The decision came following a review meeting which Modi called after being briefed this evening by Home Minister Rajnath Singh who returned to the national capital after surveying the flood-affected region, the Prime Minister's Office said in a statement.
"After reviewing the situation, the Prime Minister decided to visit Jammu and Kashmir to personally assess the gravity of the situation and understand the problems being faced by the people," it said.
Modi will first travel to Jammu where he will undertake an aerial survey, sources said.
The Cabinet Secretary and Modi's Principal Secretary were among those who attended the meeting.
Torrential rains which triggered flooding, landslides and house collapses have so far caused 107 deaths.
Modi, while condoling the deaths in the flood, had on Thursday announced Rs 2 lakh as ex-gratia relief for the kin of the deceased and Rs 50,000 for the seriously injured.