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Multiferroics are characterized by the presence of two and more switchable states, such as polarization, magnetization and strain [1-2]. Multiferroic materials are attractive not only due to information storage devices but also for their high electrical permittivity and high magnetic permeability. This property can be used to replace the inductor and capacitor in resonant circuits with a single component, which are further useful in miniaturizing portable cellular technologies. Strong coupling between the polarization and magnetization in multiferroics would allow these materials to be used in multistage data storage devices or switch the magnetic properties with an electric field and vice versa. In general, magnetoelectric phenomenon exhibits coupling between magnetization and electric field or polarization and magnetic field. Induction of polarization (P) by applied magnetic field (H) or vice-versa has been observed long back in 1888 in an experiment carried out by Rongten where dielectric material gets magnetized when placed in an electric field [3]. Later in 1894, Curie recommended the possibility of magnetoelectric effect in some crystals [4]. In 1961, Cr2O3 was recognized as first magnetoelectric material, which has shown magnetoelectric coupling coefficient of the order of 10-12 s/m [5]. The first multiferroic material discovered was nickel iodine boracites (Ni3B7O13I) with magnetic ordering below TN ( ~ 60 K) and ferroelectric one below TC ( ~ 400 K) [6-7]. The boracites are also unfeasible materials for device applications as they have large unit cell and grow in needle shapes, which exhibit magnetoelectricity only at extremely low temperatures [8]. Although, importance of these materials was not realized by that time however, search began with approach of replacing some of the B-site cations with d 0 character such as Ti, by magnetic cations F