The bombings rocked the district of al-Zahra', inhabited by people of the Alwaite minority, to whom the ruling elite in Syria belong, Xinhua quoted the Syrian Observatory for Human Rights as saying.
Meanwhile, the state-run TV in Syria aired footage of the explosion site, showing scenes of big destruction and carnage.
The neighbourhood along with other districts of Homs loyal to the government has suffered from repeated suicide bombings, as well as rocket and mortar fire from rebels entrenched in the countryside of Homs, Syria's third largest city.
Over 30 people were killed last month in similar bombings in al-Zahra'.
The explosion comes as the international community pushes to achieve a cessation of hostilities in Syria to be a base for a political solution to the country's nearly five-year-old conflict.