Thin ceramic tiles - use a standard cheapy tile drill (£2-3). No need for masking tape, just put the tip where you want the hole, give the back of your drill a sharp whack with your free hand and drill away at a moderate speed with no risk or wander.
Porcelain tiles - a small diamond hole saw is necessary (maybe a fiver). Starting is much harder with these - without a guide of some kind, you have to start with the drill at an angle until you have made a start on the cut... then you can slowly level up the drill to start drilling a full hole. Unless you've shelled out for a high speed water cooled bit, you have to take it steady. I usually drill at low speed for twenty seconds max, then dip the bit into cold water for five seconds, then repeat.
The only tile I'd risk with a (brand new, razor-sharp) masonry bit is natural stone as they tend to have a bit more give than man-made ceramics, but there is still a risk of cracking the tile... so why not buy the right tool for job!