What is the basic idea of homogenisation of an equation?

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I do get that when you are homogenising it makes it in an equation of pair of straight lines passing through origin but what is its actual point and its applications?

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After homogenising an equation, all the terms have the same degree. The relevance of homogenization is mainly historical. Mathematicians did it frequently until the 19th century (e.g. Euler), because when they wrote an equation, they had something geometrical in mind. As the old Greeks already knew, you can't add lengths with areas or volumes. Therefore, they tried to homogenize their equations so all the terms are for instance of third degree (= adding up volumes).