One-dimensional (1D) nanocylinders including nanowires (NWs) and nanotubes (NTs) have attracted considerable scientific interest during the last decade because of their significantly different novel structure and physical properties from thin films and their bulk counter parts [1-3]. Simultaneous existence of more than one ferroic orders such as ferromagnetic, ferroelectric and ferroelastic in multiferroics demonstrates significant technological promise in novel multifunctional devices. Switching in ferroelectric materials at the cost of electric field has already been proposed to design ferroelectric random access memories (FeRAM) containing the stored information in the form of remnant polarization. For application point of view, the major constriction for single-phase magnetic ferroelectrics is the low magnetic ordering temperature.