In this work, a notion of local homogeneity is formally defined. Important results involving homogeneous functions or vector fields are reformulated in the consequent local context. In particular, global finite-time stability is characterized through the proposed notion of local homogeneity. As an application of the developed analytical setting, a global finite-time stabilization scheme for robot manipulators with bounded inputs is presented. The developed framework and results prove to be useful to relax analytical and synthesis constraints imposed or generated by homogeneity requirements.