The paper is hard to tear.
Is it correct to say, "The paper is hardly to tear" with the same meaning as above?
No, that would not be correct. “Hard” and “hardly” have different meanings.
“Hard”, in your sentence, means “difficult”.
“Hardly” means “not very often” (hardly ever) or “not very much” (hardly any), among other meanings.
Normally in English, -ly makes an adjective an adverb, as with loud and loudly. But hard and hardly are irregular.