just include that tab, in the correct order, via the Communities settings.
Go to Setup > Customize > Communities > All Communities and from the drop-down arrow to the right of your community, select Administration Settings and click on Tabs & Pages to edit the default tabs.
In addition to removing the default home tab from the navigation, you'll also want to hide the tab visibility on the community profiles.