<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-08-29</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000799292</issuerCik>
        <issuerName>M I SCHOTTENSTEIN HOMES INC</issuerName>
        <issuerTradingSymbol>MHO</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001204734</rptOwnerCik>
            <rptOwnerName>IGOE THOMAS D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2773 HELSTON ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43220</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<derivativeTable>
<derivativeTransaction>
<securityTitle>
<value>Phantom Stock</value>
<footnoteId id="F1"/>
</securityTitle>
<conversionOrExercisePrice>
<footnoteId id="F2"/>
</conversionOrExercisePrice>
<transactionDate>
<value>2003-08-29</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>288</value>
</transactionShares>
<transactionPricePerShare>
<value>43.38</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<footnoteId id="F3"/>
</exerciseDate>
<expirationDate>
<footnoteId id="F3"/>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Shares</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>288</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>1137</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes>
<footnote id="F1">The Phantom Stock units were granted for serving as a member of the Board of Directors pursuant to the M/I Schottenstein Homes, Inc. Directors Deferred Compensation Plan (the &quot;Plan&quot;).</footnote>
<footnote id="F2">1-for-1</footnote>
<footnote id="F3">The Phantom Stock units accrue under the Plan are to be settled in Common Shares upon the earlier of (i) the date specified by the reporting person in his deferral notice, or (ii) the date of the reporting person&#039;s termination of service as a director.</footnote>
</footnotes>
<remarks></remarks>
<ownerSignature>
<signatureName>Phillip G. Creek, Attorney-in-Fact for Thomas D. Igoe</signatureName>
<signatureDate>2003-09-04</signatureDate>
</ownerSignature>
</ownershipDocument>

