Low temperature magnetoresistance and resistivity properties are systematically studied in rare earth based multiferroic nanocomposites La0.7Sr0.3MnO3-TMnO3 (T = Er,Ho) under magnetic fields up to 5 Tesla. Resistivity with temperature exhibits metal-insulator transition. At very low temperature, the sharp upturn of resistivity is observed, which is found to be suppressed by field. The upturn of resistivity is characterized with spin fluctuation of the system. The reduction of the upturn of resistivity with magnetic field ensures the progress of the electrons tunneling. Effective reduction of charging energy is obtained upon an applied magnetic field. Temperature dependent resistivity shows minima at low temperature under different applied magnetic fields. The resistivity fit at low temperature is made with consideration of equally electron-electron interactions concerning (temperature)1/2 term and the Kondo-identical spin dependent scattering for ln(temperature) dependence. Lessening of the spin fluctuation by an applied magnetic field plays a dynamical role in defining the magnetoresistive behavior in samples. Experimental data are analyzed and demonstrated through a simple proposed phenomenological model to provide an insight on the physical mechanism behind the low temperature transport phenomena. The derived surface spin susceptibility is accordance with the temperature dependence of magnetoresistance involving an intergranular surface magnetization. Temperature dependent field cooled and zero field cooled dc magnetization curve having a large bifurcation between them, is a suggestion of a glassy like phase that may be originated from the challenging magnetic exchange interactions. The low temperature glassy magnetic behavior is endorsed to a spin-glass identical frozen state for the surface of the nanoparticles. Magnetic field dependent magnetization study shows an increase in magnetization without saturation in decreasing temperature. The multiferroic nanocomposites exhibit the magnetoelectric coupling, which arises due to the strain mediated magnetostriction behavior of the piezomagnetic phase (La0.7Sr0.3MnO3) in the nanocomposites.