How far will the valuation be based on the handwriting? Is it necessary that a student should write as in printed text? Or is it enough to write in such a manner that the people who correct it are able to understand, so long as the answers are correct?

Clear and legible handwriting is desired. Print-like handwriting is not expected. You should know that no additional weightage is given to handwriting in the Board's examinations. However, neat and systematic presentation is always appreciated by examiners.