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I agree with the comments from Ryan and the answer provided by RahulKrishnan R A that we have to declare the interface as point-to-point in order to carry the mask for the loopback interface that's is configured with a mask other than /32.
My question is: in this case, what will be the LinkID for that link? Since for point-to-point the LinkID is supposed to be the 'Neighbor Router ID', what will it's value be for the loopback - which actually is a stub and has no neighbor.
May be that's one of the reasons a Juniper router doesn't allow a loopback address other than /32 for ipv4.