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The term multiferroics has been coined to describe materials in which two or all three ferroic orders, i.e. ferromagnetism, ferroelectricity and ferroelasticity occur in the same phase [1]. Herein, the spontaneous magnetization (Ms) can be reoriented by external magnetic field (H); spontaneous polarization (Ps) can be reoriented by external electric field (E), and the spontaneous deformation (εs) can be reoriented by external stress (σ). Multiferroics are interesting not only because they show coexistence of ferroelectric and magnetic properties, but also due to the magnetoelectric effect, in which electrical polarization can be induced by applying magnetic field and magnetization can be induced by applying an electric field. This type of effect can be utilized for the designing of novel spintronic devices such as tunnelling magnetoresistance (TMR) sensors, spin valves with electric field tunable functions [2] and multi-state memory devices in which data are written electrically and read magnetically [3]. In 1888, Rontgen observed that a moving dielectric body placed in an magnetic field, became magnetized or vice-versa [4]. Moreover, these are not the intrinsic effects in materials. In 1894, Curie envisaged the probability of magnetoelectric effect in some crystals [5] using crystal symmetry considerations which were subsequently coined by Debye as “magnetoelectric effect