The officials are saying that the incident took place late on Wednesday night in the vicinity of Hesa-e-Awal district in Pishghor village.
Deputy State Minister for Natural Disasters Mohammad Qasim Haidari confirmed that the landslide damaged the banks of a natural dam, Paskanda dam, which triggered heavy floods and damaged almost 500 houses.
He said at least five people lost their lives in the incident but the provincial government says at least two women and four men are missing.
The Office of the President, ARG Palace, in a statement said a devastating landslide has hit the Panjshir province and some people have lost their lives in the incident.
The statement further added that President Ghani has instructed the civilian and military authorities to take immediate steps to deliver aid to the affected people through all means, including air and ground.
He also offered condolences to the families of the affected people and victims and instructed the authorities to launch operations for the rescue of those who are trapped under the rubbles.