In the search for multiferroic materials magnetic compounds with a strongly elongated unit-cell (large axial ratio c/a) have been scrutinized intensely. However, none was hitherto proven to have a switchable polarization, an essential feature of ferroelectrics. Here, we provide evidence for the epitaxial stabilization of a monoclinic phase of BiFeO3 with a giant axial ratio (c/a=1.23) that is both ferroelectric and magnetic at room temperature. Surprisingly, and in contrast with previous theoretical predictions, the polarization does not increase dramatically with c/a. We discuss our results in terms of the competition between polar and antiferrodistortive instabilities and give perspectives for engineering multiferroic phases.