The Indians, who were just a shot behind the leaders after three rounds, succumbed to nerves and saw their dreams of qualifying for the World Cup of golf crash with a quadruple bogey on the 18th hole.
Bhullar and Lahiri, who a day earlier carded a brilliant 64, were just not in the right form.
They were very much in the race for top honours till the turn, despite making it two-over. They were 11-under at that stage with Singapore and the surging New Zealand team, which was 13-under.
But after the turn, even as the Koreans were trying their best at nine-under and chasing India, the duo began falling apart.
The Indians dropped a bogey on 10th. The Koreans also reached 10-under with a birdie on 13th.
Then the duo gave away bogeys on 16th and 17th to become eight-under, while the Koreans dropped a shot on 18th to come to nine-under.
Bhullar and Lahiri needed a birdie on 18th to force a play-off but instead they slumped to a quadruple bogey and crashed to sixth at four-under for four rounds.
Bhullar's tee shot landed in thick rough on the 18th hole and Lahiri struggled to chip the ball out to safety and finally ended with an eight on the par-4 finishing hole.
The Koreans finished third and qualified for the World Cup, while Philippines and Malaysia were tied for fourth at six-under.
Lam Chih Bing and Mardan Mamat will represent Singapore for the fifth time in the World Cup after finishing second behind New Zealand at the Omega Mission Hills World Cup Asian Qualifying on Saturday.
New Zealand, powered by Michael Hendry and Gareth Paddison, closed on four-under 67 highlighted by a chip-in birdie from the greenside bunker on the last hole at the Seri Selangor Golf Club.
Their four-day total of 13-under 271 was matched by Lam and Mardan, who conceded in the play-off after shooting a final round 72.
Koreans Kim Hyung-sung and Park Sung-joon claimed the last and final ticket to the Omega Mission Hills World Cup in China in November.
Paddison, a left-hander, who sank the bunker shot on the last, was delighted to win the qualifying after a final round of five birdies, an eagle and three bogeys.
Lam and Mardan, who previously partnered in the 2002, 2005, 2006 and 2009 World Cups, were delighted to represent their country again in the two-man team showpiece staged from November 24 to 27.
Koreans Park and Kim, a three-time winner in Korea, said they were lucky to qualify for the World Cup after finishing with a bogey on the last for a 69 and a 275 total.
Bhullar, Lahiri blow it up on final day, miss World Cup berth
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