@chandy if it is just about funds utilization, then funds utilized for 5 shni applications is same as 1 bhni application. In this scenario you are definitely better off in applying 5 shni as your allotment chance would be 5:290 (or 1 in 60) chance vs 1: 390/5 (or 1 in 80) chance for bhni.
Just on allotment basis, as Chhote lal has mentioned you'll have better chance of allotment in bhni if same amount of applications are made i.e. 5 shni vs 5 bhni, you'll have much better chance of allotment in 5bhni.
In either of the scenarios, in case of oversubscriptions, you'll only get 1shni (2 lacs) worth of shares.