I am willing to make a Terminal like QTextEdit using pyqt4, but do not know what property to edit,so that when text from a process is dumped, it should start from the bottom and goes up. 
Any help for a starting point would be really appreciated.
Cheers.
I tried similar things before. For logging. Its a pain and it is very slow for a lot of lines.
If you expect having a lot of lines cummulating in the terminal then consider writing an item model and attach it to a view.
There are lot of possibilites in tweaking the appearance of such a view and it allows showing a small portion out of a big amount of data without becoming painfully slow. Also it allows to insert data at any position quickly.
Loading text in QTextEdit from down up like in Terminal