For the present work, the magnetoelectric (ME) composites with composition 0.05 Ni0.8Zn0.2Fe2O4 - 0.95 Ba0.9-3x/2Sr0.1LaxTiO3(NZF-BSLT) with x = 0, 0.01and 0.02 were synthesized by conventional solid state reaction route. The existence of both phases was confirmed by the X-Ray diffraction (XRD) technique. The dielectric properties such as dielectric constant and dielectric loss were measured as a function of temperature at different frequencies. P-E hysteresis loops and M-H hysteresis loops confirm the ferroelectric and ferromagnetic nature of the composite samples.La substitution in ferroelectric phase results in significant improvement in properties of composite samples. The investigated composites seem to be very attractive for multiple state memory devices where data can be stored both as polarization (P) and magnetization (M).