EFS is not an option for me because I'm using Windows 7 Home Premium.
I am looking for folder encryption, not drive encryption.
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I don't know if this is possible in your context, but I'd say that you want to use Container-based encryption.
That way you create a container file (using VeraCrypt/TrueCrypt/BestCrypt/...) which you mount as a new drive afterwards. The mounted drive can be used transparently for data accesses.
If you can't move the folder you want to encrypt, than you can still use container-based encryption, but add a junction point pointing to your encrypted (virtual) drive.