Hi Varma,
your understanding is correct, initially we were supporting BFD in conjunction with BGP/IGPs. Nowadays there's BFD support for VRRP in IOS XR and BFD support for HSRP in IOS. Since you're in multivendor environment, I don't think these options are feasible. You may instead apply subsecond hello timers in VRRP, provided you don't have lots of instances, you should not face a performance burden.
HTH,
Ivan.