The magnetocaloric effect (MCE) of a few rare-earth based ferrimagnets containing two magnetic sublattices, attracted some attention a few decades ago, as there is a sign cross-over at the magnetic compensation point. We consider it important to further expand our knowledge on MCE phenomenon in this respect by focusing on other multi-sublattice magnetic systems. We have noted that the rare-earth intermetallics of the type, RFe5Al7, crystallizing in ThMn12-type tetragonal (I4/mmm) structure, provide an ideal opportunity for the same. After initial investigations in 1982, the interest in this family got revived only very recently. With the primary motivation of understanding of MCE behavior of such a complex ferrimagnet, we have undertaken a magnetic study of two members, namely R= Gd and Dy, of this family. These two members order ferrimagnetically at 250 and 223 K respectively. Primary conclusions are: (i) There are multiple sign-crossovers in the temperature (T) dependence of isothermal entropy change (ΔS) in the case of Dy compound; in addition to nil ΔS at the magnetic compensation point known for two-magnetic-sublattice systems, there is an additional sign-crossover at low temperatures, as though there is a ‘re-entrant inverse magnetocaloric’ phenomenon. Corresponding sign reversals could also be observed in the magnetoresistance data. (ii) The plots of magnetoresistance versus magnetic field are found to be unusually asymmetric with the reversal of the direction of magnetic-field (H) well below TN for both compounds. We attribute these to subtle changes in spin orientations of R and Fe moments induced by T and H.