It sounds like the Playstation Home install is corrupted. I would delete it from the hard drive and download/instal
If you can play other games and movies OK, then it is possibly PlayStation Home (the software), or the PlayStation Home disk.
Have you played/used Home before? If the disk worked before and does not work now, you may need to clean the disk.
I use a microfiber cloth and cool (not hot) bottled water to clean my DVDs and CDs. I have never cleaned a Blu-Ray disk, but that should work as well or better, due to the harder surface on the Blu-Ray disks
It is also possible that your PS3 lens is dirty - try cleaning it with either a CD lens cleaner disk, a DVD lens cleaner disk, or a Blu-Ray lens cleaner disk.
If the disk is brand new, and you clean the disk and the PS3 lens, and you still have the freeze booting up Home, then try exchanging the disk for a new PlayStation Home disk.
Here in the US, almost every store will exchange a new disk for free for 2-4 weeks after purchase when you have your receipt.