How to Change iTunes Backup Location in Windows 7-8 or older

iTunes backups are stored in C:\Users\<username>\AppData\Apple Computer\MobileSync\Backup .This is the default location

Make a new folder called Backup to the location or drive you want. For example G:\Backup
Move all your old backups there or not and let your idevice to make new full backup.

Then open command prompt as administrator and type:
mklink /J “%APPDATA%\Apple Computer\MobileSync\Backup” “G:\Backup”

Note: Make sure you have the correct path of the Apple Computer folder depending on your windows version...