Transformation induced plasticity (TRIP) classically refers to plastic strains observed during phase transitions that occur under mechanical loads (that can be lower than the yield stress). A theoretical approach based on homogenization is proposed to deal with multiphase changes and to extend the validity of the well known and widely used model proposed by Leblond, J.-B., De-vaux, J., and Devaux, J. (1989). Mathematical modelling of transformation plasticity in steels i: case of ideal-plastic phases. International journal of plasticity, 5(6):551–572. The approach is similar, but several product phases are considered instead of one and several assumptions have been released. Thus, besides the generalization for several phases, one can mention three main improvements in the calculation of the local equivalent plastic strain: the deviatoric part of the phase transformation is taken into account, both parent and product phases are elastic-plastic with linear isotropic hardening and the applied stress is considered. Results show that classical issues of singularities arising in the Leblond's model (corrected by ad hoc numerical functions or thresholding) are solved in this contribution excepted when the applied equivalent stress reaches the yield stress. Indeed, in this situation the parent phase is entirely plastic as soon as the phase transformation begins and the same singularity as in the Leblond's model arises. A physical explanation of the cutoff function is introduced in order to regularize the singularity. Furthermore, experiments extracted from the literature dealing with multiphase transitions and multiaxial loads are compared with the original Leblond's model and the proposed extended version. For the extended version, very good agreement is observed without any fitting procedures (i.e., material parameters are extracted from other dedicated experiments) and for the original version results are more qualitative.